Canadian Natural Resources posts lower third-quarter profit, says president to step down next year

Canadian Natural reported a net income of $2.34-billion, or $2.13 per share, for the quarter, down from $2.84-billion or $2.49 per share a year earlier

Canada’s largest oil and gas producer also reported lower third-quarter profit despite record production.

Crude oil prices rose about 28 per cent in the quarter but still stayed well below the multiyear highs in the same period a year earlier, following Russia’s invasion of Ukraine.Production rose to a record 1.39 million barrels of oil equivalent per day , from 1.34 million boepd last year.Stauth has been with Canadian Natural for 26 years and currently serves as the chief operating officer of Oil Sands operations.

McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.Market data values update automatically. Checking box will enable automatic data updates.

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