Canadian Natural Sees $405 Million Net Loss for 2nd Quarter

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.