Company News

Canadian Natural Resources reports quarterly profit on higher output

March 5 (Reuters) - Oil and gas producer Canadian Natural Resources Ltd on Thursday posted a quarterly profit, compared with a year ago loss, driven by higher production.

The company reported a net income of C$597 million ($445.72 million), or 50 Canadian cents per share, in the fourth quarter ended Dec.31, up from a net loss of C$776 million, or 64 Canadian cents per share, a year earlier.

On an adjusted basis, the company earned 58 Canadian cents per share.

Quarterly production rose to 1.2 million barrels of oil equivalent per day (boepd) from about 1.1 million boepd a year earlier.

$1 = 1.3394 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli