Canadian Natural Resources Turns To Profit In Q4

(RTTNews) - Canadian Natural Resources Ltd. (CNQ, CNQ.TO) reported that its fourth-quarter net earnings were C$597 million or C$0.50 per share, compared to a loss of C$776 million or C$0.64 per share in the prior year.

Adjusted net earnings from operations were C$686 million or C$0.58 per share, compared to a loss of C$255 million or C$0.21 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.70 per share. Analysts' estimates typically exclude special items. The company's Board of Directors approved a quarterly dividend increase of 13% to C$0.425 per share payable on April 1, 2020.

The company targets annual 2020 production levels to average between 910,000 bbl/d and 970,000 bbl/d of crude oil and NGLs and between 1,360 MMcf/d and 1,420 MMcf/d of natural gas, before royalties.

Canadian Natural's annual 2020 capital expenditures are targeted to be about C$3.95 billion.