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Canadian Natural reports $1.8B Q3 profit, up from $684M a year ago

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CALGARY, A.B. – Canadian Natural Resources Ltd. reported a third-quarter profit of $1.80 billion, up from $684 million a year ago.

The oil and gas producer says the profit amounted to $1.47 per diluted share for the quarter ended Sept. 30, compared with 56 cents per diluted share a year ago.

Revenue totalled nearly $5.9 billion, up from $4.47 billion in the same quarter last year.

Production in the quarter amounted to 1,060,629 barrels of oil equivalent per day, up from 1,036,499 a year ago.

On an adjusted basis, Canadian Natural says it earned $1.11 per diluted share for the quarter, up from an adjusted profit of 19 cents per diluted share in the third quarter of 2017.

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Analysts on average had expected a profit of 90 cents per share for the quarter, according to Thomson Reuters Eikon.

“The strength of our well balanced and diverse portfolio, combined with Canadian Natural’s ability to effectively and efficiently execute, delivered a strong third quarter for the company,” Steve Laut, Canadian Natural’s executive vice-chairman, said in a statement.

(THE CANADIAN PRESS)

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