CALGARY—Canadian Natural Resources Ltd. (TSX:CNQ) says it recorded a net loss of $252 million in the first quarter of the year as the recent plunge in crude oil prices continues to impact its bottom line.
The company says it has increased production and cut costs in response to the lower prices and will trim this year’s capital spending by another $300 million across all segments, to approximately $5.7 billion.
In January, the company announced a whopping $2.4-billion cut in capital spending in the face of plummeting oil prices and followed that up in March with a further cut of $150 million and a 10 per cent pay cut for senior managers.
Company president Steve Laut says that Canadian Natural performed well during the first quarter under the circumstances and had record production, which approached the equivalent of 900,000 barrels of oil.
Crude oil production was up 23 per cent and natural gas production rose 51 per cent from the corresponding period of 2014.
In the first quarter of 2014, Canadian Natural had a net profit of $622 million.