Canadian Natural Resources profit more than doubles on higher output

(Reuters) – Canadian Natural Resources Ltd (CNQ.TO), Canada’s largest independent petroleum producer, said on Thursday its quarterly profit more than doubled, helped by higher oil sands production.

The suspension of steam generation forces this East Primrose steam plant to flare natural gas at Canadian Natural Resources Limited’s (CNRL) Primrose Lake oil sands project near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber

The Calgary-based company said net income rose to C$583 million, or 47 Canadian cents per share, in the first quarter ended March 31, from C$245 million, or 22 Canadian cents, a year earlier.

Overall daily production rose to 1.12 billion barrels of oil equivalent per day (boepd) from 876,907 boepd.

Reporting by Karan Nagarkatti in Bengaluru; Editing by Amrutha Gayathri



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