March 6 (Reuters) - Canadian Natural Resources ( CNQ )

on Thursday posted a fall in fourth-quarter profit as weaker

commodity prices overshadowed a rise in production.

The oil and gas producer also said its chief financial

officer, Mark Stainthorpe, will step down from his post,

effective April 30. He will continue to work with the company's

finance team as an executive advisor.

Stainthorpe will be succeeded by insider Victor Darel, the

company said.

Average Brent crude futures fell 3% in 2024 as major

consumer China's economy weakened, while the OPEC+ producer

group postponed planned supply increases and, in a sign of muted

demand, extended deep output cuts to the end of 2026.

However, the initiation of the Trans Mountain pipeline

expansion (TMX) has allowed Canadian producers to increase

production. TMX has nearly tripled the flow of oil to Canada's

Pacific Coast from the landlocked Alberta.

Canadian Natural, the country's largest oil and gas

producer, said its output rose to 1.47 million barrels of oil

equivalent per day (mboepd) during the fourth quarter from 1.42

mboepd a year ago.

The Alberta-based company said its total capital

expenditures, excluding acquisition costs, rose 26.6% to $1.29

billion in the fourth quarter.

The company last year bought certain Athabasca oil sands and

Duvernay shale formation assets from U.S. energy major Chevron

for $6.5 billion.

The results come just days after U.S. President Donald

Trump

imposed 25% tariffs

on Canadian and Mexican imports and a 10% levy on Canada's

energy imports.

Canada has been the biggest source of U.S. oil imports

for over two decades and supplied more than half of all crude

imports into the United States in 2023, according to the Energy

Information Administration.

Canadian Natural's net income fell to C$1.14 billion

($794.76 million), or 54 Canadian cents per share, in the three

months ended December 31, from C$2.63 billion, or C$1.21, a year

earlier.

($1 = 1.4344 Canadian dollars)