 |
Louisiana Light • 2 days | 82.73 | -0.73 | -0.87% | ||
|
Bonny Light • 1 day | 83.00 | +0.29 | +0.35% | ||
|
Opec Basket • 2 days | 82.95 | -0.13 | -0.16% | ||
|
Mars US • 195 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 11 mins | 2.558 | +0.020 | +0.78% |
|
Bonny Light • 1 day | 83.00 | +0.29 | +0.35% | ||
|
Girassol • 1 day | 84.24 | +0.18 | +0.21% | ||
|
Opec Basket • 2 days | 82.95 | -0.13 | -0.16% |
|
Peace Sour • 3 hours | 71.94 | +0.58 | +0.81% | ||
|
Light Sour Blend • 3 hours | 74.99 | +0.58 | +0.78% | ||
|
Syncrude Sweet Premium • 3 hours | 81.94 | +0.58 | +0.71% | ||
|
Central Alberta • 3 hours | 72.34 | +0.58 | +0.81% |
|
Eagle Ford • 2 days | 75.11 | +0.61 | +0.82% | ||
|
Oklahoma Sweet • 2 days | 75.00 | +0.50 | +0.67% | ||
|
Kansas Common • 1 day | 69.50 | +0.50 | +0.72% | ||
|
Buena Vista • 2 days | 83.26 | +0.61 | +0.74% |
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Canadian Natural Resources Misses Q1 Earnings Expectations
Canadian Natural Resources (NYSE: CNQ), the top oil and gas producer in Canada, reported lower-than-expected earnings for the first quarter, dragged down by weaker prices for synthetic crude oil and natural gas.
Canadian Natural Resources reported on Thursday adjusted net earnings per share of US$1.00 (C$1.37), compared to the average analyst estimate of US$1.08 (C$1.48) per share, according to LSEG data cited by Reuters.
While realized prices for crude were slightly higher than in Q4 2023, the realized natural gas prices and synthetic crude oil (SCO) prices were lower compared to both the previous quarter and the same quarter last year.
Canadian Natural Resources expects to boost production, realized prices, and cash flows for the rest of the year, due to strengthened crude oil price forecasts for the remainder of 2024, over those prices experienced in the first quarter of 2024, “driving significant targeted free cash flow generation going forward,” Canadian Natural's President Scott Stauth said in a statement.
“The company’s 2024 development plan has conventional activity strategically weighted to the second half of 2024 to better align with increased market egress and improved crude oil pricing, maximizing value for our shareholders,” Canadian Natural said.
The completion of the Trans Mountain Expansion (TMX) pipeline will provide “ample egress and optionality for our crude oil products,” it noted.
Canadian Natural has optionality for crude oil exports, including 94,000 barrels per day (bpd) on Trans Mountain Expansion pipeline that creates additional crude oil market diversification opportunities on the west coast, both by land and by water.
“Commencing in 2024, we are returning 100% of free cash flow to shareholders, as per our free cash flow allocation policy, and continue to manage the allocation on a forward-looking annual basis,” Canadian Natural’s CFO Mark Stainthorpe said.
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Earlier this week, another major Canadian producer, Cenovus Energy (NYSE: CVE), reported higher-than-expected earnings for the first quarter of 2024 amid strong oil and gas production and record throughput volumes at its refineries.
By Charles Kennedy for Oilprice.com
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