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You can save this article by registering for free here. Or sign-in if you have an account.Canadian Natural Resources Ltd. earned $4.5 billion in the second quarter and pumped more oil than in any quarter in its history but told investors its largest Alberta growth projects remain on hold. Photo by Brent Calver/Postmedia /Postmedia, fileCanadian Natural Resources Ltd. earned $4.5 billion in the second quarter and pumped more oil than in any quarter in its history but told investors its largest Alberta growth projects remain on hold.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorProfit rose 83 percent from the same three months last year. Production averaged about 1.68 million barrels of oil equivalent a day, up 18 percent, helped by a record run at the company’s oilsands mines.Scott Stauth, president of Canadian Natural Resources Limited, said in a news release the company set “eight new operational and financial records in the quarter.”He said the mines ran through rough weather and still beat their production budget, posting “the highest quarterly oilsands mining production in its history.”The company raised its production forecast for the year, the second increase this year, after buying more land in the Peace River area for roughly $761 million.Shareholders got about $2.4 billion in the quarter through dividends and share buybacks. The company counts another $1.6 billion in debt reduction as an indirect return, bringing its own total to $4 billion. The board declared a quarterly dividend of 62.5 cents a share, the 26th straight year the payout has gone up.One of the questions looming over earnings season is whether oil producers would be willing to spend capital on growth projects, given higher prices, strong global demand for Canadian crude and a supportive government in Ottawa.Several players, mostly smaller and mid-sized producers, have agreed to raise their spending on growth, marking a major shift after many years of restraint. But larger producers, including oilsands majors, have been reluctant to do the same.At Canadian Natural Resources, four expansions stay on hold, including a new mine at Albian and the Pike 2 thermal project, until Ottawa, Alberta and the oilsands companies turn their July memorandum into signed agreements. Those are targeted for November.Victor Darel, the company’s chief financial officer, said the quarter produced results that were “the highest in the company’s history” for adjusted earnings and cash flow.Darel said the money is speeding up debt reduction, and that reaching the company’s next net debt target of $13 billion would let it hand shareholders all its free cash flow.West Texas Intermediate averaged roughly US$93 a barrel, against US$64 a year ago. Natural gas went the other way, and the price Canadian Natural Resources received for it fell. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.