Calgary – Canadian Natural Resources is reporting $245 million of net income for the first quarter, a big improvement from the loss it experienced at the same time last year but less than analysts expected.
The profit amounted to 22 cents per share for the Calgary-based oil and gas company.
CNRL’s adjusted earnings were $277 million or 25 cents per share – two cents below analyst estimates.
Analysts had also estimated 34 cents per share of net income, according to Thomson Reuters data.
Revenue after royalty payments was above estimates at $3.64 billion, up from $2.18 billion in the first quarter of 2016 – when oil prices were near 13-year lows.
In last year’s first quarter, Canadian Natural had a net loss of $105 million and adjusted loss of $543 million.
The company is active in the Alberta oilsands and elsewhere in Canada as well as the offshore fields in the U.K. North Sea.
News from Canadian Press Enterprises Inc. © 2018