Canadian Natural Resources Limited (CNRL) reported a tripling of Q1-2014 net profit to C$622 million (US$574 million), as compared to Q1-2013. The jump in profits was largely due to higher North America crude oil and NGLs and natural gas netbacks, higher North America crude oil sales volumes and the impact of the weaker Canadian dollar.
Q1-2014 financial highlights
· Revenue of C$2.1 billion, up 37% YoY
· Capex of C$1.9 billion, up 9% YoY
Q1-2014 operational highlights
· Production (before royalties) of 684 MBOE/d (71% liquids), marginally higher than Q1-2013
· Crude and NGLs production of 488 MBbl/d, marginally lower than in Q1-2013
· Gas output of 196 MBOE/d, up 2% YoY
· Due to the nature of FPSO vessel operations, no crude oil liftings or sales occurred in Offshore Africa operations
Steve Laut, President of Canadian Natural stated, "Canadian Natural had a solid start to the year, with consistent organic growth in North America production as expected. North America E&P crude oil and NGLs production grew by 5% over the previous quarter… As a result of the recent acquisitions and our ongoing development opportunities, our 2014 development capital budget has been increased by $425 million and our 2014 annual production guidance has increased, with the midpoint of crude oil and NGLs production increasing by 3% or 15,000 barrels per day, and the midpoint of natural gas production increasing by 30% or 360 million cubic feet per day.
In Mar-2014, CNRL reported a 17% YoY increase in Q4-2013 net profit.
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