Canadian Natural Resources Surpasses Profit Estimates on Higher Oil Production

Canadian Natural Resources, the largest oil and gas producer in Canada, surpassed profit expectations for its fourth-quarter earnings. The company's higher oil production was the main driver of its success.

The Calgary-based firm saw a significant increase in output to 1.66 million barrels of oil equivalent per day (mboepd) in the fourth quarter, up from 1.47 mboepd the previous year. The average realized price for exploration and production liquids was C$64.42 per barrel during this period.

The company's adjusted profit came out to 82 Canadian cents ($0.6010) per share, exceeding analysts' estimates of 69 Canadian cents. This marks a notable achievement for the firm, which has been able to keep costs low despite global industry challenges.