Sunday, November 10, 2024

Canadian Natural Resources posts Q3 profit drop on lower crude prices

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(Reuters) – 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 per share, for the three months ended Sept. 30, compared with C$2.34 billion, or C$1.06 per share a year earlier.

($1 = 1.3919 Canadian dollars)

(Reporting by Arunima Kumar in Bengaluru; Editing by Eileen Soreng)

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