But stock goes down. This is getting too toppy for me. I am out. 07:24 AM EDT, 05/05/2022 (MT Newswires) -- Canadian Natural Resources Ltd. (CNQ.TO) reported Thursday a first-quarter adjusted EPS of $2.86, surging from $1.03 posted in the same period last year.
Analysts polled by Capital IQ projected the company's adjusted EPS at $2.58.
Adjusted funds flow grew to $4.21 per share from $2.28 per share and production increased to 1.3 million barrels of oil equivalent per day from 1.2 million boe/d.
"Our world class asset base is one of our key strengths, which is strategically balanced across commodity types so we can capture opportunities throughout the commodity price cycle," President Tim McKay said.
The company increased its quarterly dividend for March by 28% to $0.75 per share. The board also agreed to allocate additional free cash flow as incremental returns to shareholders when the net debt reaches $8 billion, which is seen as a base level of corporate debt.
"When you combine our leading financial results with our top tier asset base, this provides unique competitive advantages in terms of capital efficiencies, flexibility and sustainability, all of which drive material free cash flow generation and return of capital," CFO Mark Stainthorpe said.