Canadian Natural Resources Limited (CNQ.TO,CNQ) reported fourth-quarter net income of C$1.20 billion or C$1.09 per share, compared to C$413 million or C$0.38 per share, prior year. Adjusted net earnings from operations was C$756 million or C$0.69 per share, for the quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.68 for the quarter. Analysts' estimates typically exclude special items.
Product sales increased to C$4.85 billion from C$4.33 billion last year. Revenue was C$4.38 billion, compared to C$3.95 billion. Analysts expected revenue of C$4.91 billion for the quarter.
Total crude oil and NGL production was approximately 572,000 bbl/d for the fourth quarter of 2014, an increase of 20% from prior year levels, resulting largely from increased crude oil and NGL production volumes across all business divisions. Total natural gas production was 1,733 MMcf/d, an increase of 45% from prior year level, largely due to acquisitions completed in the first half of the year and the concentrated liquids-rich Montney natural gas drilling program at Septimus.
The company announced that its capital guidance for 2015 has been reduced by C$150 million as a result of the reduction in scope of the originally planned 2015 Horizon maintenance turnaround from 35 days to 6 days.
As a result of the focus on cost control, the members of Canadian Natural's Management Committee have agreed to a 10% salary reduction, effective March 1, 2015. Concurrently, the Board of Directors has also agreed to reduce their annual Board cash retainer by 10%.
Canadian Natural Resources announced that its Board has declared a quarterly cash dividend on its common shares of C$0.23 per share. The dividend will be payable April 1, 2015 to shareholders of record at the close of business on March 16, 2015.
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