Canadian Natural Resources Ltd. reported a first-quarter profit of $961 million, up from $583 million in the same quarter last year, as it benefited from higher prices due in part to Alberta’s mandatory production curtailments.
The Calgary-based oilsands producer says the profit amounted to 80 cents per diluted share for the quarter ended March 31, compared with a profit of 47 cents per diluted share a year ago.
Revenue totalled nearly $5.25 billion, down from $5.47 billion in the first quarter of last year.
Daily production averaged 1,035,212 barrels of oil equivalent, down from 1,123,546 in the first quarter of 2018.
On an adjusted basis, CNRL says it earned 70 cents per diluted share from operations compared with 71 cents per diluted share in the same quarter last year.
Analysts on average had expected a profit of 51 cents per share and revenue of $5.25 billion, according to Thomson Reuters Eikon.
On May 1, CNRL said it was cutting production expectations as damage is repaired from a fire at the Scotford Upgrader northeast of Edmonton in April.
The Calgary-based oilsands producer owns 70 per cent of the facility, which is operated by Shell Canada.
Canadian Natural said it expected average production at the northern Alberta Albian oilsands mines — which supply raw bitumen feedstock for the upgrader to turn into synthetic crude oil — to be reduced to about 245,000 barrels per day in May and June.