Despite lower oil prices, oilsands giant CNR saw its profit almost triple as the company pumped out more oil last quarter. (Canadian Press file photo)
Canadian Natural Resources Ltd. announced its senior management would be taking an across the board pay cut of 10 per cent in the face of low oil prices, but Canada's largest oilsands company nonetheless raised its dividend and saw its profit almost triple.
CNR almost tripled its profit in the fourth quarter and said it was raising its dividend as the oil and natural gas producer ramped up production.
The Calgary company said net income in the three months ended Dec. 31 soared to just under $1.2 billion or $1.09 per diluted share from $413 million or 38 cents in the same 2013 quarter.
Adjusted net earnings from operations were $756 million or 69 cents per share, up from $563 million or 52 cents.
As a result, the company said it would raise its quarterly dividend by half a cent to 23 cents per share
Canadian Natural said daily production before royalties rose to 860,920 barrels of oil equivalent per day from 677,242 in the final quarter of 2013.
For the full year, the company reported net earnings of $3.93 billion or $3.58 per diluted share, up from $2.27 billion or $2.08 per share, while overall production for the year increase 18 per cent to 790,410 boe/d from 671,162.
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