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Pipelines at Canadian Natural Resources Ltd.’s Primrose Lake oil sands project near Cold Lake, Alta. Article content Canadian Natural Resources Ltd. narrowly missed analysts’ estimates for first-quarter profit on May 4, as lower energy prices more than offset a rise in production for the country’s largest oil and gas producer. Article content Crude oil prices eased 20 per cent year-over-year during the January to March period, from multi-year highs in the same period last year following Russia’s invasion of Ukraine. Article content Moreover, the recent U.S. banking crisis and concerns over the pace of recovery in China have weighed on crude prices in the first three months of 2023. Canadian Natural’s production rose to 1.32 million barrels of oil equivalent per day (boepd) in the reported quarter, from 1.28 million boepd last year. However, its liquids realized price fell to US$76.11 per barrel in the quarter from last year’s US$94.38 per barrel. Recommended from Editorial The company earned $1.69 per share, on an adjusted basis, slightly missing estimates of $1.70, according to Refinitiv data. © Thomson Reuters 2023
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