Canadian Natural Resources Profits Soar on Rising Oil Production and Demand

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November 4 (Reuters)Canadian Natural Resources Ltd. CNQ.TO on Thursday posted a more than 10-fold jump in third-quarter profits, supported by a recovery in oil demand and higher production.

Energy demand recovered quickly from the worst days of the pandemic in 2020, with US Brent and crude oil prices hitting multi-year highs in recent days.

Oil prices have climbed nearly 63% year-to-date, with Brent surging above $ 86 to reach its highest level in nearly three years.

Canadian Natural produced 1.24 million barrels of oil equivalent per day (boe / d) in the third quarter, up from 1.1 million bpd a year earlier.

The company, which operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan, said average realized crude prices rose 69.5% to 68, C $ 06 per barrel, while realized prices for its natural gas jumped about 78.8% to C $ 4.13.

On an adjusted basis, the company posted operating income of C $ 2.1 billion ($ 1.69 billion), or C $ 1.77 per share, in the quarter ended September 30, compared to C $ 135 million, or 11 cents Cdn per share, during the prior three-month period.

($ 1 = 1.2400 Canadian dollars)

(Reporting by Sahil Shaw in Bangalore; Editing by Subhranshu Sahu)


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Felix J. Dixon