MUFG: Fiscal Q1 Earnings Snapshot
- On Thursday, Canadian Natural Resources Ltd. beat profit estimates and raised its full-year production forecast for the second time this year, driven by record output and stronger crude prices.
- Canadian Natural posted a second-quarter profit of $4.5 billion, up from $2.5 billion last year, while adjusted earnings of $2.19 per share surpassed the average analyst estimate of $1.90 per share.
- Quarterly production hit a record 1.68 million boepd, up from 1.42 million boepd last year, prompting the company to raise its 2026 forecast to between 1.637 million and 1.682 million boepd.
- Synthetic crude traded at an average premium of $8.37 per barrel to West Texas Intermediate crude, buoyed by strong refinery demand, Middle East supply disruptions, and production impacts across Western Canada.
- Competitors Cenovus Energy and Imperial Oil reported second-quarter profits more than doubled, reflecting broader industry trends of higher crude prices and sustained supply concerns across the sector.
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220 Articles
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