CALGARY – Canadian Natural Resources Ltd. said it is looking to cut its costs this year by $745 million compared with last year as it reported a first-quarter loss of $1.28 billion.
The oilsands company said it was also cutting its capital spending by an additional $280 million on top of its cut of more than $1 billion announced in March due to the plunge in oil prices as a result of the pandemic and a price war between Saudi Arabia and Russia.
Canadian Natural now expects capital spending to total $2.68 billion this year, down from its original budget of $4.05 billion.
The spending cuts came as the company reported a loss of $1.08 per diluted share for the quarter ended March 31 compared with a profit of $961 million or 80 cents per diluted share a year ago.
On an adjusted basis, Canadian Natural says it lost $295 million or 25 cents per share for the quarter, compared with an adjusted profit of $838 million or 70 cents per share a year ago.
Analysts on average had expected an adjusted loss of a penny per share for the quarter, according to financial markets data firm Refinitiv.