Canadian Natural Resources

Markets

Canadian Natural Resources cuts £250m from first half costs

Canadian Natural Resources (CNR) today said it had cut its costs by about CAN $430million (£250million) in the first half of 2016 thanks to a “commitment to effective and efficient operations”. The savings helped the Calgary-headquartered firm narrow its net losses to £260million from £380million during the same period a year earlier. CNR's North Sea assets include the Ninian, Banff, Murchison and Tiffany fields.

Oil & Gas

Canadian Natural Resources beat estimates as cuts deepen

Canadian Natural Resources Ltd.’s profit beat analyst estimates after it deepened cost cuts to cope with crude prices near the lowest in six years. It reported adjusted earnings of 10 cents a share, compared with the average 9-cent loss estimated by 16 analysts surveyed by Bloomberg. The third-quarter net loss was C$111 million ($84.3 million), or 10 cents a share, compared with profit of C$1.04 billion, or 94 cents, a year earlier, the Calgary-based company said in a statement Thursday. “We continue to make significant progress in reducing costs,” Steve Laut, President of Canadian Natural, said in the statement. “At the same time, our average production has increased 11% despite a very significant drop in capital program spending.”