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Canadian Natural (CNQ) Posts Wider-than-Expected Q1 Loss

Calgary, Alberta-based Canadian Natural Resources Ltd. CNQ is engaged in the acquisition, development and exploitation of crude oil and natural gas properties. It is one of the largest independent exploration and production (E&P) companies in Canada, with extensive heavy crude oil and natural gas developments.

Currently, Canadian Natural has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: Canadian Natural Resources reported adjusted loss of 36 U.S cents per share, much wider than the Zacks Consensus Estimate of loss of 27 U.S cents.

Revenue: The company reported quarterly revenues of C$2,178 million, substantially lower than the year-ago figure of C$3,034 million.    

Key Stats: Canadian Natural reported quarterly production of 844,531 barrels of oil equivalent per day (BOE/d), almost 6% lower than the prior-year quarter level.       

Natural gas production increased to 1,786 million cubic feet per day (MMcf/d) from 1,771 MMcf/d in the first quarter of 2015. Oil and natural gas liquids (NGLs) production came at 546,927 barrels per day (Bbl/d), below the prior year quarter figure of 602,809 Bbl/d.

Check back later for our full write up on this Canadian Natural earnings report later!   

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