NEWS
08/03/2017 03:09 EDT | Updated 08/03/2017 03:20 EDT

Canadian Natural Resources reports $1.07-billion second-quarter profit

CALGARY — Canadian Natural Resources Ltd. (TSX:CNQ) trimmed its capital spending plan for this year as it reported a profit of $1.07 billion in its latest quarter compared with a loss a year ago.

The oilsands company says it has decreased its capital spending program by about $180 million for 2017. It had said it March that it planned to spend about $3.9 billion this year.

The decision came as Canadian Natural also raised the mid-point of its 2017 annual liquids and barrels of oil equivalent production guidance by 11,000 bbl/d and 3,000 BOE/d respectively.

The company says its profit in its latest quarter amounted to 93 cents per diluted share compared with a loss of $339 million or 31 cents per share in the same quarter last year.

Adjusted earnings from operations were $332 million or 29 cents per share compared with a loss of $210 million or 19 cents per share a year ago.

Production in the quarter averaged 913,171 barrels of oil equivalent per day, up from 783,988 in the second quarter last year.