CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) more than doubled its second-quarter net earnings, helped by increased sales and higher prices.
The Calgary-based oil and natural gas producer reported profits of $1.07 billion, or 97 cents per share, versus $476 million, or 44 cents per share a year ago.
Adjusted profits were $1.04 per share, which beat analyst expectations by six cents a share, according to Thomson Reuters.
Production for the three months ended June 30 grew 31 per cent to 817,471 barrels of oil equivalent per day.
Realized prices for its crude oil averaged $87.03 per barrel, an increase of $11.93 from the same period last year.
Product sales rose to almost $6.11 billion from $4.23 billion.
"We have effectively executed on our strategy and have grown production both organically and with the successful integration of acquired assets," said president Steve Laut in a release.
Shares of the company were down 22 cents to $45.62 on the Toronto Stock Exchange.