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Canadian Natural (CNQ) Lags Q1 Earnings Estimates, Sales Top
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An Earnings Miss: Exploration and production company, Canadian Natural Resources Limited (CNQ - Free Report) announced first-quarter 2018 operating earnings per share of 55 cents, nominally missing the Zacks Consensus Estimate of earnings of 57 cents.
Revenue Surpassed Estimates: Total revenues came in at $5,258 million, comfortably outperforming the Zacks Consensus Estimate of $4,162 million.
Key Stats:
Canadian Natural reported quarterly production of 1,123,546 barrels of oil equivalent per day (BOE/d), up from 876,907 BOE/d in the prior year quarter.
Oil and natural gas liquids (NGLs) output (accounting for more than 76% of total volumes) increased 42.9% to 854,558 barrels per day (Bbl/d). The production gains primarily reflect strong production and high reliability from the Horizon Phase 3 expansions and robust contribution from certain strategic acquisitions closed in 2017.Meanwhile, natural gas volumes declined 3.5% year over year to stand at 1,614 million cubic feet per day (MMcf/d).
Canadian Natural’s realized natural gas price were $2.74 per thousand cubic feet, compared with the year-ago quarter level of $3.25. Further, realized oil price declined to $43.06 per barrel from $47.05 in the first quarter of 2017.
Costs: The total expenses incurred in the quarter totaled C$4,600, reflecting an increase of 33.8% from the year ago level. Increased expenses are primarily attributed to higher production and transportation costs along with foreign exchange loss.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised downward by a penny in the last 30 days. The Zacks Consensus Estimate remained the same over the last 7 days.
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Canadian Natural (CNQ) Lags Q1 Earnings Estimates, Sales Top
An Earnings Miss: Exploration and production company, Canadian Natural Resources Limited (CNQ - Free Report) announced first-quarter 2018 operating earnings per share of 55 cents, nominally missing the Zacks Consensus Estimate of earnings of 57 cents.
Revenue Surpassed Estimates: Total revenues came in at $5,258 million, comfortably outperforming the Zacks Consensus Estimate of $4,162 million.
Key Stats:
Canadian Natural reported quarterly production of 1,123,546 barrels of oil equivalent per day (BOE/d), up from 876,907 BOE/d in the prior year quarter.
Oil and natural gas liquids (NGLs) output (accounting for more than 76% of total volumes) increased 42.9% to 854,558 barrels per day (Bbl/d). The production gains primarily reflect strong production and high reliability from the Horizon Phase 3 expansions and robust contribution from certain strategic acquisitions closed in 2017.Meanwhile, natural gas volumes declined 3.5% year over year to stand at 1,614 million cubic feet per day (MMcf/d).
Canadian Natural’s realized natural gas price were $2.74 per thousand cubic feet, compared with the year-ago quarter level of $3.25. Further, realized oil price declined to $43.06 per barrel from $47.05 in the first quarter of 2017.
Costs: The total expenses incurred in the quarter totaled C$4,600, reflecting an increase of 33.8% from the year ago level. Increased expenses are primarily attributed to higher production and transportation costs along with foreign exchange loss.
Estimate Revision Trend: Investors should note that the earnings estimate for Encana was revised downward by a penny in the last 30 days. The Zacks Consensus Estimate remained the same over the last 7 days.
Zacks Rank & Surprise History: Currently, Canadian Natural carries a Zacks Rank #1 (Strong Buy) which is subject to change following the earnings announcement. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Coming to earnings surprise history, the company delivered an average positive earnings surprise of 0.78% in the trailing four quarters.
Canadian Natural Resources Limited Price and EPS Surprise
Canadian Natural Resources Limited Price and EPS Surprise | Canadian Natural Resources Limited Quote
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