Canadian Natural Resources misses first-quarter profit estimates on lower sales, pricing

- Canada's largest oil and gas producer Canadian Natural Resources missed analysts' estimates for first-quarter profit on Thursday, hurt by lower-than-expected production, along with a decrease in sales and realized pricing.

Net earnings were C$987 million compared with C$1.8 billion for the first quarter of 2023 due to lower realized synthetic crude oil and natural gas pricing.The realized natural gas price fell 40% to C$2.55 per thousand cubic feet on average for the quarter from a year earlier, while in oil sands mining, SCO prices decreased nearly 8% to an average C$88.84 per barrel.

However, the company expects oil prices to strengthen for the remainder of 2024 after the first quarter, "driving significant targeted free cash flow generation going forward," said the president of the company Scott Stauth. It also said it would benefit from the starting up of the Trans Mountain Oil pipeline, in which it can move 94,000 barrels a day. The pipeline overall could nearly triple the flow of oil to Canada's west coast and reduce the discount on Canadian benchmark crude.Canada's largest oil and gas producer Canadian Natural Resources missed analysts' estimates for first-quarter profit on Thursday, hurt by lower-than-expected production, along with a decrease in sales and realized pricing.

Source: News Formal (newsformal.com)

Natural Gas Prices Commodity Pricing Oil Sands Synthetic Crude Oil First-Quarter Profit Estimates

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