Outage hits Canadian Natural Resources

Horizon: CNR President Steve Laut said the shutdown was the "biggest factor" in the result.

An unplanned oil sands outage and weaker domestic oil and gas prices dented the first quarter earnings of Canadian Natural Resources Ltd, though the loss was slightly offset by a 5% rise in light and heavy oil sales.

Canadian Natural earned C$427 million (US$433 million), up from the C$46 million generated in the March quarter of 2011 but down from the C$832 million earned in the December quarter, Reuters reported.

The company's adjusted earnings, excluding onetime items, were C$300 million - 27 Canadian cents a share – which Thomson Reuters reported was behind an average estimate among analysts of 44 Canadian cents a share.

Steve Laut, the company's president, said that low natural gas prices were one of the factors behind the wide discrepancy between its results and analysts' expectations for…

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