May 4 Reuters Canadian Natural Resources Ltd narrowly missed analysts39; estimates for firstquarter profit on Thursday, as lower energy prices more than offset a rise in production for the country39;s largest oil and gas producer.

Crude oil prices eased 20 yearoveryear during the January to March period, from multiyear highs in the same period last year following Russia39;s invasion of Ukraine.

Moreover, the recent U.S. banking crisis and concerns over the pace of recovery in China have weighed on crude prices in the first three months of 2023.

Canadian Natural39;s production rose to 1.32 million barrels of oil equivalent per day boepd in the reported quarter, from 1.28 million boepd last year.

However, its liquids realized price fell to 76.11 per barrel in the quarter from last year39;s 94.38 per barrel.

The company earned C1.69 per share, on an adjusted basis, slightly missing estimates of C1.70, according to Refinitiv data.

Reporting by Ankit Kumar; Editing by Savio D39;Souza

Source Reuters