Canadian Natural Resources Ltd. raised its quarterly dividend as it reported its fourth-quarter profit fell compared with a year earlier.

The company says it will pay a quarterly dividend of 90 cents per share, up from 85 cents per share.

The increased payment came as Canadian Natural says it earned $1.52 billion or $1.36 per diluted share for the quarter ended Dec. 31, down from $2.53 billion or $2.14 per diluted share in the last three months of 2021.

Production in the quarter averaged 1,294,679 barrels of oil equivalent per day, down from 1,313,900 in the same quarter a year earlier.

Canadian Natural says its adjusted profit from operations amounted to $1.96 per diluted share for its latest quarter, down from $2.21 per diluted share a year earlier.

The average analyst estimate had been for a profit of $2.27 per share, according to estimates compiled by financial markets data firm Refinitiv.