Canadian Natural Edges Out Q3 Forecasts on Record Output, Steady Spending
Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…