Canadian Natural Resources Cuts FY Production Forecast, Posts Q3 Miss; Dropped 4% Wednesday
Canadian Natural Resources Ltd (CNQ.TO), the country's biggest independent oil and gas producer that saw its shares drop 4% Wednesday, said it now expects to produce between 452,000 and 460,000 barrels per day (bbl/d) of crude oil and natural gas liquids for full year 2012, down from its previous forecast of between 454,000 and 474,000 bbl/d.
CNQ also cut its output forecast for the Horizon oil sands project in Alberta.
Cash flow, an indicator of the company's ability to pay for its expansion plans, fell 19% in the third quarter to $1.30 per share, which is well below forecasts for $1.47.
Net income fell to $360 million or 33 cents per share, from $836 million or 76 cents per share, a year earlier. Revenue gained 8% to $3.54 billion. It declared a quarterly cash dividend on its common shares of $0.105.
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