Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

Canadian Natural Resources adj profit beats as expenses fall

Published 2015-08-06, 06:20 a/m
© Reuters. Canadian Natural Resources adj profit beats as expenses fall
CNQ
-

Aug 6 (Reuters) - Canadian Natural Resources Ltd CNQ.TO ,
the country's largest independent petroleum producer, reported a
better-than-expected adjusted earnings as the company's
production expenses fell.
Excluding a charge of C$579 million ($440 million) related
to Alberta's increased corporate tax rate, the company reported
earnings of 16 Canadian cents per share in the second quarter
ended June 30.
Analysts on average had expected 10 Canadian cents,
according to Thomson Reuters I/B/E/S.
The company, which operates in Western Canada, the North Sea
and offshore West Africa, reported a net loss of C$405 million,
or 37 Canadian cents per share, for the quarter, compared with a
profit of C$1.07 billion, or 97 Canadian cents, a year earlier.
The company said cash flow, a key indicator of its ability
to pay for new projects and drilling, fell about 43 percent to
C$1.5 billion.
Revenue fell about 36 percent to C$3.42 billion.
Average production expenses fell to C$13.39 per barrel of
oil equivalent from C$15.35.
($1 = 1.3174 Canadian dollars)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.