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CALGARY — Canadian Natural Resources Ltd. raised its dividend as it reported a third-quarter profit of $2.81 billion, up from $2.20 billion a year earlier.

The oilsands company says it will now pay a quarterly dividend of 85 cents per share, up from its previous dividend of 75 cents per share.

The increased payment to shareholders came as Canadian Natural’s profit amounted to $2.49 per diluted share for the quarter ended Sept. 30 compared with a profit of $1.86 per diluted share in the same quarter last year.

Revenue for the quarter totalled $10.46 billion, up from $7.71 billion in the third quarter of 2021, while production in the quarter averaged 1,338,940 barrels of oil equivalent per day, up from 1,237,503 a year ago.

Canadian Natural says its adjust profit from operations totalled $3.09 per diluted share in its latest quarter, up from $1.77 per diluted share a year earlier.

Analysts on average had expected a profit of $2.85 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 3, 2022.

Companies in this story: (TSX:CNQ)

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The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms. subscribes to Canadian Press articles about British Columbia news and Energy news.