A Canadian Natural Resources pump jack.Todd Korol/Reuters
Oil producer Canadian Natural Resources on Thursday posted a 21% rise in second-quarter profit on a sequential basis, buoyed by higher oil prices which rebounded from pandemic-driven lows.
Oil and gas producers have bounced back this year as COVID-19 vaccinations allowed some countries to ease pandemic-related curbs, supporting higher crude prices.
Canadian Natural said if pipeline operator Inter Pipeline’s takeover by Brookfield succeeds, it plans to increase its 2021 capital budget by US$275 million to US$3.48 billion. Canadian Natural owns about 6.4 million shares of Inter.
The company said average realized prices for crude rose 16.2% to $61.2 per barrel from the prior quarter.
The company, which operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan, produced 1.14 million barrels of oil equivalent per day (boepd) in the second quarter, compared to 1.25 million boepd in first.
On an adjusted basis, the company posted net earnings of $1.48 billion, or $1.24 per share, in the quarter ended June 30, compared with $1.22 billion, or $1.03 per share, from the prior three-month period.
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