(Reuters) -Canadian Natural Resources Ltd on Thursday reported a quarterly profit that more than doubled, as crude prices soared on tighter energy supplies due to the Ukraine conflict.
Oil prices have scaled multi-year highs this year as Western sanctions against major exporter Russia squeeze an already under-supplied market. Brent crude, the global benchmark, was last trading at over $96 a barrel on Thursday.
Canadian Natural Resources said its average realized price for oil rose 88.3% to C$115.26 per barrel in the April-June quarter.
Its quarterly production stood at 1.2 million barrels of oil equivalent per day (boepd), slightly above last year’s 1.1 million boepd.
The Calgary, Alberta-based company posted net earnings of C$3.5 billion ($2.72 billion), or C$3 per share, for the second quarter ended June 30, compared with C$1.55 billion or C$1.30 per share, a year earlier.
($1 = 1.2845 Canadian dollars)
(Reporting by Arunima Kumar in Bengaluru; editing by Uttaresh.V)
