- Canadian Natural Resources (TSX: CNQ) posted a Q2 2023 profit that more than halved because of lower energy prices and a drop in oil production
- Canada’s largest oil and gas producer reported a net income of C$1.5 billion (C$1.32 per share), for the quarter, down from C$3.5 billion, (C$3 per share) a year earlier
- Canadian Natural’s production in the quarter ended June 30 was 1.19 million barrels of oil equivalent per day (boepd), below last year’s 1.21 million boepd
- Canadian Natural Resources opened trading at C$79.08 per share
Canadian Natural Resources (TSX: CNQ) posted a Q2 2023 profit that more than halved because of lower energy prices and a drop in oil production.
Canada’s largest oil and gas producer reported a net income of C$1.5 billion (C$1.32 per share), for the quarter, down from C$3.5 billion, (C$3 per share) a year earlier. the company declared a quarterly dividend of $0.90 per share.
Canadian Natural’s production in the quarter ended June 30 was 1.19 million barrels of oil equivalent per day (boepd), below last year’s 1.21 million boepd. The energy company’s production has been impacted by wildfires in Western Canada and continued unplanned third-party pipeline outage.
Demand for the commodity has surged under Russia’s invasion of Ukraine, while U.S. natural gas prices dropped nearly 63 per cent. Benchmark Brent crude averaged US$79.92 a barrel in Q2 2023, 28 per cent lower than Q2 2022.
The company’s president, Tim McKay, promoted his company’s efforts to boost investment in research and development.
“In 2022, we increased our investment in R&D by 30 per cent over 2021 levels with over $587 million invested in technology development and deployment focusing on reductions in our environmental footprint, including reductions in greenhouse gas emissions and productivity improvements,” McKay said in a statement.
Canadian Natural Resources Ltd. is a senior oil and natural gas production company with operations in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
Canadian Natural Resources opened trading at C$79.08 per share.
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