Cana­dian Nat­u­ral Re­sources re­ports $1.07-bil­lion sec­ond-quar­ter profit

The Guardian (Charlottetown) - - BUSINESS -

CAL­GARY – Cana­dian Nat­u­ral Re­sources Ltd. (TSX:CNQ) trimmed its cap­i­tal spend­ing plan for this year as it re­ported a profit of $1.07 bil­lion in its lat­est quar­ter com­pared with a loss a year ago. The oil­sands com­pany says it has de­creased its cap­i­tal spend­ing pro­gram by about $180 mil­lion for 2017. It had said it March that it planned to spend about $3.9 bil­lion this year.

The de­ci­sion came as Cana­dian Nat­u­ral also raised the mid-point of its 2017 an­nual liq­uids and bar­rels of oil equiv­a­lent pro­duc­tion guid­ance by 11,000 bbl/d and 3,000 BOE/d re­spec­tively. The com­pany says its profit in its lat­est quar­ter amounted to 93 cents per di­luted share com­pared with a loss of $339 mil­lion or 31 cents per share in the same quar­ter last year. Ad­justed earn­ings from oper­a­tions were $332 mil­lion or 29 cents per share com­pared with a loss of $210 mil­lion or 19 cents per share a year ago. Pro­duc­tion in the quar­ter av­er­aged 913,171 bar­rels of oil equiv­a­lent per day, up from 783,988 in the sec­ond quar­ter last year.

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