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UPDATE 1-Canadian Natural Resources posts profit on higher production, prices
November 2, 2017 / 9:45 AM / a month ago

UPDATE 1-Canadian Natural Resources posts profit on higher production, prices

(Adds details on oil production, context)

Nov 2 (Reuters) - Canadian Natural Resources Ltd on Thursday reported a third-quarter profit, rebounding from a year-ago loss, helped by higher production and average realized prices for crude oil and natural gas liquids (NGL).

Oil and natural gas production rose 40.9 percent to 1.04 million barrels of oil equivalent per day (boepd) in the quarter, Canada’s largest independent petroleum producer said.

The realized price of crude oil and NGL averaged C$46.30, an increase of 16.8 percent from the year-ago quarter.

The attempt by OPEC and other major producers to counter the U.S. boom in shale, through a combined cut in production since the start of the year, lifted oil prices by 15 percent in the past three months.

The Calgary-based company reported net income of C$684 million, or 56 Canadian cents per share, for the quarter ended Sept. 30, compared with a loss of C$326 million, or 29 Canadian cents per share, a year earlier. (Reporting by Akshara P in Bengaluru; Editing by Amrutha Gayathri, Bernard Orr)

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