Canadian Natural profits on high oil pricesCanadian Natural Resources (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : T.CNQ CNQ Cost of Non Quality CNQ Canadian Trading & Quotation System Inc. CNQ Club Neon Quebec (Quebec Neon Club) , Stock Forum) today reported Q3 2008 unadjusted earnings of $2.835 billion, an increase of 305% over last year’s Q3 earnings of $700 million. Unadjusted earnings per share came in at $5.25 versus $1.30 for the same period last year. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased to $1.815 billion from $1.577 billion. The company achieved these results even thought actual oil and gas production for the quarter was lower than last year. Total crude oil and NGLs production for Q3 2008 was 306,970 barrels a day, down 4% from Q2 2008, and down 8% from Q3 2007. John Langille, Vice-Chairman of Canadian Natural Resources, commented on the company’s hedging practices: “Our hedging program is a reflection of our commitment to internally fund our capital projects. As such, we have added to our hedges for 2009 for both crude oil and natural gas at strong prices. Our major projects in Alberta and Offshore West Africa are either onstream or will be onstream by the first quarter of 2009 and as such, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. on these projects will decrease markedly.” Back in early October, Stockhouse investor davwal offered an opinion about one way CNQ might put its cash to work: stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. . davwal said, “They always talk about buying there own stock back. Well, at this price here is the time to do it.” 
|
|
|||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion