Canadian Natural Resources Q4 Profit Down, Misses Estimates; Lifts Dividend

(RTTNews) - Canadian Natural Resources Ltd. (CNQ, CNQ.TO) reported Thursday that its fourth-quarter net earnings dropped to C$1.52 billion from last year's C$2.53 billion. Earnings per share declined to C$1.36 from last year's C$2.14.

Adjusted net earnings from operations were C$2.19 billion or C$1.96 per share, compared to C$2.63 billion or C$2.21 per share a year ago.

On average, nine analysts polled by Thomson Reuters expected earnings of C$2.27 per share for the year. Analysts' estimates typically exclude special items.

Adjusted funds flow was C$4.18 billion or C$3.73 per share, compared to C$4.34 billion or C$3.66 per share last year.

Equivalent production in the quarter was 1.29 million BOE/d, down from 1.31 million BOE/d a year ago. Natural gas production increased, while production of crude oil and NGLs declined.

Separately, the company said its Board of Directors approved a 6 percent increase to the quarterly dividend to C$0.90 per share, from C$0.85 per common share.

The dividend will be payable on April 5 to shareholders of record at the close of business on March 17.

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