Canadian Natural Q3 Profit Drops 57%

Canadian Natural Resources Ltd

reported a 57% drop in its third-quarter profit. Canadian Natural projects to produce 452,000 to 460,000 barrels per day (bbl/d) of crude oil and natural gas liquids for the full year. The company had earlier expected output of 454,000 of 474,000 bbl/d. Canadian Natural's quarterly net income declined to C$360 million ($361.54 million), or 33 Canadian cents a share, versus C$836 million, or 76 Canadian cents a share, in the year-ago period. On an adjusted basis, it earned 32 Canadian cents a share. Its revenue gained 8% to C$3.54 billion, while total production climbed 9% to 667,616 barrels of oil equivalent per day. Canadian Natural shares closed at $29.10 yesterday.