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Canadian Natural beats profit estimates on higher oil prices, output

By Reuters News

Nov 5 (Reuters) - Canadian Natural Resources CNQ.TO beat analysts' estimate for third-quarter profit on Thursday, helped by higher crude prices and stronger production.

Surging global oil prices following the Iran conflict has provided a favourable backdrop for Canadian oil sands producers, given their relatively stable, long-life reserves, even as planned maintenance and operational constraints limit production growth.

Canadian Natural's third-quarter realized prices for exploration and production liquids stood at C$95.93 per barrel, compared with C$72.57 per barrel a year earlier.

The country's largest oil and gas producer said its output grew to 1.65 million barrels of oil equivalent per day during the third quarter, from 1.62 million boepd a year earlier.

The Calgary, Alberta-based company posted an adjusted profit of C$1.65 per share for the three months ended September 30, compared with analysts' average estimate of C$1.45 per share, according to data compiled by LSEG.

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