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Canadian Natural Resources profit surges on higher crude prices – Metro US

Canadian Natural Resources profit surges on higher crude prices

FILE PHOTO: Canadian Natural Resources Limited’s Primrose Lake oil sands
FILE PHOTO: Canadian Natural Resources Limited’s Primrose Lake oil sands project is seen near Cold Lake, Alberta

(Reuters) – Canadian Natural Resources Ltd posted a surge in fourth-quarter profit on Thursday and increased its dividend as a rebound in fuel demand from pandemic lows propelled crude prices to multi-year highs.

Thin supply and a recovery in economic activity drove up oil and gas prices last year, and global benchmark Brent crude has continued the rally this year to rise above $100 a barrel due to Russia’s invasion of Ukraine.

Canadian Natural Resources, one of the largest oil and gas producers in the country, said its average realized price for oil soared 79.5% to C$72.81 in the last three months of 2021. Brent crude averaged $80 a barrel during the period.

The Calgary, Alberta-based company’s production rose to 1.31 million barrels of oil equivalent per day (boepd) in the quarter, from 1.20 million boepd a year earlier.

Adjusted profit was C$2.63 billion ($2.08 billion), or C$2.21 per share, in the three months to Dec. 31, compared with C$176 million ($139.46 million), or 15 Canadian cents, a year ago.

The producer raised its quarterly dividend by 28% to C$0.75 per share.

($1 = 1.2620 Canadian dollars)

(Reporting by Ruhi Soni in Bengaluru; Editing by Aditya Soni)

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