Canadian Natural Resources Ltd posted a surprise profit on Thursday, helped by cost-saving measures and a slight recovery in fuel demand after COVID-19 lockdowns were eased across the world.
The Calgary, Alberta-based company, which like its peers curtailed output and slashed spending in the low-price environment, said it was on track to save about $745 million in operating costs in 2020.
Last month, Alberta said it would lift mandatory output caps ahead of schedule in December as production cuts have raised prices for domestic crude and eased congestion in pipelines.
Canadian Natural said average realized prices for crude fell 27.3 per cent to $40.14 per barrel, while realized prices for its natural gas rose about 41 per cent to $2.31 in the third quarter, excluding hedging.
Print this page
