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
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.