Canadian Natural Resources gains after Q1 profit beat

U.S-listed shares of Canadian Natural Resources CNQ.TO, CNQ.N up 2.5% at $29.50 premarket

Company beats Q1 profit estimates helped by higher oil and natural gas production

CNQ reports Q1 adjusted profit of C$1.16/shr vs estimate of C$1.05

Q1 total output rises to 1.58 mboepd from 1.33 mboepd last year

Says it produced 1.17 million barrels per day of liquids and 2.45 billion cubic feet per day of natural gas in Q1

CNQ lowers its annual capital budget by C$100 million to C$6.05 billion, though the reduction would have no impact on the company's planned operating activities or targeted production levels for 2025

As of last close, CNQ shares down 6.8% YTD