Canadian Natural Resources beats quarterly profit estimates on higher production
May 8 (Reuters) - Canadian Natural Resources (CNQ.TO), opens new tab beat analysts' estimates for first-quarter profit on Thursday as it benefited from higher oil and natural gas production.
Oil producers in Canada are benefiting from the start up of the Trans Mountain pipeline expansion project, which has nearly tripled the flow of oil to the country's Pacific Coast from landlocked Alberta, raised the price of Canadian crude and opened up market access to refineries in Asia and the U.S. West Coast.
Canadian Natural Resources, the country's largest oil and gas producer, said its total output rose to 1.58 million barrels of oil equivalent per day (mboepd) during the first quarter from 1.33 mboepd.
The company produced 1.17 million barrels per day (bpd) of liquids and 2.45 billion cubic feet (bcf) per day of natural gas during the quarter.
On an adjusted basis, the company earned C$1.16 ($0.8366) per share in the quarter, compared with analysts' average expectation of C$1.05, according to data compiled by LSEG.
($1 = 1.3865 Canadian dollars)
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