Canadian Natural reports $3.5B profit in second quarter amid oil price spike

A haul truck and shovel at CNRL’s oil sands operation in northern Alberta. Screenshot/YouTube/Canadian Natural

CALGARY — Canadian Natural Resources Ltd. reported a second-quarter profit that was more than double what it made in the same period last year.

The company said it earned $3.5 billion or $3 per diluted share for the quarter ended June 30, up from $1.6 billion or $1.30 per diluted share in the same quarter last year.

Crude prices spiked during the quarter, driven largely by Russia’s invasion of Ukraine, with North American benchmark WTI up 15 per cent from the first quarter and up 64 per cent from last year’s second quarter.

Canadian Natural’s daily production, before royalties, averaged 1,211,147 barrels of oil equivalent per day in the quarter, up from 1,141,739 in the same quarter last year.

Adjusted net earnings from operations amounted to $3.26 per diluted share, up from $2.56 per diluted share in the second quarter of 2021.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:CNQ)

The Canadian Press

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