CNRL Records Net Earnings of $1.5B In Second Quarter, Planning To Increase Budget & Create More Jobs

Canadian Natural Resources Limited is continuing to have a strong 2021.

They released their second-quarter update on Thursday where they highlighted a profit of over $1.5 billion.

This comes after bringing in around $1.4 billion during the first three months of the year.

At this time last year, CNRL had lost nearly $1.6 billion mainly due to the COVID-19 pandemic.

The success over the past six months is giving the company confidence to increase their capital budget by $275 million. This puts it at roughly $3.5 billion.

Around $45 million will be used on ‘abandonment and reclamation activities.’

These additional funds are expected to create approximately 1,500 jobs across Alberta, British Columbia, and Saskatchewan.

As for production, the company averaged more than 1.1 million barrels of oil equivalent per day.

This is down slightly from what they averaged during the same time period of 2020, however, demand is currently a lot higher.

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