Have you been eager to see how Canadian oil and gas finder Canadian Natural Resources Ltd. (TO:CNQ) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Calgary, Alberta-based company’s earnings release this morning:
About Canadian Natural Resources: Canadian Natural Resources is engaged in the acquisition, development and exploitation of crude oil and natural gas properties. It is one of the largest independent exploration and production companies in Canada, with extensive heavy crude oil and natural gas developments.
Surprise History: Coming to earnings surprise history, the company has a mixed record: its missed estimates in two of the last four quarters with an average miss of -313.92%.
We have highlighted some of the key details from the just-released announcement below:
Swings to Loss: Canadian Natural Resources reported adjusted loss of 24 cents per share, against the year-earlier profit of 14 cents.
Revenue Fell from Last year: The company reported quarterly revenues of C$2,335 million, substantially lower than the year-ago figure of C$3,114 million.
Key Stats: Canadian Natural reported quarterly production of 735,212 barrels of oil equivalent per day (BOE/d), 13% lower than the prior-year quarter level.
Natural gas production remained essentially flat at 1,645 million cubic feet per day (MMcf/d). But oil and natural gas liquids (NGLs) production came in at 460,986 barrels per day (Bbl/d), well below the prior year quarter figure of 573,135 Bbl/d.
As reported, average realized liquid price (before hedging) was C$39.66 per barrel during the third quarter, down 5% from the corresponding quarter last year. Moreover, the average realized natural gas price (excluding hedging) for the three months ended Sep 30, 2016 was C$2.44 per thousand cubic feet (Mcf) as against the year-ago level of C$3.22 per Mcf.
Check back later for our full write up on this Canadian Natural Resources earnings report later!
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