Canadian Natural Resources (CNQ) posted second-quarter earnings higher than expected by analysts on Thursday, as higher crude oil prices helped offset lower production volumes.
Calgary oil company posted net earnings of $ 2.8 billion, or $ 2.36 per share, for its most recent quarter, almost three times higher than $ 982 million, or 80 cents per share , from the same period last year.
On an adjusted basis, earnings for the quarter ended June 30 reached $ 1.04 billion, or 87 cents per share, down from $ 1.28 billion, or $ 1.04 per share, in the second quarter of 2018.
Analysts on average were targeting adjusted earnings per share of 85 cents, starting at revenue of $ 1.049 billion, according to forecasts collected by financial data firm Refinitiv.
Quarterly production averaged the equivalent of 1,025,800 barrels of oil per day, down from 1,050,376 barrels per day in 2018.
Higher oil prices were partially offset by lower production volumes in the oil sands and upgrading sector.
The Alberta government implemented oil production caps in January, which reduced production volumes and tightened the price of heavy oils.