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Canadian Natural Resources (CNQ) Q1 Earnings Beat Estimates

Have you been eager to see how Canadian oil and gas finder Canadian Natural Resources Ltd. CNQ performed in Q1 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: Canadian Natural Resources reported a positive earnings surprise of 442.86% in the last quarter. However, coming to earnings surprise history, the company posted a negative earnings surprise of 306.7% in the trailing four quarters.

We have highlighted some of the key details from the just-released announcement below:

Canadian Natural Resources Limited Price and EPS Surprise

Canadian Natural Resources Limited Price and EPS Surprise | Canadian Natural Resources Limited Quote

A Higher-than-Expected Profit: Canadian Natural Resources reported adjusted earnings of 18 cents per share, higher than the Zacks Consensus Estimate of 13 cents.

Revenue Came in Lower than Expected: The company reported quarterly revenues of C$3,642 million (or $2,652 million), below the Zacks Consensus Estimate of $2,659 million.

Key Stats: Canadian Natural reported quarterly production of 876,907 barrels of oil equivalent per day (BOE/d), as against 844,531 BOE/d in the prior year quarter.       

Natural gas production fell 6.3% to 1,673 million cubic feet per day (MMcf/d). But oil and natural gas liquids (NGLs) production (accounting for 68.2% of total volumes) came in at 598,113 barrels per day (Bbl/d), 9.3% above the prior year quarter figure of 546,927 Bbl/d.

As reported, average realized liquid price (before hedging) was C$47.05 per barrel during the fourth quarter, up 102% from the corresponding quarter last year. Moreover, the average realized natural gas price (excluding hedging) for the three months ended Mar  31, 2017 was C$3.25 per thousand cubic feet (Mcf) as against the year-ago level of C$2.23 per Mcf.

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