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.