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Canadian Natural Resources shares pop after seeing profits double in 3Q

International production volumes were robust in the quarter thanks partly to the company’s 2018 drilling program in the North Sea
oil rig
Canadian Natural’s operations are primarily Canadian-based, but the company also has a presence in the UK section of the North Sea and offshore Africa

The oil and gas producer Canadian Natural Resources (NYSE:CNQ) saw its profit in the third quarter more than double thanks to strong production volumes.

The Calgary-based company reported a jump in earnings to C$1.8 billion, or C$1.47 per share, up from C$684 million a year ago or C$0.56 per share, in the three months ended September 30. On an adjusted basis, its per-share earnings amounted to C$1.11 per diluted share, which beat analysts’ forecast of C$0.90 per share.

Its revenue, meanwhile, came in at $5.9 billion, up from $4.47 billion in the year-ago quarter.

International production volumes were robust in the quarter and exceeded previously-issued third-quarter guidance as a result of the company’s 2018 drilling program in the North Sea and strong production from a newly-drilled well in offshore Africa, the company said.

The company’s production volumes in the third quarter averaged 1,060,629 barrels of oil equivalent per day, which represents a 2% increase from the year-ago quarter.

The company also said its 2018 drilling program in the North Sea was successfully completed on time and on budget with 3.9 net production wells drilled year to date.

“Operations were strong in the third quarter of 2018 across our large, balanced and diverse asset base,” said Canadian Natural’s president Tim McKay in a statement.

Canadian Natural’s operations are primarily Canadian-based, but the company also has a presence in the UK section of the North Sea and offshore Africa. Its production is well-balanced between light and medium crude oil, heavy crude oil, bitumen and synthetic crude oil and natural gas.

Canadian Natural Resource climbed 6.7% to $29.16 in Thursday’s morning trading session.

Contact Ellen Kelleher at [email protected]

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