Canadian Natural Resources NYSE CNQ, the top oil and gas producer in Canada, reported lower-than-expected earnings for the first quarter, dragged down by weaker prices for synthetic crude oil and natural gas. Canadian Natural Resources reported on Thursday adjusted net earnings per share of US$1.00 C$1.37, compared to the average analyst estimate of US$1.08 C$1.48 per share, according to LSEG data cited by Reuters.
“The company’s 2024 development plan has conventional activity strategically weighted to the second half of 2024 to better align with increased market egress and improved crude oil pricing, maximizing value for our shareholders,” Canadian Natural said. The completion of the Trans Mountain Expansion TMX pipeline will provide “ample egress and optionality for our crude oil products,” it noted.
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