NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Canadian Natural Resources profit beats on higher output

Published 2019-11-07, 05:56 a/m
© Reuters.  Canadian Natural Resources profit beats on higher output
NG
-
CNQ
-

(Reuters) - Canadian Natural Resources Ltd (TO:CNQ) posted a quarterly profit above analysts' estimates on Thursday, as the country's largest oil producer benefited from higher production.

The Calgary-based company said total production jumped 11% to 1.18 million barrels of oil equivalent per day in the third quarter ended Sept. 30.

Alberta introduced mandatory production curbs from Jan. 1 this year to ease congestion on export pipelines. The Alberta government said last week that it would allow companies to produce additional oil if they move it by rail.

Canadian Natural stuck to its previous forecast for annual production and capital expenses, but said it expects natural gas production levels to average between 1,485 million cubic feet per day (mmcf/d) and 1,545 mmcf/d, up from 1,440 mmcf/d and 1,460 mmcf/d in a previous forecast.

The company's adjusted earnings was C$1.23 billion, compared with C$1.35 billion a year earlier.

Adjusting for certain items, the company earned C$1.04 per share, beating analysts' average estimates of 77 Canadian cents, according to IBES data from Refinitiv.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.