Canadian Natural Resources boosts dividend despite $776 million loss in 4th quarter

Canadian Natural Resources Ltd. lost $776 million in the fourth quarter compared with a profit of $396 million a year earlier as it was hit by low prices for Canadian oil.

However, the Calgary-based company raised its quarterly dividend to 37.5 cents per share compared with its earlier payment to shareholders of 33.5 cents per share.

Canadian Natural says its loss amounted to 64 cents per diluted share for the three months that ended Dec. 31, compared with a profit of 32 cents per diluted share in the last three months of 2017.

On an adjusted basis, it says it lost $255 million or 21 cents per share in the quarter compared with an adjusted profit of $565 million or 46 cents per share a year earlier.

Analysts on average had expected an adjusted profit of 14 cents per share for the quarter, according to Thomson Reuters Eikon.

Production in the quarter averaged 1,081,368 barrels of oil equivalent per day, up from 1,020,094 in the fourth quarter of 2017.

For the full year, Canadian Natural reported a profit of $2.59 billion or $2.12 per diluted share compared with a profit of $2.40 billion or $2.03 per diluted share in 2017.