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Canadian Natural reports record Q3 output

Published: 06:58 10 Oct 2013 EDT

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Canadian Natural Resources Ltd. (TSE:CNQ), the nation’s largest producer of heavy crude, said it will report strong third-quarter results as production rose to record levels and crude oil prices increased.

The Calgary, Alberta-based company, which will issue full operational and financial results for the third quarter on Nov. 7, said today that its production in the July-to-Sept. quarter rose to a record high of 508,000 barrels a day, and a record high of 701,000 barrels of oil equivalent, according to a company statement.

Third-quarter cash flow from operations will be approximately $2.4 billion, or $2.21 a share, excluding $170 million of after tax gains realized on certain oil and gas property dispositions completed in the third quarter.

The company attributed the strong cash flow from operations to the record production levels and the robust liquids pricing received during the third quarter.

"We are in an enviable position with a suite of balanced assets that are well positioned to economically grow the company in the short, mid and long term," the statement quoted Canadian Natural's President Steve Laut as saying.

Looking ahead, the company anticipates strong oil pricing in the fourth quarter, with some potential volatility and normal seasonal variation. October 2013 heavy oil differentials are 26 percent, November 2013 indications are 32 percent and December 2013 indications are at 32 percent discount to West Texas Intermediate, it said.

The shares slid 0.3 percent to C$32.03 at market close in Toronto yesterday, leaving the company with a market value of C$34.80 billion. 

The stock has rallied 10 percent since the beginning of the year, outperforming the benchmark S&P/TSX Composite index (TSE:OSPTX), which has gained 1.5 percent.

 

 

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