Canadian Natural beats profit estimates on higher oil prices, output
CNQ•CNQ•CNQ•CNQ•Canadian Natural Resources reported adjusted third-quarter profit of C$1.65 per share, above analysts’ average estimate of C$1.45. Output rose to 1.65 million barrels of oil equivalent per day, while realized prices for exploration and production liquids increased to C$95.93 per barrel from C$72.57 a year earlier.
Canadian Natural Resources reported adjusted profit of C$1.65 per share for the three months ended September 30, above analysts’ average estimate of C$1.45 per share.
Third-quarter output grew to 1.65 million barrels of oil equivalent per day from 1.62 million a year earlier. Realized prices for exploration and production liquids were C$95.93 per barrel, compared with C$72.57 a year earlier.
Higher crude prices following the Iran conflict provided a favourable backdrop for Canadian oil sands producers, while planned maintenance and operational constraints limited production growth.
