Cdn Natural Resources profit soars to more than $1 billion on higher oil prices: Knowledge Driven Revolution

CALGARY (CP) - Canadian Natural Resources Ltd. (TSX:CNQ), a major oil and natural gas producer, reported its profits soared nearly five-fold to just over $1 billion in the second quarter on higher energy prices and a big income tax gain.

The Calgary company said Wednesday it earned $1.04 billion or $1.93 per share for the three months ended June 30, up from a year-earlier profit of $219 million or 41 cents for the same period last year.

Revenue, before royalties jumped to $2.7 billion from just under $2.2 billion.

Canadian Natural said its bottom line was bolstered by a $438 million gain on future income taxes for the effect of corporate tax cuts in Canada.

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The company, which operates in Canada, the British sector of the North Sea and off the coast of West Africa, also benefited from record production in North American oil and natural gas and expansion of its international operations.

Canadian Natural is also building the Horizon oilsands project in northern Alberta, a multibillion-dollar project that is slightly ahead of schedule and on budget. In the last several months, the company has also focused its attention to oil production instead of natural gas to take advantage of higher crude prices.

"Canadian Natural's asset base is strong, delivering another quarter of record production and 10 per cent year over year production growth," president and chief operating officer Steve Laut said in a release.

"We continue to maintain control of our costs in this highly inflationary environment and continue to execute our strategy to optimize capital allocation and maximize value.

"In the (second quarter) we reallocated capital from natural gas to crude oil, and in the second half of 2006 we will continue this trend by deferring an additional 308 natural gas wells as we effectively manage our portfolio. Canadian Natural's ability to allocate capital to maximize value, while maintaining focus on our large projects at Horizon, Primrose and Offshore West Africa, reflect the strength of our assets, our operating philosophy and the dedication of our people."

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