8.6 C
New York
Monday, July 26, 2021
Home Business CNRL beats expectations despite loss and halving of revenues

CNRL beats expectations despite loss and halving of revenues

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.

Source link

Today news
Today News 1 runs four of the western GTA’s most influential media websites, offering news, food, lifestyle and entertainment coverage for millions to the Golden Horseshoe and GTA regions. The independently-run, online news source was founded in 2019 and specializes in everything from breaking news to food and restaurant, arts and entertainment and lifestyle coverage.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

MUN archeology team offering to help Indigenous communities investigate unmarked graves

Lisa Rankin, research chair of Indigenous Community Archeology at Memorial University, is part of the working group offering help and support to Indigenous...

Kelowna band bringing back live music with mobile bus

After months of gig cancellations, a Kelowna band decided to take its show on the road and bought a bus.  Tomy Thisdale...

Eagle population flying high on P.E.I.

The flourishing bald eagle population on P.E.I. is being called a success story. At one point in the 1980s wildlife biologists could...

Oil, gas and esports: Fort McMurray’s college enters world of competitive gaming

Fort McMurray's Keyano College is delving into the world of esports, with a new diploma program and esports team.  Esports — which stands...

Recent Comments