Oil producer Canadian Natural posts rise in quarterly profit By Reuters

© Reuters. FILE PHOTO: Pipelines at Canadian Natural Resources Limited’s (CNRL) Primrose Lake oil sands project are seen near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber/File Photo

(Reuters) -Oil producer Canadian Natural (NYSE:) Resources on Thursday posted a 21% rise in second-quarter profit on a sequential basis, buoyed by higher oil prices which rebounded from pandemic-driven lows.

Oil and gas producers have bounced back this year as COVID-19 vaccinations allowed some countries to ease pandemic-related curbs, supporting higher crude prices.

Canadian Natural said if pipeline operator Inter Pipeline (OTC:)’s takeover by Brookfield succeeds, it plans to increase its 2021 capital budget by $275 million to $3.48 billion. Canadian Natural owns about 6.4 million shares of Inter.

The company said average realized prices for crude rose 16.2% to C$61.2 per barrel from the prior quarter.

The company, which operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan, produced 1.14 million barrels of oil equivalent per day (boepd) in the second quarter, compared to 1.25 million boepd in first.

On an adjusted basis, the company posted net earnings of C$1.48 billion ($1.18 billion), or C$1.24 per share, in the quarter ended June 30, compared with C$1.22 billion, or C$1.03 per share, from the prior three-month period.

($1 = 1.2520 Canadian dollars)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button