Canadian Natural Resources Ltd.’s report shows a profit increase in the fourth quarter on Thursday. The company paid its stockholders higher dividends because prices of crude oil rose sharply from the low prices of the early pandemic.
Last year, low supply and rebounding economy escalated oil and gas prices. This year, Brent benchmark in the world has constantly climbed to over $100 per barrel in the wake of Russia’s attack on Ukraine.
The company, which is one of one of the largest independent crude oil and natural gas producers in Canada, said its average realized price surged 79.5% to C$72.81 from October through December, 2021. On average, Brent crude oil price was $80 per barrel in the fourth quarter.
Production of Canadian Natural Resources went up to 1.31 million barrels of oil equivalent per day (boepd) over the same period, compared to 1.20 million boepd a year ago. Adjusted earnings rose to C$2.63 billion within the quarter from C$176 million a year earlier.