CNQ-N Raises Production Forecast, Beats Profit Estimates on Higher Crude Prices

Canadian Natural Resources CNQ-N has raised its full-year production forecast for the second time this year, beating analysts' estimates for second-quarter profit.

The company's adjusted profit of $2.19 per share for the three months ended June 30 exceeded analysts' average estimate of $1.90 per share.

CNQ-N attributed its strong earnings to record production and higher crude prices, driven by supply concerns following months of conflict in the Middle East.

The company's realized price for exploration and production liquids during the quarter jumped 51% from a year earlier to $105.11 per barrel, while synthetic crude oil prices rose 44% to $125.78 per barrel.