Canadian Natural Resources post Q1 profit of $622M; revenue hits almost $4.4B

CALGARY - Canadian Natural Resources Limited (TSX:CNQ) virtually tripled its year-over-year net earnings in the first quarter as revenue increase more than $600 million.

The Calgary-based oil and natural gas producer reported after markets closed Thursday that net income in the quarter totalled $622 million or 57 cents per share compared with $213 million or 19 cents in the prior-year period.

Revenue for the three months ended March 31 rose to almost $4.4 billion from $3.76 billion in the prior-year period.

"Canadian Natural had a solid start to the year, with consistent organic growth in North America production as expected," company president Steve Laut said in CNQ's earnings release, adding that North America E

Laut added that as a result of recent acquisitions and ongoing development opportunities, the company's 2014 development capital budget has been increased by $425 million and its 2014 annual production guidance has been increased.

The midpoint of crude oil and NGLs (natural gas liquids) production has been raised by three per cent or 15,000 barrels a day, while the midpoint of natural gas production has been increased by 30 per cent or 360 million cubic feet per day, he said.