Nov 3, 2022
Canadian Natural reports Q3 profit up from year ago, raises quarterly dividend
The Canadian Press
David Burrows discusses Canadian Natural Resources
Canadian Natural Resources Ltd. raised its dividend as it reported a third-quarter profit of $2.81 billion, up from $2.20 billion a year earlier.
The oilsands company says it will now pay a quarterly dividend of 85 cents per share, up from its previous dividend of 75 cents per share.
The increased payment to shareholders came as Canadian Natural's profit amounted to $2.49 per diluted share for the quarter ended Sept. 30 compared with a profit of $1.86 per diluted share in the same quarter last year.
Revenue for the quarter totalled $10.46 billion, up from $7.71 billion in the third quarter of 2021, while production in the quarter averaged 1,338,940 barrels of oil equivalent per day, up from 1,237,503 a year ago.
Canadian Natural says its adjust profit from operations totalled $3.09 per diluted share in its latest quarter, up from $1.77 per diluted share a year earlier.
Analysts on average had expected a profit of $2.85 per share, according to estimates compiled by financial markets data firm Refinitiv.