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Canadian Natural Resources' Q2 earnings meet Street estimates

Canadian Natural Resources Ltd. on Aug. 1 reported second-quarter adjusted net earnings from operations of C$1.04 billion, or 87 Canadian cents per share, down from C$1.28 billion, or C$1.04 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter was 87 Canadian cents.

Net earnings amounted to C$2.83 billion, or C$2.36 per share, an increase from C$982 million, or 80 Canadian cents per share, in the same quarter a year ago.

Canadian Natural's production for the quarter totaled 1.0 million barrels of oil equivalent per day, compared to 1.1 MMboe/d in the prior-year period.

The company raised its 2019 international production guidance to 46,000 bbl/d to 50,000 bbl/d, based on positive drilling results. Canadian Natural also increased its crude oil and NGL production guidance for the year to take into account its acquisition of Devon Energy Corp.'s Canadian assets. It is now expected to be between 231,000 bbl/d and 251,000 bbl/d.

Canadian Natural's oil and natural gas production operations are located in Western Canada, the U.K. portion of the North Sea and offshore Africa.