Canadian Natural Resources Ltd. said its first-quarter profit was $727-million or $1.35 a share, almost triple compared with a year earlier, buoyed by high oil and natural gas prices. However, production fell 5 per cent to 583,500 barrels a day, largely because of reduced natural gas drilling due to low prices last year and higher royalties. The company's $8.6-billion Horizon oil sands mine is nearly complete and first oil is still set to be produced by the end of September, with full production of 110,000 barrels a day coming in the winter. CNQ (TSX) rose $4.19 to $96.
© The Globe and Mail
