November 7, 2019 / 10:48 AM / 3 months ago

UPDATE 1-Canadian Natural Resources profit beats on higher output

(Adds details on the quarter, estimates)

Nov 7 (Reuters) - Canadian Natural Resources Ltd posted a quarterly profit above analysts' estimates on Thursday, as the country's largest oil producer benefited from higher production.

The Calgary-based company said total production jumped 11% to 1.18 million barrels of oil equivalent per day in the third quarter ended Sept. 30.

Alberta introduced mandatory production curbs from Jan. 1 this year to ease congestion on export pipelines. The Alberta government said last week that it would allow companies to produce additional oil if they move it by rail.

Canadian Natural stuck to its previous forecast for annual production and capital expenses, but said it expects natural gas production levels to average between 1,485 million cubic feet per day (mmcf/d) and 1,545 mmcf/d, up from 1,440 mmcf/d and 1,460 mmcf/d in a previous forecast.

The company's adjusted earnings was C$1.23 billion, compared with C$1.35 billion a year earlier.

Adjusting for certain items, the company earned C$1.04 per share, beating analysts' average estimates of 77 Canadian cents, according to IBES data from Refinitiv. (Reporting by Shradha Singh in Bengaluru Editing by Saumyadeb Chakrabarty)

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