Canadian Natural Resources Ltd.’s (NYSE: CNQ) quarterly profit more than doubled and beat analysts’ estimates on Nov. 1, helped by higher production and average realized prices.

The company is looking to produce more light crude, which is easier to extract and refine, to take advantage of a more than 20% year-over-year rise in global oil prices.

The oil and gas producer was able to sell its light crude to international buyers at an average of $75.46 per barrel (bbl) generating significant adjusted funds flow, said Canadian Natural President Tim McKay.

The company’s average realized price of oil rose to CA$57.89 (US$44.20) per bbl from CA$46.33 (US$35.38), a year earlier.

The Calgary-based company said net income rose to CA$1.8 billion (US$1.3 billion), or CA$1.47 (US$1.12) per share, in the third quarter ended Sept. 30, from CA$684 million (US$522 million), or 56 Canadian cents, a year earlier.

Excluding one-items, the company earned CA$1.11 per share, beating analysts' average estimate of 90 Canadian cents, according to Refinitiv data.

Canadian Natural also expects its 2018 oil and NGL output to be in the range of 802,000 bbl/d and 868,000 bbl/d. The company had previously forecast production of 815,000 bbl/d and 885,000 bbl/d.