CNRL Posts $1.8B Profit in Third Quarter

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CNRL Posts $1.8B Profit in Third Quarter

Canadian Natural Resources is posting a pretty profit in the third quarter of 2018.

The oil giant released their quarterly report on Thursday which notes they earned over $1.8 billion from July to September.

This is up from their second quarter where they made a profit of $982 million and from this time last year where they earned $684 million.

CNRL is also matching Suncor Energy who saw net earnings of $1.8 billion in the third quarter.

Overall, they averaged 801,742 barrels per day.

Production was steady at their Horizon Site and within the Athabasca Oil Sands Production – combining to average around over 394,000 bbl/d.

“The planned turnaround at our Horizon operations was successfully completed under budget and production ramped up on schedule,” said Steve Laut, Executive Vice-Chairman of Canadian Natural, in the report.

The company is also expected to add roughly 100,000 bbl/d with their acquisition of Total SA’s Joslyn oilsands project.
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