Canadian Natural Resources Ltd. beat analyst expectations despite swinging to a loss in its latest quarter on a halving of revenues.
The Calgary-based energy producer says it lost $310 million or 26 cents per share in the second quarter, compared with a year-ago profit of $2.8 billion or $2.36 per share.
Its adjusted loss was $772 million or 65 cents per share, versus an adjusted profit of $1.04 billion or 87 cents per share in the second quarter of 2019.
Revenues for the three months ended June 30 were $2.94 billion, down from $5.93 billion a year earlier.
Canadian Natural Resources was expected post adjusted losses totalling 85 cents per share on $2.84 billion of revenues, according to financial markets data firm Refinitiv.
The company produced 1.16 million barrels of oil equivalent per day, including about 922,000 barrels per day of crude and natural gas liquids, up from 1.02 million boe/d including 770,000 bbl/d a year earlier.
“Canadian Natural is in a strong position as a result of our capital flexibility and continued focus on cost control, which maximizes margins in a volatile commodity price environment. The effectiveness of our strategies and our ability to execute on those strategies allows us to react quickly to changing markets and commodity price volatility,” stated president Tim McKay.