Canadian Natural Resources Ltd. reported a first-quarter profit of $1.8 billion, down from $3.1 billion in the same quarter last year.

The oilsands company say the profit amounted to $1.62 per diluted share for the quarter ended March 31, down from a profit of $2.63 per diluted share a year earlier.

Revenue for the quarter totalled $8.6 billion, down from nearly $10.7 billion in the first three months of 2022.

Production in the quarter averaged 1,319,391 barrels of oil equivalent per day, up from 1,280,180 in the same quarter last year.

On an adjusted basis, the company says it earned $1.69 per diluted share, down from an adjusted profit of $2.86 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.70 per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 4, 2023.