Friday, May 8, 2009

Canadian Natural Resources Q1

Revenues C$2,186 million (-45%)
Cash flow from operations C$1,516 million (-12%)
Net earnings C$305 million (-58)
EPS C$0.56 (-59%)

Production
Liquids 330,017 bbl/d (-1%)
Natural gas 1,369 mmcf/d (-11%)
Netback C$21.96(-52%)


Balance sheet

Assets
Current C$3,060 million
Total C$43,344 million

Liabilities
Current C$43,028 million
Total C$24,628 million

Equity
C$18,716 million

P/E 7.5, P/B 1.8

Report(.pdf)

CNR doesn't look very attractive on the surfice, but it does have 11 million net acres of undeveloped land in North America and the ~2 billion barrels of bitumen provide longevity.

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