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Canadian Natural Resources exceeds profit expectations on higher production

Canadian Natural Resources, which has benefited from increased oil and gas production, surpassed Wall Street's expectations for the second quarter profit on Thursday.

The Trans Mountain Pipeline Expansion (TMX) has been a boon to oil producers across the country.

The TMX has tripled oil flow to Canada's Pacific Coast, from landlocked Alberta. It also raised the price of Canadian crude.

Canadian Natural, based in Calgary, Alberta, said that its total production rose to 1,42 million barrels equivalent per day (boepd), from 1.29 millions boepd, a year ago.

According to LSEG, the country's biggest oil and gas company posted an adjusted profit per share of 71 Canadian dollars for the three-month period ended June 30. This was higher than analysts' estimates of 65 Canadian dollars. Reporting by Sumit S. Saha, Bengaluru. Editing by Shilpi M. Majumdar.

(source: Reuters)