OTTAWA (dpa-AFX) - Canadian Natural Resources Limited (CNQ, CNQ.TO) reported that its first-quarter net earnings were C$427 million up from C$46 million for the first quarter of 2011. On a per share basis, net income increased to C$0.39 from C$0.04 last year.
Net earnings for the first quarter of 2012 included net after-tax income of C$127 million, compared to net after-tax expenses of C$182 million for the first quarter of 2011.
Excluding these items, adjusted net earnings from operations for the first quarter were C$300 million, compared to C$228 million for the first quarter of 2011. Adjusted net earnings from operations for the quarter were C$0.27 per share, up from C$0.21 per share in the prior year quarter.
Revenue for the quarter rose to C$3.527 billion from C$2.951 billion in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of C$0.44 per share on revenues of C$3.12 billion for the quarter. Analysts' estimates typically exclude special items.
The Company forecasts 2012 production levels before royalties to average between 1,220 and 1,260 MMcf/d of natural gas and between 440,000 and 480,000 bbl/d of crude oil and NGLs. Q2/12 production guidance before royalties is forecast to average between 1,250 and 1,270 MMcf/d of natural gas and between 453,000 and 482,000 bbl/d of crude oil and NGLs.
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