Canadian Natural Turns To Profit In Q2; Lifts FY17 Production View - Quick Facts

(RTTNews) - Canadian Natural Resources Ltd. (CNQ.TO, CNQ) Thursday reported Thursday that its second-quarter net earnings were C$1.07 billion, compared to a net loss of C$339 million last year. Earnings per share were C$0.93, compared to loss of C$0.31 last year.

The adjusted net earnings from operations was C$332 million, compared to adjusted net loss of C$210 million a year ago. Adjusted earnings per share were C$0.29, compared to loss of C$0.19 last year.

Funds flow from operations climbed to C$1.73 billion or C$1.49 per share from C$938 million or C$0.85 per share last year.

Equivalent production climbed to 913,171 barrel of oil equivalent per day or BOE/d from last year's 783,988 BOE/d.

Based upon strong results in the first half of the year, the company has increased the mid-point of its 2017 annual liquids and BOE production guidance by 11,000 bbl/d and 3,000 BOE/d respectively, while decreasing its 2017 capital program by approximately C$180 million.

Separately, Canadian Natural announced that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.275 per common share. The dividend will be payable October 1, to shareholders of record at the close of business on September 15.