Canadian Natural Resources reports a $405 million net loss for the second quarter, mainly due to the 20% increase in taxes says the company. The company released a statement August 6th, 2015 saying it would have recorded a profit had it not been for the increase in taxes to from 10-12%, which amount to a 20% increase.
The oil and gas producer said the increase deferred the company’s income tax liability by $579 million.
For 2014 Canadian Natural had a second quarter showing of $1.07 billion of net earnings and $1.15 billion of adjusted net earnings. Revenue fell nearly $2 billion, 36% compared with the second quarter of 2014.
Without the tax increase, which came into effect July 1st, 2015, Canadian Natural had $178 million of adjusted earnings from operations.