Canadian Natural Resources reported a smaller quarterly loss as cost cuts paid off amid a slump in oil prices.
Canada’s largest independent petroleum producer, which operates several assets in the North Sea, said its net loss narrowed to C$105 million, or 10 Canadian cents per share, in the first quarter ended March 31, from C$252 million, or 23 Canadian cents per share, a year earlier.
Revenue fell 28.2% to C$2.18billion.
CNR has lowered costs, slowed drilling and reduced salaries as it seeks to avoid job cuts in the slump, and remains focused on completing expansions of the Horizon oil-sands mining project this year and next.
Production fell to the equivalent of 844,531 barrels a day in the quarter from 898,053 barrels a day a year earlier, according to the statement.
Crude oil production in the North Sea increased slightly to 23,317 (bbl/d) compared with 23,036 (bbl/d) the previous year.
Quarterly crude oil operating costs for the North Sea averaged $47.69 per barrel – a reduction of 27% from the same period last year. The company attributed this to its focus on “effective and efficient operations”.