Canadian Natural Resources Q3 Profit Tops Estimates - Quick Facts

(RTTNews) - Canadian Natural Resources Ltd. (CNQ.TO) reported third quarter adjusted earnings per share of C$0.11 compared to C$1.04, prior year. On average, 12 analysts polled by Thomson Reuters expected the company to report breakeven per share, for the quarter. Analysts' estimates typically exclude special items.

"In the third quarter, we generated approximately C$1.74 billion in adjusted funds flow and approximately C$467 million in free cash flow, after capital expenditures and dividend payments. In the third quarter we allocated our free cash flow to the balance sheet, contributing to a significant reduction in net debt of approximately C$1.1 billion. Including committed and undrawn credit facilities, cash balances and short-term investments, the company had significant liquidity available at September 30, 2020 of approximately C$4.2 billion," said Mark Stainthorpe, Canadian Natural's CFO.

The company said its 2020 capital program is on target to be approximately C$2.7 billion, before acquisitions, while maintaining base production near 2019 levels.