Canadian Natural Resources surpassed analysts’ expectations for fourth-quarter profit on Thursday, benefiting from higher oil production.
Canadian oil sands producers, including Canadian Natural Resources, weathered a global sector downturn, hit by U.S. tariff uncertainty and rising OPEC+ supply, thanks to years of investment that kept their costs among the lowest in North America.
The country’s largest oil and gas producer said its output rose to 1.66 million barrels of oil equivalent per day (mboepd) in the fourth quarter, from 1.47 mboepd a year ago.
Average realized price for exploration and production liquids was C$64.42 per barrel during the period, compared with C$75.22 per barrel a year earlier, it said.
The Calgary, Alberta-based company posted an adjusted profit of 82 Canadian cents ($0.6010) per share for the three months ended December 31, compared with analysts’ average estimate of 69 Canadian cents, according to data compiled by LSEG.
(Reporting by Sumit Saha in Bengaluru; Editing by Shilpi Majumdar)