Canadian Natural profits dive 28%

Downward result: Canadian Natural Resources sees lower profits despite higher output

Canadian Natural Resources has seen its annual earnings dive 28.4% from $2.64 billion to $1.89 billion despite raising production by 9% as domestic oil and gas prices tumbled.

The company saw its average realised rates for Western Canadian Select crude fall from C$77.46 per barrel last year to C$70.24 last year, as the price differential to US crude widened to 22%.

Realised gas prices also fell, from C$3.73 in 2011 to C$2.44 per thousand cubic feet in 2012.

The Calgary-based independent produced 654,665 barrels of oil equivalent per day in 2012, up from 2011’s 598,526 boe per day.

Within this, crude oil and liquids output rose 16% from 389,053 barrels per day to 451,378 barrels per day.

Gas output was down slightly from 1.257 million cubic feet of…

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