Canadian Natural Resources said its average realized price for oil rose 77.6% to $93.54 per barrel in the first three months of 2022
said on Thursday its quarterly net profit more than doubled, helped by a surge in oil and gas prices after Russia’s invasion of Ukraine stoked global supply concerns. Crude prices have hit 14-year highs this year in response to sanctions on Moscow and global fuel demand has recovered to near pre-pandemic levels at a time when oil supplies face massive disruptions due to Russia’s invasion.
Canadian Natural Resources, one of the largest oil and gas producers in Canada, said its average realized price for oil rose 77.6 per cent to $93.54 per barrel in the first three months of 2022. Its quarterly production stood at 1.28 million barrels of oil equivalent per day , marginally up from 1.2 million boepd a year earlier. The Calgary-based company said net earnings stood at $3.1-billion, or $2.63 cents per share, for the first quarter ended March 31, from $1.38-billion, or $1.16 per share, a year earlier. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Imperial Oil nearly triples quarterly profit on surging crude pricesImperial also announced plans for a SIB that will involve buying back up to $2.5 billion of its common shares
Read more »
Molson Coors Q1 profit soars to US$151.5M on best sales growth in more than decadeMolson Coors Beverage Co. says its profits soared in the first quarter for its largest quarterly sales growth in more than a decade.
Read more »
Burger King, Tim Hortons sales power earnings beat for parent Restaurant BrandsRestaurant Brands International beat estimates for quarterly results on Tuesday, boosted by higher prices and strong demand at its Burger King and Tim Hortons chains.
Read more »
Loblaw profit soars 40 per cent in first quarterLoblaw Companies Ltd. raised its quarterly dividend as it reported its first-quarter profit rose nearly 40 per cent compared with a year ago.
Read more »
U.S. crude stockpiles rise unexpectedly, fuel draws down amid export surge: EIAU.S. crude inventories rose by 1.3 million barrels in the week to April 29 to 415.7 million barrels
Read more »
Spin Master raises 2022 guidance after Q1 sales increase 34 per cent, profits surgeTORONTO - Toymaker Spin Master Inc. is increasing its revenue guidance for 2022 after sales increased 34 per cent in its latest quarter, causing profi...
Read more »