March 6 (Reuters) - Canadian Natural Resources (CNQ.TO) , opens new tab on Thursday posted a fall in fourth-quarter profit as weaker commodity prices overshadowed a rise in production.

The oil and gas producer also said its chief financial officer, Mark Stainthorpe, will step down from his post, effective April 30. He will continue to work with the company's finance team as an executive advisor.

Stainthorpe will be succeeded by insider Victor Darel, the company said.

Average Brent crude futures fell 3% in 2024 as major consumer China's economy weakened, while the OPEC+ producer group postponed planned supply increases and, in a sign of muted demand, extended deep output cuts to the end of 2026.

However, the initiation of the Trans Mountain pipeline expansion (TMX) has allowed Canadian producers to increase production. TMX has nearly tripled the flow of oil to Canada's Pacific Coast from the landlocked Alberta.

Canadian Natural, the country's largest oil and gas producer, said its output rose to 1.47 million barrels of oil equivalent per day (mboepd) during the fourth quarter from 1.42 mboepd a year ago.

The Alberta-based company said its total capital expenditures, excluding acquisition costs, rose 26.6% to $1.29 billion in the fourth quarter.

The company last year bought certain Athabasca oil sands and Duvernay shale formation assets from U.S. energy major Chevron (CVX.N) , opens new tab for $6.5 billion.

The results come just days after U.S. President Donald Trump imposed 25% tariffs on Canadian and Mexican imports and a 10% levy on Canada's energy imports.

Canada has been the biggest source of U.S. oil imports for over two decades and supplied more than half of all crude imports into the United States in 2023, according to the Energy Information Administration.

Canadian Natural's net income fell to C$1.14 billion ($794.76 million), or 54 Canadian cents per share, in the three months ended December 31, from C$2.63 billion, or C$1.21, a year earlier.

($1 = 1.4344 Canadian dollars)

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https://www.reuters.com/business/energy/canadian-natural-resources-reports-fall-fourth-quarter-profit-2025-03-06/