CNRL Lose $310M in Second Quarter, Claims To Be in ‘Strong Position’

Canadian Natural Resources is claiming to be in a ‘strong position’ despite losing millions of dollars in the second quarter of 2020.

The oil company gave its quarterly update on Thursday highlighting a net loss of $310 million from April to June.

In total, CNRL has lost over nearly $1.6 billion in the first six months of the year.

However, they are remaining optimistic and believe they’ll be able to continue weathering the storm.

“We have been proactive in managing our balance sheet and executing on our capital flexibility, with our targeted 2020 capital program on track at approximately $2.7 billion, while maintaining strong production levels throughout the year,” said Mark Stainthorpe, CNRL Chief Financial Officer.

Production saw an increase of 20 per cent in the second quarter compared to 2019 levels.

CNRL averaged over 921,000 barrels of oil per day, mainly due to the acquisition of the Jackfish site and ramp-up of volumes at the Kirby North site.

Meanwhile, the company says they continue to implement multiple measures around COVID-19 to ensure the safety of workers. Despite the pandemic, they note they’re committed to hitting all their environmental goals.

“There has been no change to our environmental targets set in December 2019, nor our environmental focused investments, which help reduce our environmental footprint and our GHG emissions, despite the economic impacts of COVID-19,” added Tim McKay, CNRL President.

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