By Robb M. Stewart
Canadian Natural Resources's revenue jumped in the third quarter on the back stronger production and a boost from recent asset buys.
The Canadian energy company, which has a portfolio of assets in North America, the U.K. North Sea and offshore Africa, recorded net earnings of 600 million Canadian dollars ($425.3 million), or C$0.29 a share, against C$2.27 billion, or C$1.06, a year earlier.
The result included C$1.2 billion in non-operating losses, related to items including the effects of share-based compensation and risk management activities. Production, transportation and blending and feedstock expenses each rose compared with last year, and Canadian Natural recorded a C$290 million foreign exchange loss where it saw a gain in 2024.
On an adjusted basis, per-share earnings from operations rose to C$0.86, beating the C$0.78 mean forecast of analysts polled by FactSet.
Product sales for the quarter increased to C$11.07 billion from C$10.4 billion last year. Minus royalties, and revenue for the three months was up 7% to C$9.52 billion, where analysts were expecting C$9.66 billion.
The prices realized for crude oil and natural gas liquids were down 8% on average from a year earlier, while average natural gas prices increased 19%, the company said.
Quarterly production volumes averaged 1.62 million barrels of oil equivalent a day, which the company said included records for both liquids and natural gas. That was in line with the volume analysts expected.
Total corporate production rose 19%, or about 257,000 oil-equivalent barrels a day, thanks to growth in existing assets over the last 12 months and a lift from recent acquisitions.
Canadian Natural forecast production for the full year of between 1.56 million and 1.58 million barrels, up from the annual average 1.36 million barrels in 2024.
Earlier in the month, Canadian Natural finalized a deal for the Athabasca oil sands project in Alberta, swapping a 10% interest in the Scotford upgrader and Quest carbon capture and storage facilities in exchange for Shell's remaining 10% stake in the Albian oil sands mines and associated reserves. With the move, Canadian Natural now fully owns the Albian mines and retains an 80% interest in the Scotford and Quest facilities.
It comes after the company last December finalized the $6.5 billion acquisition of Chevron's 20% interest in the Athabasca oil sands project, adding about 62,500 barrels a day of production, and a 70% interest in the Duvernay shale in Alberta, which brought roughly 60,000 barrels a day of liquids plus natural gas. The Athabasca project's mines add about 31,000 barrels a day of bitumen.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 06, 2025 07:12 ET (12:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments