Canadian Natural Resources first-quarter profit more than doubles

·1 min read

CALGARY — Canadian Natural Resources Ltd. saw its first-quarter profit more than double compared with a year ago, helped by higher oil and natural gas prices.

The company said it earned $3.1 billion or $2.63 per diluted share for the quarter ended March 31, up from $1.38 billion or $1.16 per diluted share in the same quarter last year.

Product sales in the quarter totalled $12.13 billion, up from $7.02 billion in the first quarter of 2021.

Daily production, before royalties, averaged 1,280,180 barrels of oil equivalent per day in the quarter, up from 1,245,703 in the same quarter last year.

Adjusted net earnings from operations amounted to $2.86 per diluted share, up from $1.03 per diluted share in the first three months of 2021.

Analysts on average had expected an adjusted profit of $2.54 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 5, 2022.

Companies in this story: (TSX:CNQ)

The Canadian Press

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