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Canadian Natural Resources (CNQ) Q2 Earnings and Sales Beat

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Have you been eager to see how Canadian oil and gas finder Canadian Natural Resources Limited (CNQ - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Calgary, Alberta-based company’s earnings release this morning:

About Canadian Natural Resources: Canadian Natural Resources is engaged in the acquisition, development and exploitation of crude oil and natural gas properties. It is one of the largest independent exploration and production companies in Canada, with extensive heavy crude oil and natural gas developments. The company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.

Surprise History: Canadian Natural Resources reported a positive earnings surprise of 30.77% in the last quarter. However, coming to earnings surprise history, the company posted a negative earnings surprise of 275.46% in the trailing four quarters.

We have highlighted some of the key details from the just-released announcement below:

A Higher-than-Expected Profit: Canadian Natural Resources reported adjusted earnings of 22 cents per share, higher than the Zacks Consensus Estimate of 17 cents.

Revenue Came in Higher than Expected: The company reported quarterly revenues of C$3,711 million (or $2,857 million), above the Zacks Consensus Estimate of $2,609 million.

Canadian Natural Resources Limited Price, Consensus and EPS Surprise

Key Stats: Canadian Natural reported quarterly production of 913,171 barrels of oil equivalent per day (BOE/d), as against 783,988 BOE/d in the prior year quarter.       

Natural gas production fell 1.9% to 1,656 million cubic feet per day (MMcf/d). But oil and natural gas liquids (NGLs) production (accounting for 69.7% of total volumes) came in at 637,127 barrels per day (Bbl/d), 26.8% above the prior year quarter figure of 502,410 Bbl/d.

As reported, average realized liquid price (before hedging) was C$47.12 per barrel during the second quarter, up 17.8% from the corresponding quarter last year. Moreover, the average realized natural gas price (excluding hedging) for the three months ended Jun  30, 2017 was C$2.97 per thousand cubic feet (Mcf) as against the year-ago level of C$1.50 per Mcf.

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