Canadian Natural Resources’ Q1 Profits Affected By Low Oil Prices

On May 4th, Canadian Natural Resources Ltd. reported lower-than-expected profits for the first quarter of 2021. The business’s financial performance fell short despite a boost in production due to the impact of lower energy prices.

After hitting record levels in the same period last year in response to Russia’s invasion of Ukraine, crude oil prices dropped by 20% year-over-year from January to March.

The U.S banking system’s recent problems and concerns about how fast China will bounce back have caused oil prices to drop during the first quarter of 2023.

In the reported quarter, Canadian Natural’s output increased to 1.32 million barrels of oil each day, in comparison to the 1.28 million barrels in the first quarter of 2022.

However, the actual price of liquids for the quarter was only US$76.11 a barrel, down from US$94.38 last year.

The company’s profits per share, after adjustments, were $1.69, just a little less than analyst’s forecast of $1.70, according to Refinitiv data.

Original source material for this article taken from here