CALGARY – Canadian Natural Resources Ltd. (TSX:CNQ) stock will face continued pressure following a disappointing financial report and lowered production guidance for its Horizon oilsands operation.

CNQ shares were down in premarket trading after the Calgary-based oil and gas producer announced its net income fell to $360 million in the third quarter or 33 cents per share.

That’s less than half the $753 million or 68 cents per share that CNQ produced a year earlier.

The company’s adjusted net earnings also fell, dropping to $353 million or 32 cents per share — below analyst estimates compiled by Thomson Reuters.

CNQ said its third quarter production met the company’s guidance but 2012 production at the Horizon oilsands operation will be lower than expected as a result of maintenance downtime.

The company’s stock was down about 1.2 per cent at US$28.74 in pre-market trading. The shares closed Wednesday in Toronto at C$28.95 after declining four per cent.

CNQ says its results were affected by lower prices for crude oil, synthetic crude oil, natural gas liquids and natural gas.

That was partially offset by higher production volumes of crude oil and synthetic crude, including at the Horizon operation.

The new guidance for Horizon is between 87,000 and 89,000 barrels per day,