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Canadian Natural Resources profit falls on charges and weaker oil prices

Blog by Brad Herman | May 3rd, 2013

Canadian Natural Resources Ltd, Canada's largest independent petroleum producer, said on Thursday its first-quarter profit fell by half as lower prices and one-time charges offset record oil production.

The company said net income in the quarter fell to $213 million, or 19 cents per share, from $427 million, or 39 cents, in the first quarter of 2012 as the company took non-cash charges of $200 million on hedging and foreign exchange losses.