Quartile 4 saw less growth in Canadian Natural Resources than anticipated
Canadian Natural Resources Ltd. (CNQ.TO), suffered in the fourth quarter of 2022. On Thursday, the data showed that the company missed investors’ expectations for Q4 profit. Production was hampered by severe winter weather. The firm also suffered from falling liquid prices.
Winter storm Elliott struck mid-December and caused damage in parts of the United States as well as Canada. It impacted several oil production areas. Canadian Natural Resources had its production halted for a while due to equipment malfunctions. Consequently, the company’s production decreased by 1.5%. In the fourth quarter of 2022, the company produced just 1.29 Million barrels of oil equivalent daily.
The crude oil market is extremely volatile, with prices frequently plummeting to the bottom in recent months. The Western sanctions on Russia due to the latter’s invasion of Ukraine worried traders. High inflation over the major global economies hasn’t helped matters. Investors feared this would lead to a drop in energy demand and a weakening of the global economy. The October-December quarter saw benchmark Brent crude oil prices fall by more that 2%.
Canadian Natural Resources announced a drop in the realized price of Q4 liquids…
