Loading articles...

CNRL profits improve despite Horizon outage

PHOTO. A 2012 file photo of Canadian Natural Resources Ltd. Horizon facility. The worksite lies about 80 kilometres north of Fort McMurray, Alta. MYMCMURRAY/File Photo.

Despite the outage at its Horizon project, CNRL’s first quarter earnings showed major improvement.

The company made 427 million dollars compared with 46 million a year ago.

But that’s because last year’s first quarter saw the explosion and fire that shut down Horizon.

This year’s adjusted earnings, though, were almost 40% lower than analysts expected.

Overall production went up 8 percent, but the company is reducing its forecast for Horizon by about 12 percent.

Published May 3, 2012