Calgary

Canadian Natural Resources reports 1st-quarter loss but tops expectations

Canadian Natural Resources reported a loss of $76.5 million in its first quarter, which works out to 36 cents per share adjusted for one-time gains and costs.

Adjusted 36 cent loss per share beat analyst expectation of 42 cents

Canadian Natural Resources' Primrose Lake oil sands project is seen near Cold Lake in 2013. (Dan Riedlhuber/Reuters)

Canadian Natural Resources reported a loss of $76.5 million in its first quarter.

On a per-share basis, the Calgary-based company said on Thursday it had a loss of 7 cents.

Losses, adjusted for one-time gains and costs, were 36 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 42 cents per share.

The oil and natural gas company posted revenue of $1.65 billion in the period.

Canadian Natural Resources shares have increased 28 per cent since the beginning of the year.

The stock has fallen 15 per cent in the last 12 months.

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