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Canadian Natural Resources Limited

(CNQ) - Get Report

reported on March 5, 2009 that its Q4 FY08 earnings more than doubled to Canadian dollar (Cdn$) 1.77 billion or Cdn$3.27 per share from Cdn$798.00 million or Cdn$1.48 per share, helped by a Cdn$2.41 billion net gain from risk management. Adjusted earnings from operations surged 27.7% to Cdn$697.00 million or Cdn$1.29 per share from Cdn$546.00 million or Cdn$1.02 per share. The most recent consensus estimate was $0.76 per share.

Revenue before royalties dropped 21.5% to Cdn$2.51 billion, hurt by lower production levels before royalties. Revenues net of royalties from North America, North Sea, Offshore West-Africa, and Midstream declined 17.6%, 28.7%, 26.8%, and 10.5% to Cdn$1.86 billion, Cdn$261.00 million, Cdn$172.00 million, and Cdn$17.00 million, respectively.

Natural gas daily production before royalties declined 10.2% to 1,427 million cubic feet per day (Mmcf/d). Crude oil and natural gas liquids (NGLs) daily production before royalties slipped 8.2% to 309.57 million barrels per day (Mbbl/d). Total production before royalties dropped to 547.40 million barrels equivalent of oil per day (MBoe/d) from 601.91 MBoe/d.

FY08 net earnings soared 91.1% to Cdn$4.99 billion or Cdn$9.22 per share from Cdn$2.61 billion or Cdn$4.84 per share FY07. Adjusted net earnings from operations surged 45.1% to Cdn$3.49 billion or Cdn$6.46 per share. Revenue before royalties grew 28.9% to Cdn$16.17 billion from Cdn$12.54 billion.

The company expects Q1 FY09 production before royalties between 1,365 Mmcf/d and 1,394 Mmcf/d of natural gas and between 320.00 Mbbl/d and 344.00 Mbbl/d of crude oil and NGLs. The company expects FY09 total natural gas production levels before royalties between 1,272 Mmcf/d and 1,328 Mmcf/d and crude oil and NGL production is expected between 331.00 MBbl/d and 399.00 MBbl/d.