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Canadian Natural Resources misses quarterly profit estimates on lower production

Reuters - Thu Mar 2, 2023

Canadian Natural Resources Ltd CNQ-T on Thursday missed market expectations for fourth-quarter profit, as severe winter weather hit the energy firm’s production as it had to complete multiple mining equipment repairs.

The company also said that its first-quarter production would be affected by 25,000 barrels per day.

Its production in the reported quarter stood at 1.29 million barrels of oil equivalent per day (boepd), below last year’s 1.31 million boepd.

Canadian Natural said its liquids realized price fell to $69.34 per barrel in the October-December quarter from last year’s $72.81 per barrel.

The Calgary-based company reported adjusted net earnings of $1.96 per share for the quarter ended Dec. 31, compared with average analysts’ estimate of $2.27 per share.

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