CFPS of $0.60 beat our $0.41 estimate (survey average $0.56, we were the low estimate). Relative to our forecasts, we had forecast a $0.10/share realized hedging loss that did not occur, while current tax recoveries were $0.05/share more than we had forecast. We note that netback disclosures imply oil & gas revenues would be ~$100 mm less than what CNQ has reported. We have asked CNQ for clarification on this matter, but are not questioning the financials (netbacks do not always full reconcile t ....
05 May 2016
CANADIAN NATURAL RESOURCES LIMITED (CNQ): 1Q16 RESULTS
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CANADIAN NATURAL RESOURCES LIMITED (CNQ): 1Q16 RESULTS
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
05 May 2016 -
Author:
Michael P. Dunn -
Pages:
5
CFPS of $0.60 beat our $0.41 estimate (survey average $0.56, we were the low estimate). Relative to our forecasts, we had forecast a $0.10/share realized hedging loss that did not occur, while current tax recoveries were $0.05/share more than we had forecast. We note that netback disclosures imply oil & gas revenues would be ~$100 mm less than what CNQ has reported. We have asked CNQ for clarification on this matter, but are not questioning the financials (netbacks do not always full reconcile t ....