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Canadian Natural Resources Ltd. reported a third-quarter profit of $600 million as it saw record production.
The company says production in the quarter was 1,620,261 barrels of oil equivalent per day, up from 1,363,086 in the same quarter last year.
Canadian Natural reported its profit amounted to 29 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $2.27 billion or $1.06 per diluted share a year ago.
The company says the results for its most recent quarter included a non-cash charge of about $700 million related to an increase in its estimate for future abandonment costs for its Ninian field and T-Block assets in the North Sea.
On an adjusted basis, Canadian Natural says it earned 86 cents per diluted share from operations in its latest quarter compared with an adjusted profit of 97 cents per diluted share a year ago.
Revenue for the quarter totalled $9.52 billion, up from $8.89 billion.
