Canadian Natural Resources reported lower-than-expected Q3 earnings due to lower natural gas prices and higher operating costs.
Canada’s largest oil and gas producer, Canadian Natural Resources NYSE CNQ , reported lower adjusted net earnings from operations for the third quarter compared to a year earlier amid plunging natural gas prices in North America and lower international crude oil prices. Canadian Natural said on Thursday that its adjusted net earnings from operations for the third quarter stood at US$1.5 billion C$2.1 billion, down compared with US$2 billion C$2.85 billion for the third quarter of 2023.
Third-quarter natural gas production dropped by 5% year-over-year, while the realized natural gas price slumped by 56%. Crude oil and NGL realized prices fell by 10%, while realized sales prices from the oil sands production fell by 7% in the third quarter from a year earlier.
CNQ Earnings Natural Gas Oil Oil Sands Production Prices Inflation Costs
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