06:22 AM EDT, 05/02/2024 (MT Newswires) -- Canadian Natural Resources ( CNQ ) on Thursday reported lower first-quarter adjusted net earnings from operations despite a slight increase in production.

The company posted first-quarter adjusted net earnings of $1.47 billion, or $1.37 per diluted share, down from $1.88 billion, or $1.69 per diluted share, in the year-ago quarter. The result missed the S&P Capital IQ consensus normalized EPS estimate of $1.49 for the quarter.

Adjusted funds flow also fell to $3.14 billion, or $2.91 per diluted share, from $3.43 billion, or $3.08 per diluted share, a year ago.

Canadian Natural produced 1.33 million barrels of oil equivalent (boe/d) during the quarter, up from 1.32 million boe/d a year ago. Production consists of natural gas, crude oil and natural gas liquids.

"Crude oil price forecasts have strengthened for the remainder of 2024, including improvements in West Texas Intermediate, Western Canadian Select and Synthetic Crude Oil pricing over those prices experienced in the first quarter of 2024, driving significant targeted free cash flow generation going forward," Canadian Natural President Scott Stauth said.

Canadian Natural at last look had gained 1.2% to US$74.95 per share in U.S. pre-market trading on Thursday.