Canadian Natural Resource Exceeds Q2 Earnings Expectations

Canadian Natural Resource (CNQ) reported Thursday adjusted diluted EPS of C$1.04 (C$0.80) for Q2, up from last year’s C$0.29, exceeding Street view of C$0.83.

During the quarter, the company produced 793,899 barrels per day (bbl/d) of crude oil and NGLs and 1,539 MMcf/d of natural gas. For the same period last year, it produced 637,127 bbl/d and 1,656 MMcf/d.

For 2018, the company still expects production levels to average between 815,000 and 885,000 bbl/d of crude oil and NGLs and between 1,550 and 1,600 MMcf/d of natural gas. Q3 production guidance before royalties is forecast to average between 771,000 and 819,000 bbl/d of crude oil and NGLs and between 1,535 and 1,565 MMcf/d of natural gas.

The company has increased its 2018 capital expenditures guidance by C$170 million to advance engineering and procurement of certain long lead equipment. Its annual 2018 capital expenditures are targeted to be approximately C$4.6 billion.

The company will be paying a quarterly dividend of C$0.335 per common share on Oct. 1 shareholders of record at the close of business on Sept. 14.