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Canadian Natural Resources beats quarterly profit estimates on higher production
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Canadian Natural Resources beats quarterly profit estimates on higher production
May 26, 2025 3:50 AM

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)

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