Canadian Natural Resources (CNR) International is out of the red and into the black after nearly doubling its year-on-year revenue.
The firm saw its revenue increase from CAD£2.3billion in the third quarter of 2016 to CAD$4.2billion this year.
Earnings before taxes swung from a loss of CAD$589million last year to a profit of CAD£782million this quarter.
Global production rose slightly in the last three months to the end of September compared to the same period last year.
Barrels of oil equivalent produced per day for Q3 2017 was just over 1million compared to 913,000 last year.
CNR said its North Sea operations focussed on “production enhancements, increased reliability and water flood optimisation”.
This resulted in average production volumes of 24,832 bbl/d in Q3/17 as forecast.
North Sea quarterly crude oil operating costs were $35.72/bbl, representing a reduction of 9% from Q3/16 levels.
CNR president Steve Laut said: “Our long life low decline assets combined with our strong portfolio of conventional E&P assets will drive significant sustainable free cash flow providing flexibility for continued balanced capital allocation to our four pillars; economic resource development, returns to shareholders, opportunistic
acquisitions and balance sheet strength, with continued focus on increasing return on equity and capital employed.”
The company’s strong financial performance in the quarter resulted in Q3/17 ending debt being reduced by approximately CAD$350 million from Q2/17 levels.
Canadian Natural’s annual 2017 capital expenditures are targeted to be approximately CAD$4.9billion.
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