CNRL profit doubles on surging oil prices

Canadian Natural Resources Ltd.’s profit more than doubled from a year ago in the first quarter, as surging oil prices pushed the Calgarybased energy company closer to reaching its debt reduction target. On Thursday, CNRL said it earned $3.1 billion, or $2.63 per diluted share, for the quarter ended March 31, up from $1.38 billion, or $1.16 per diluted share, in the same quarter last year. With the war in Ukraine pushing oil prices to heights not seen in years, CNRL said it now expects its net debt level to fall below $8 billion in late 2022 or early 2023.