Nov 6 (Reuters) - Canadian Natural Resources ( CNQ ) on

Thursday posted quarterly earnings that narrowly beat analysts'

estimates, as record oil and gas production helped offset a

decline in crude prices.

The country's oil sands producers, including Canadian

Natural Resources ( CNQ ), have shown resilience during the global oil

industry downturn, buoyed by years of investment that have made

them among the lowest-cost operators in North America.

Quarterly production jumped about 19% from a year earlier to

a record 1.62 million barrels of oil equivalent per day (boepd),

driven by both acquisitions and strong operational performance.

The Calgary-based company raised its 2025 production

guidance to between 1.56 million and 1.58 million boepd from a

prior range of 1.51 million to 1.55 million boepd, citing newly

integrated assets and stable field performance.

Following its asset swap with Shell Canada on November 1,

Canadian Natural now fully owns and operates the Albian oil

sands mines and associated reserves, and holds an 80%

non-operated stake in the Scotford Upgrader and Quest

facilities.

The deal adds about 31,000 barrels per day of low-decline

bitumen output, further strengthening its oil sands business.

The company kept its annual capital budget steady at

about C$5.9 billion.

While weaker Western Canadian Select differentials and

maintenance work have tempered margins at times, Canadian

producers remain well-positioned heading into 2026 with

disciplined capital spending.

For Canadian Natural, realized price of exploration and

production liquids fell 8.3% in the reported quarter to C$72.57

per barrel.

The quarter included a C$700 million ($499.14 million)charge

related to updated cost estimates for its Ninian and T-Block

assets in the North Sea.

On an adjusted profit of 86 Canadian cents per share for the

three months ended September 30, compared with analysts' average

estimate of 85 Canadian cents, according to data compiled by

LSEG.

($1 = 1.4024 Canadian dollars)