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Canadian Natural Resources posts Q3 profit drop on lower crude prices

31st October 2024

By: Reuters

  

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Canadian Natural Resources posted a drop in third-quarter profit on Thursday, as the energy producer took a hit from a decline in production and lower crude prices.

Global oil prices dropped during July-September quarter, hurt by sluggish demand from top crude importer China and oversupply concerns.

Canadian Natural said realized price for exploration and production liquids fell to C$79.15 per barrel in the quarter from C$87.83 per barrel a year ago.

The Calgary, Alberta-based company posted net income of C$2.27-billion ($1.63-billion), or C$1.06 a share, for the three months ended September 30, compared with C$2.34-billion, or C$1.06 a share a year earlier.

Edited by Reuters

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