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Friday, 05 December, 2008, 17:10 GMT | more >>

CNR pumps up profits



By Upstream staff 

Canadian Natural Resources has hauled in bumper first-quarter profits, helped by higher revenue before royalties.

The company's net income rose to C$269 million (US$242.2 million), or C$0.50 a share, from C$57 million, or C$0.11, in the first quarter of 2006.

CNR said earnings from operations rose 132% to C$621 million, or C$1.15 a share, up from a year ago profit of C$268 million, or 50 Canadian cents a share.

It boosted output from last year's $4.1 billion purchase of Anadarko's Canadian operations. It will add yet more new oil next year when it completes the first stage of its C$10.8 billion Horizon oil sands project.

Production rose 1% to 327,001 barrels of oil per day from 323,662 bpd in the year-ago quarter.

Cash flow rose 56% to C$1.6 billion, or C$3.01 a share, from C$1 billion, or C$1.93 a share, in the year earlier quarter.

Revenue before royalties rose nearly 17% to C$3.1 billion from C$2.66 billion.


Thursday, 03 May, 2007, 09:32 GMT  | last updated: Thursday, 03 May, 2007, 12:29 GMT

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