UPDATE 1-Canadian Natural Resources profit beats on higher production

(Adds details on results, compares with estimates)

March 1 (Reuters) – Oil producer Canadian Natural Resources Ltd said on Thursday its fourth-quarter profit beat estimates, boosted by higher oil production and higher prices.

Canada’s largest independent petroleum producer’s overall daily production rose 18.7 percent to 1.02 million barrels of oil equivalent per day (boe/d).

Average realized price for liquids, before risk management, rose to C$53.42 from C$45.

The company’s net income fell to C$396 million ($308.17 million), or 32 Canadian cents per share, in the fourth quarter ended Dec. 31, from C$566 million, or 51 Canadian cents per share, a year earlier.

Excluding items, the company earned 46 Canadian cents per share, beating analysts’ average estimate of 36 Canadian cents, according to Thomson Reuters I/B/E/S. ($1 = C$1.29) (Reporting by Karan Nagarkatti and Anirban Paul in Bengaluru; Editing by Shounak Dasgupta)

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