Canadian Natural Resources (CNQ +6.1%) surged as Q2 profits fell 19% due to lower prices for oil...

|About: Canadian Natural Resources,... (CNQ)|By:, SA News Editor

Canadian Natural Resources (CNQ +6.1%) surged as Q2 profits fell 19% due to lower prices for oil and natural gas, but results exceeded analyst estimates. Quarterly production rose 22%, hitting a record ~679K boe/day. CNQ also cut capital spending plans for 2012 by 10% and reallocated spending toward heavy oil from natural gas.