09:56 AM EST - Canadian Natural Resources Ltd. : said Thursday its first-quarter profit more than doubled from last year, due to unrealized foreign exchange gains, as well as higher crude oil sales volumes associated with Horizon and higher realized crude oil pricing. The crude oil and natural gas explorer posted net earnings of $866 million or $1.60 per share for the first quarter, up from $305 million or $0.56 per share in the prior year quarter. Results for the quarter included net unrealized after-tax income of $208 million, compared to net unrealized after-tax expenses of $422 million in the first quarter of 2009. Excluding items, adjusted net earnings from operations dropped to $658 million or $$1.21 per share from $727 million or $1.34 per share in the year-ago quarter. Canadian Natural Resources Ltd.
shares T.CNQ are trading down $0.57 at $72.13.
