(Reuters) – Canadian Natural Resources posted a drop in third-quarter profit on Thursday, as the energy producer took a hit from a decline in production and lower crude prices.
Global oil prices dropped during July-September quarter, hurt by sluggish demand from top crude importer China and oversupply concerns.
Canadian Natural said realized price for exploration and production liquids fell to C$79.15 per barrel in the quarter from C$87.83 per barrel a year ago.
The Calgary, Alberta-based company posted net income of C$2.27 billion ($1.63 billion), or C$1.06 per share, for the three months ended Sept. 30, compared with C$2.34 billion, or C$1.06 per share a year earlier.
($1 = 1.3919 Canadian dollars)
(Reporting by Arunima Kumar in Bengaluru; Editing by Eileen Soreng)