Canadian Natural Resources (CNQ-T) reported stronger-than-expected third-quarter profits on Thursday, driven by rising oil prices and increased production. The company benefited from the surge in global crude prices following the Iran conflict, which provided a favorable environment for oil sands producers like Canadian Natural.
The company's realized prices for exploration and production liquids reached $95.93 per barrel in the third quarter, a significant increase from $72.57 per barrel a year earlier. Output also grew to 1.65 million barrels of oil equivalent per day, up from 1.62 million boepd in the same period last year.
Canadian Natural posted an adjusted profit of $1.65 per share for the quarter ending Sept. 30, surpassing analysts' average estimate of $1.45 per share, according to data from LSEG. Despite the positive results, the company noted that planned maintenance and operational constraints are limiting production growth.