Canadian Natural Beats Q1 Profit on Higher Production
Canadian Natural Resources beat profit estimates as production rose to 1.64 million barrels per day. Record output at its oil sands projects drove the results.
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CANADIAN NATURAL RESOURCES reported Q1 adjusted profit of C$1.17 per share, beating LSEG analyst estimates of C$1.01 per share. Total output in Canada rose to 1.64 million barrels of oil equivalent per day from 1.58 million boepd. Operational efficiency at the Jackfish thermal project drove production gains despite volatile commodity prices and pipeline constraints.