Canadian Natural reports $1.38 billion Q1 profit, record quarterly production

Horizon operations Source: Canadian Natural Resources Limited

Canadian Natural Resources Limited reported a first-quarter profit of nearly $1.38 billion compared with a loss a year ago.

The oilsands producer says the profit amounted to $1.16 per diluted share for the quarter ended March 31.

The result compared with a loss of $1.28 billion or $1.08 per diluted share a year ago.

Revenue totalled $6.6 billion, up from $4.5 billion in the first three months of 2020, helped by higher oil and natural gas prices.

Production in the quarter was a record 1,245,703 barrels of oil equivalent per day, up from 1,178,752 barrels of oil equivalent per day in the first quarter of 2020.

On an adjusted basis, Canadian Natural says it earned $1.03 per diluted share compared with an adjusted loss of 25 cents per share last year.

© 2021 The Canadian Press

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