(Reuters) - Canadian Natural Resources Ltd (TO:CNQ) missed fourth-quarter profit estimates on Thursday, as the oil and gas producer took a hit from a fall in oil prices.
The company cut its 2020 capital expenditure by C$100 million to C$3.95 billion, citing volatile state of the current crude oil price environment, and increased quarterly dividend by 13%.
Quarterly production rose about 7% to 1.2 million barrels of oil equivalent per day (boepd) as producers were allowed exemptions on the cuts enforced by the Alberta government if they committed to move oil by rail instead of pipelines.
The company reported a net income of C$597 million ($445.72 million), or 50 Canadian cents per share, in the fourth quarter ended Dec.31, compared with a net loss of C$776 million, or 64 Canadian cents per share, a year earlier.
On an adjusted basis, the company earned 58 Canadian cents per share, missing analysts' average estimate of 70 Canadian cents, according to Refinitiv IBES data.
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