Canadian Natural Resources missed market expectations, as prices fell and severe winter weather hampered production. Read more
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Winter storm Elliott barrelled through the United States and Canada in mid-December, hitting several oil production sites along the way that caused freeze-ins and equipment failures.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Moreover, crude prices have turned extremely volatile in recent months amid supply fears caused by the Western sanctions on Russia and worries that the fight against inflation could weaken the global economy and affect energy demand.Canadian Natural said its fourth-quarter liquids realized price fell nearly 5 per cent to $69.34 per barrel.
The Calgary, Alberta-based company reported adjusted net earnings of $1.96 per share for the quarter, below analysts’ average estimate of $2.27 per share. However, its free cash flow rose to $10.9 billion for the full-year 2022, from $8.08 billion in 2021, which helped it hike its quarterly dividend by 6 per cent to 90 cents per share.
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