Canadian Natural Resources Ltd. says it earned a third-quarter profit of $408 million, down from nearly $1.03 billion in the same quarter last year.
The company says the profit amounted to 35 cents per diluted share for the quarter ended Sept. 30, down from 87 cents per diluted share a year ago.
However, profit was up from a loss of $310 million or 26 cents per diluted share reported in the second quarter of this year, as the company benefited from reduced operating costs and higher commodity prices.
On an adjusted basis, Canadian Natural says its earnings from operations were $135 million or 11 cents per diluted share for the quarter, down from $1.23 billion or $1.04 per diluted share in the same quarter last year.
Canadian Natural had an adjusted loss from operations of $772 million or 65 cents per diluted share in the second quarter of this year.
Production in the third quarter was 1,111,286 barrels of oil equivalent per day, down from 1,176,361 in the third quarter of 2019.
This report by The Canadian Press was first published Nov. 5, 2020.
Companies in this story: (TSX:CNQ)