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Canadian Natural Resources Ltd. reported a second-quarter loss, and even though the company is feeling the impact of low oil prices, it’s blaming the loss on the corporate tax increase imposed by Alberta’s newly elected NDP government.

Canadian Natural took a $579-million “deferred income tax charge” to account for Alberta’s decision to hike provincial corporate income tax rate to 12 per cent from 10 per cent, effective July 1. As a result of the charge, Canadian Natural reported a second quarter net loss of $405 million or 37 cents a share, compared with a profit of $1.07 billion, or 97 cents, in the year earlier period.

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Without the charge, the company would have reported a adjusted earnings of $174 million or 16 cents a share. Analysts surveyed by Bloomberg and Thomson Reuters I/B/E/S had expected adjusted earnings of 10 cents a share.

The corporate tax increase was introduced by the government of Rachel Notley, who took office as Alberta’s first NDP premier on May 17.