Canadian Natural Resources reports higher earnings amid strong commodity prices

Horizon upgrader Source: CNRL

Canadian Natural Resources reported higher earnings and raised its capital budget after a positive quarterly earnings report Thursday.

The Calgary-based company reported net earnings of $1.5 billion for the quarter ended June 30, compared to $1.3 billion for the previous quarter.

The earnings translated to $1.25 per basic share, compared to $1.03 per basic share for the previous quarter.

Its daily production of natural gas rose slightly while its daily production of oil sank when compared to the previous quarter.

Canadian Natural president Tim McKay said the outlook for commodity prices remains positive, and the company's capital budget was raised by $275 million to $3.48 billion in response.

The company said it also reduced net debt by $1.7 billion as it repaid and retired a term loan worth more than $2 billion that was originally set to mature next year.

“Canadian Natural is in a strong position as our vast and diverse asset base delivered strong operational and financial results in the second quarter of 2021,'' said McKay.

© 2021 The Canadian Press

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