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
