Canada’s largest oil and gas producer Canadian Natural Resources CNQ-N surpassed expectations for first-quarter profit on Thursday on the back of higher output.
The country’s oil sands producers have shown resilience during the global oil industry downturn, buoyed by years of investments that have placed them among the lowest-cost operators in North America.
Canadian Natural Resources said its output grew to 1.64 million barrels of oil equivalent per day (boepd) in the three months ended March 31, from 1.58 million boepd a year earlier.
The Calgary, Alberta-based company posted an adjusted profit of $1.17 per share for the three months ended March 31. Analysts on an average estimated a profit of $1.01 per share, according to data compiled by LSEG.