Canadian Natural Resources misses Q4 profit estimates
Canadian Natural Resources Ltd. missed fourth-quarter profit estimates on Thursday, as the oil and gas producer took a hit from a fall in oil prices.
The company cut its 2020 capital expenditure by $100 million to $3.95 billion, citing volatile state of the current crude oil price environment, and increased quarterly dividend increase by 13 per cent, according to Reuters.
Quarterly production rose about seven per cent to 1.2 million barrels of oil equivalent per day (boepd) as producers were allowed exemptions on the cuts enforced by the Alberta government if they committed to move oil by rail instead of pipelines.
The company reported a net income of $597 million, or 50 cents per share, in the fourth quarter ended Dec.31, compared with a net loss of $776 million, or 64 cents per share, a year earlier.
On an adjusted basis, the company earned 58 cents per share, missing analysts’ average estimate of 70 cents, according to Refinitiv IBES data.