Canadian Natural Slips To Loss In Q1; Withdraws FY20 Production View

(RTTNews) - Canadian Natural Resources Ltd. (CNQ, CNQ.TO) reported Thursday that its first-quarter net loss was C$1.28 billion, compared to last year's profit of C$961 million.

Loss per share was C$1.08, compared to profit of C$0.80 a year ago.

Adjusted net loss earnings from operations was C$295 million or C$0.25 per share, compared to profit of C$838 million or C$0.70 per share a year ago.

In the quarter, equivalent production grew to 1.18 million BOE/d from last year's 1.03 million BOE/d.

Further, the Board of Directors has maintained current dividend levels, demonstrating their confidence in the Company's assets and plan moving forward. The Company declared a quarterly dividend of C$0.425 per share, payable on July 1.

Going ahead, the company said it is removing its 2020 corporate production guidance due to the current uncertainty around the COVID-19 pandemic.

However, if the current strip pricing continues for the remainder of 2020, the Company forecasts that targeted production will meet the previous issued corporate guidance range.