Canadian Natural Resources was able to bring in a sizeable profit during the third quarter of 2020.
The oil company announced late last week net earnings of $408 million from July to September.
This is around $700 million more than the $310 million they lost in the second quarter. However, CNRL noted they were in a ‘strong position’ to rebound in the second half of the year.
“The resilience of our business model demonstrates Canadian Natural’s competitive advantage as the strength of our long life low decline asset base allows the Company to effectively manage through commodity price cycles while preserving net asset value,” said Tim McKay, CNRL President.
This was by far the most earnings any of the major Alberta oil companies have seen this year.
During the third quarter, Suncor posted a net loss of $12 million, Cenovus Energy lost $194 million, while Imperial Oil recorded a minor profit of $3 million.
Meanwhile, production numbers were down slightly down.
CNRL averaged over 884,342 barrels of oil per day which is a decrease from the second quarter and 2019 third quarter.
This includes production from heir Horizon and Albian sites, north of Fort McMurray, and Kirby and Jackfish sites, south of the community.