By The Canadian Press

Canadian Natural beats expectations despite loss and halving of revenues

Aug 6, 2020 | 7:30 AM

CALGARY – Canadian Natural Resources Ltd. beat analyst expectations despite swinging to a loss in its latest quarter on a halving of revenues.

The Calgary-based energy producer says it lost $310 million or 26 cents per share in the second quarter, compared with a year-ago profit of $2.8 billion or $2.36 per share.

Its adjusted loss was $772 million or 65 cents per share, versus an adjusted profit of $1.04 billion or 87 cents per share in the second quarter of 2019.

Revenues for the three months ended June 30 were $2.94 billion, down from $5.93 billion a year earlier.

Canadian Natural Resources was expected post adjusted losses totalling 85 cents per share on $2.84 billion of revenues, according to financial markets data firm Refinitiv.

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The company produced 1.16 million barrels of oil equivalent per day, including about 922,000 barrels per day of crude and natural gas liquids, up from 1.02 million boe/d including 770,000 bbl/d a year earlier.