- Canadian Natural Resources (TSX:CNQ) stock opened higher after posting a better-than-expected quarterly profit as production hit a new record
- Canada’s largest oil and gas producer reported adjusted earnings of C$2.59 per share, above the average analyst estimate of C$2.39 per share
- Cash flows from operations fell around 43 per cent in the quarter to C$3.5 billion
- Canadian Natural Resources opened trading at C$90.24 per share
Canadian Natural Resources (TSX:CNQ) stock opened higher after posting a better-than-expected quarterly profit as production hit a new record.
Canada’s largest oil and gas producer reported adjusted earnings of C$2.59 per share, above the average analyst estimate of C$2.39 per share. Cash flows from operations fell around 43 per cent in the quarter to C$3.5 billion.
Canadian Natural’s production in the quarter rose to 1.39 million barrels of oil equivalent per day (boepd) from 1.34 million boepd last year, which the company’s president, Tim McKay, said in a statement was the highest quarterly volume in the history of the company.
“Our quarterly results demonstrate how our effective and efficient operations, combined with our diverse product mix generates significant free cash flow, resulting in strong shareholder returns through our sustainable and growing dividend and significant share repurchases,” McKay said in a news release.
The company also announced that insider Scott Stauth will replace Tim McKay as its president next year.
Looking ahead, the Calgary-based company plans to increase production from its long life no decline oil sands mining and upgrading assets. At the Horizon oil sands, after the planned turnaround in 2024, the reliability enhancement project is targeted to be completed that will increase synthetic crude oil production capacity by approximately 14,000 barrels per day in 2025.
Canadian Natural Resources Ltd. is a senior oil and natural gas production company with operations in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
Canadian Natural Resources opened trading at C$90.24 per share. CNR stock was more than 1 per cent higher after the market opened and is trading 20.8 per cent higher year-to-date.
Join the discussion: Find out what everybody’s saying about this stock on the Canadian Natural Resources Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.