Oil
CNQ

Canadian Natural Resources beats Q4 profit estimates on record production

Adds background and details in paragraph 2-6

Feb 29 (Reuters) - Oil and gas firm Canadian Natural Resources CNQ.TO beat fourth-quarter profit estimates on Thursday, helped by record production and liquefied natural gas (LNG) demand.

Total U.S. oil demand rose 3.4% in October versus the prior year, according to U.S. Energy Information Administration (EIA)data, benefiting Canadian firms as the U.S. is the largest importer of the country's oil and gas.

The company's quarterly crude oil and natural gas liquids (NGLs) production was at 1.05 millions of barrels per day (bbl/d), compared with 942,258 bbl/d a year earlier.

The company reported an adjusted profit of C$2.34 per share for the quarter ended Dec. 31, compared with analysts' average estimate of C$2.15 per share, according to LSEG data.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Savio D'Souza and Shweta Agarwal)

((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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