Canadian Natural Resources beats profit estimates on higher production
Oil producers in the country have been benefiting from the start up of the Trans Mountain pipeline expansion (TMX) project.
The TMX has nearly tripled the flow of oil to Canada's Pacific Coast from the landlocked Alberta, raised the price of Canadian crude and opened up market access to refineries in Asia and the U.S. West Coast.
Calgary, Alberta-based Canadian Natural said its total output rose to 1.42 million barrels of oil equivalent per day (boepd) during the second quarter, from 1.29 million boepd a year earlier.
The country's largest oil and gas producer posted an adjusted profit of 71 Canadian cents per share for the three months ended June 30, compared with analysts' average estimate of 65 Canadian cents, according to data compiled by LSEG.
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