Canadian Natural profit falls on foreign exchange loss

Thu Mar 7, 2013 7:19am EST
 
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(Reuters) - Canadian Natural Resources Ltd (CNQ.TO: Quote), Canada's No.1 independent oil producer, reported a 58 percent fall in fourth-quarter profit after booking a foreign exchange-related loss but the company raised its quarterly dividend.

The company raised its quarterly dividend for 2013 by 19 percent to 12.5 Canadian cents per share.

Net income fell to C$352 million ($341 million), or 32 Canadian cents per share, from C$832 million, or 76 Canadian cents per share, a year earlier.

The company booked an unrealized foreign exchange loss of C$254 million, mainly related to its U.S. dollar-denominated debt. The company had a gain of C$117 million on foreign exchange in the year earlier quarter.

Revenue fell 12 percent to C$3.70 billion.

On an adjusted basis, earnings were C$359 million, or 33 Canadian cents per share. Analysts on average had expected earnings of 39 Canadian cents per share on revenue of C$3.59 billion, according to Thomson Reuters I/B/E/S.

Crude oil and natural gas liquids (NGLs) output rose 6 percent to 469,964 barrels per day (bbl/d) in the fourth quarter on increased drilling and a 19 percent rise in thermal production.

Total production of oil and gas was flat at 658,973 barrels of oil equivalent per day (boepd).

Natural gas production dropped 11 percent to 1,134 million cubic feet per day (MMcf/d) as the company focused on high-return crude oil drilling.   Continued...