UPDATE: Canadian Natural Resources Down 2.5% Despite Higher Q2 Profit
Canadian Natural Resources Ltd (CNQ.TO) earned $929 million or 84 cents a share in the second quarter, up from $651 million or 60 cents a share, a year ago.
Excluding unusual items, it earned 56 cents a share.
Cash flow, a glimpse into the company's ability to fund drilling, fell to $1.55 billion or C$1.40 a share, from $1.63 billion or $1.49 a share, due to suspension of production at Horizon. It said production at its Horizon oil sands project in northern Alberta is set to resume in the third quarter, according to Reuters.
Total crude oil and NGLs production for the second quarter was 349,915 bbl/d.
The company reportedly expects third-quarter production before royalties to average between 1,230 and 1,255 million cubic feet per day of natural gas and between 373,000 and 414,000 barrels per day (bbl/d) of crude oil and natural gas liquids.
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