May 8 (Reuters) - Canadian Natural Resources ( CNQ )
beat analysts' estimates for first-quarter profit on Thursday as
it benefited from higher oil and natural gas production.
Oil producers in Canada are benefiting from the start up of
the Trans Mountain pipeline expansion project, which has nearly
tripled the flow of oil to the country's Pacific Coast from
landlocked Alberta, raised the price of Canadian crude and
opened up market access to refineries in Asia and the U.S. West
Coast.
Canadian Natural Resources ( CNQ ), the country's largest oil and
gas producer, said its total output rose to 1.58 million barrels
of oil equivalent per day (mboepd) during the first quarter from
1.33 mboepd.
The company produced 1.17 million barrels per day (bpd) of
liquids and 2.45 billion cubic feet (bcf) per day of natural gas
during the quarter.
On an adjusted basis, the company earned C$1.16 ($0.8366)
per share in the quarter, compared with analysts' average
expectation of C$1.05, according to data compiled by LSEG.
($1 = 1.3865 Canadian dollars)