Canadian Natural Resources Ltd, the country's largest independent oil and gas producer, said on Thursday its first-quarter profit rose nearly three-fold on higher oil and natural gas prices as it boosted capital spending to develop newly acquired properties. The company said net income was C$622 million ($572.5 million), or 57 Canadian cents per share, up from C$213 million, or 19 Canadian cents, in the first quarter of 2013.Adjusted profit, which excludes most one-time items, more than doubled to C$921 million, or 85 Canadian cents per share, from C$401 million, or 37 Canadian cents. Analysts, on average, expected the company to post an operating profit of 79 Canadian cents per share, according to Thomson Reuters I/B/E/S.Canadian Natural is one of Canada's largest conventional oil producers and a major operator in the country's oil sands. It also operates offshore of west Africa.The company made one of its largest acquisitions in years earlier this year, buying Devon Energy Corp's Canadian conventional properties for C$3.13 billion. Canadian Natural said it would boost its capital spending budget by C$425 million to exploit its new lands while its 2014 oil production target was raised by 3 percent, or 15,000 barrels per day, while it will add 360 million cubic feet per day of gas production this year.
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN fell by 2.83% or $-2.07/share to $70.99. In the past year, the shares have traded as low as $51.66 and as high as $73.79. On average, 3487140 shares of DVN exchange hands on a given day and today's volume is recorded at 5886559.
Thomson Reuters Corporation (Thomson Reuters), is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.08% or $0.03/share to $35.51. In the past year, the shares have traded as low as $31.38 and as high as $38.73. On average, 875939 shares of TRI exchange hands on a given day and today's volume is recorded at 532973.
Thomson Reuters Corporation (Thomson Reuters), is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.54% or $-0.21/share to $38.44. In the past year, the shares have traded as low as $33.08 and as high as $42.10. On average, 930418 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 533167.
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