|
|
|
|
||
Canadian Natural Resources swings to adjusted net loss for Q1from SNL Energy Finance Daily Canadian Natural Resources swings to adjusted net loss for Q1Byline: Dyna Mariel Bade Canadian Natural Resources Ltd. on May 7 reported first-quarter adjusted net loss from operations of C$295 million, or a loss of 25 Canadian cents per share, compared with adjusted net earnings from operations of C$838 million, or 70 cents per share, in the year-ago quarter. The S&P Global Market Intelligence consensus normalized EPS estimate for the first quarter was a loss of 7 Canadian cents. Net loss for the first quarter totaled C$1.28 billion, or C$1.08 per share, versus net earnings of C$961 million, or 80 cents per share, in the prior-year period. The company's equivalent production for the first quarter was 1.2 million barrels of oil equivalent per day, an increase from 1.0 million boe/d in the same quarter a year earlier. In addition, Canadian Natural further reduced its 2020 capital expenditure by an additional C$280 million, to approximately C$2.68 billion. The latest capex guidance is C$1.37 billion lower than the original budget of C$4.05 billion. The company is also aiming to lower its operating costs throughout the year by roughly C$745 million compared to 2019 levels. The oil and gas producer is also planning a C$90 million reduction in its general and administrative expenses. Canadian Natural said it is removing its 2020 corporate production guidance due to the uncertainty brought about by the coronavirus pandemic. As of March 31, Canadian Natural had roughly C$5.0 billion of available liquidity, which includes approximately C$1.1 billion of cash and cash equivalents, and committed and demand bank credit facilities. |
return to message board, top of board |