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Canadian Natural Resources 2Q profit slips on lower gas output

Canadian Natural Resources Ltd (TSX:CNQ) reported a fall in second quarter profit but the company is optimistic about boosting production of crude products in the months ahead

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Canadian Natural Resources reported a fall in quarterly profit

Canadian Natural Resources Ltd (TSX:CNQ) reported a fall in second quarter profit but the company is optimistic about boosting production of crude in the months ahead.

Canadian Natural reported net earnings of C$982 million, some C$0.80 a share, compared with C$1.07 billion or C$0.93 per share in the same period a year ago.

Production volumes in 2Q averaged 1,050,376 BOE/d, up 15% from 2Q/17 levels, the company said. This was mainly due to the Horizon Phase 3 expansion and acquisitions in 2017. Production fell from Q1 levels by 7% as a result of major planned turnaround activities at the Oil Sands Mining along with upgrading and thermal operations.

Canadian Natural's corporate crude oil and NGL production volumes averaged 793,899 bbl/d, off 7% from 1Q/2018 levels but up 25% from 2Q 2017 levels.

At Oil Sands Mining and upgrading of assets, operations were as expected in 2Q with quarterly production of 407,704 bbl/d of Synthetic Crude Oil (SCO), down 11% from 1Q/2018 levels, as planned turnaround and pit stop activities at all three of the Company's oil sand mines, as well as a major 62 day turnaround at the Scotford Upgrader were successfully completed in the quarter.

Canadian Natural Resources is an oil and gas exploration, development and production company whose headquarters is in Calgary, Alberta.

Quick facts: Canadian Natural Resources Limited

Price: 19.06 CAD

TSX:CNQ
Market: TSX
Market Cap: $22.51 billion
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