Calgary-based Canadian Natural Resources Limited (CNRL) has reported strong earnings for the second quarter of 2021, with a net income of $1.72 billion. This marks a significant increase from the same period last year, where the company reported a net loss of $310 million.
According to the company’s financial report, the increase in earnings can be attributed to higher oil and gas prices, as well as increased production levels. CNRL’s total production for the quarter averaged at 1,246,000 barrels of oil equivalent per day, a 9% increase from the second quarter of 2020.
In addition to the increase in production, CNRL also saw a decrease in operating costs, which contributed to the strong financial results. The company’s operating costs for the quarter were $2.68 billion, a 6% decrease from the same period last year.
CNRL’s President, Tim McKay, expressed his satisfaction with the company’s performance, stating, “We are pleased with our strong financial results for the second quarter, which reflect our continued focus on operational excellence and cost management.”
The company also announced that it has maintained its strong financial position, with a net debt of $19.4 billion and a net debt to adjusted earnings ratio of 1.6 times. This puts CNRL in a good position to continue investing in its operations and pursuing growth opportunities.
Looking ahead, CNRL remains optimistic about the future, with plans to increase production levels and continue reducing operating costs. The company also stated that it will continue to prioritize the health and safety of its employees and the communities in which it operates.
CNRL is one of Canada’s largest energy producers, with a diverse portfolio of assets in North America, the North Sea, and Offshore Africa. The company’s strong financial results for the second quarter of 2021 demonstrate its resilience and ability to adapt to changing market conditions.
