Canadian Natural Resources quarterly profit rises on higher energy prices
Nov 3 (Reuters) - Canadian Natural Resources Ltd reported a 28% rise in third-quarter profit on Thursday, buoyed by higher crude prices as Western sanctions on major exporter Russia after its invasion of Ukraine squeezed an already tight energy market.
Rivals Imperial Oil Ltd and Cenovus Energy Inc have also posted huge profits, as crude oil supplies worldwide remain tight due to disruption from the war in Ukraine and moves to cut output during the pandemic.
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Its quarterly production stood at 1.34 million barrels of oil equivalent per day (boepd), above last year's 1.24 million boepd.
The Calgary, Alberta-based company's net earnings rose to C$2.81 billion, or C$2.49 per share, in the three months ended Sept. 30, from C$2.20 billion, or C$1.86 per share, a year ago. (Reporting by Sourasis Bose in Bengaluru; Editing by Subhranshu Sahu)