CALGARY — Canadian Natural Resources Ltd. second-quarter profit climbed to beat analyst estimates as higher crude prices helped to offset lower production volumes.
The Calgary-based oil company says net earnings in its second quarter grew to $2.8 billion, or $2.36 per diluted share, up sharply from $982 million or 80 cents during the same quarter last year.
On an adjusted basis, its quarterly earnings for the three-month period ended June 30 amounted to $1.04 billion or 87 cents per diluted share, down from $1.28 billion or $1.04 a year earlier.
Analysts on average had expected a profit of 85 cents per diluted share and net income of $1.049 billion, according to the financial markets data firm Refinitiv.
Daily production averaged 1,025,800 barrels of oil equivalent, down from 1,050,376 in the second quarter of 2018.
The higher oil price was partially offset by lower oil production volumes in the oilsands mining and upgrading segment.
The Alberta government mandated oil production curtailments that started in January, lowering production volumes and strengthening heavy oil prices.
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The Canadian Press