CNR soars on output hike

Output growth: Record flows at Horizon helped boost CNR in Q2

Booming production sent net profit soaring at Canadian Natural Resources (CNR) in the second quarter.

The Canadian operator posted numerous quarterly output records across its portfolio and is aiming for a boost in full-year flows.

Net profit for the three months to the end of June was C$1.07 billion (US$979 million), up from C$476 million in the comparable period a year earlier.

Revenues were at C$5.37 billion, well ahead of the C$3.78 billion taken a year earlier.

Expenses, although up, were kept in check, rising from C$3.13 billion to C$3.93 billion.

Total average production net of royalties shot from 547,330 barrels of oil equivalent per day to 705,480 boepd. Average crude oil and natural gas liquids (NGL) output rose from 373,740 barrels per day to 455,811 bpd, with record quarterly production of 119,200 bpd from the company’s Horizon oil sands project in Canada.

Natural gas output grew from 1042 million cubic feet per day to 1498 MMcfd, almost all of which was from North American plays.

Full-year production guidance has been given of between 531,000 bpd and 557,000 bpd of oil and NGL, and between 1645 MMcfd and 1675 MMcfd of gas.

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