Canadian Natural Resources Ltd. narrowly missed analysts' estimates for first-quarter profit on May 4, as lower energy prices more than offset a rise in production for the country's largest oil and gas producer.
Crude oil prices eased 20% year-over-year during the January to March period, from multi-year highs in the same period last year following Russia's invasion of Ukraine.
Moreover, the recent U.S. banking crisis and concerns over the pace of recovery in China have weighed on crude prices in the first three months of 2023.
Canadian Natural's production rose to 1.32 million barrels of oil equivalent per day (boe/d) in the reported quarter, from 1.28 million boe/d last year.
However, its liquids realized price fell to $76.11 per barrel in the quarter from last year's $94.38 per barrel.
The company earned C$1.69 per share, on an adjusted basis, slightly missing estimates of C$1.70, according to Refinitiv data.
Recommended Reading
US Oil & Gas Rigs Fall in May By Most in a Month Since 2020
2023-05-26 - The U.S. oil and gas rig count fell by 44 this month, in the biggest drop in three years.
Top 20 Private Oil, Gas Operators
2023-05-26 - Enverus lists the top 20 private oil and gas operators for Hart Energy.
Venezuela, Trinidad to Set June Meeting to Discuss Dragon Gas Project
2023-05-26 - Officials from both governments last met in March in Venezuela, where they signed confidentiality agreements required to set up a negotiation framework, following the issuance in January of a two-year U.S. license green-lighting talks for the project.
SUPER DUG: VTX Energy Comes Full Circle in Delaware Basin [WATCH]
2023-05-25 - CEO of VTX Energy Partners Gene Shepherd sat down with Hart Energy's Jordan Blum to discuss his company's full circle moment back to the Delaware Basin.
Top 20 Private E&Ps in the Permian, Rockies
2023-05-25 - Enverus lists the top 20 private E&Ps in the Permian and Rockies for Hart Energy.