Canadian Natural Resources Ltd CNQ-T -0.50%decrease said on Thursday President Tim McKay will step down next year and will be succeeded by Scott Stauth.
Canada’s largest oil and gas producer also reported lower third-quarter profit despite record production.
Crude oil prices rose about 28 per cent in the quarter but still stayed well below the multiyear highs in the same period a year earlier, following Russia’s invasion of Ukraine.
Canadian Natural reported a net income of $2.34-billion, or $2.13 per share, for the quarter, down from $2.84-billion or $2.49 per share a year earlier.
Production rose to a record 1.39 million barrels of oil equivalent per day (boepd), from 1.34 million boepd last year.
However, cash flows from operations fell about 43 per cent in the quarter to $3.5-billion.
Stauth has been with Canadian Natural for 26 years and currently serves as the chief operating officer of Oil Sands operations.
McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.
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