Canadian Natural profit falls 37 pct on lower oil output

Thu Aug 8, 2013 5:27am EDT
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Aug 8 (Reuters) - Canadian Natural Resources Ltd, the country's largest independent oil explorer and producer, posted a 37 percent drop in quarterly profit as oil and gas production declined.

Canadian Natural, which is planning to expand its Horizon oil sands project in northern Alberta, earned C$476 million ($456.62 million), or 44 Canadian cents a share, for the second quarter, down from C$753 million, or 68 Canadian cents a share, a year earlier.

Excluding items, the company earned 42 Canadian cents per share, compared with 55 Canadian cents a year earlier.

Revenue fell 1.1 percent to C$3.78 billion.