UPDATE 3-Canadian Natural tops Q3 profit estimates, names insider Stauth as president

(Adds estimates in paragraph 5, recasts paragraph 1)

Nov 2 (Reuters) - Canadian Natural Resources Ltd posted a higher-than- expected quarterly profit on Thursday as production rose, and said insider Scott Stauth will replace Tim McKay as its president next year.

Oil companies benefited in the July-September quarter from a 27% rise in Brent crude prices after Russia and Saudi Arabia extended output cuts.

Canadian Natural's production rose to 1.39 million barrels of oil equivalent per day (boepd) from 1.34 million boepd last year, which McKay said was the highest quarterly volume in the history of the company.

However, cash flows from operations fell about 43% in the quarter to C$3.5 billion.

The company's adjusted earnings came in at C$2.59 per share, above the average estimate of C$2.39 per share, as per LSEG.

Stauth has been with Canadian Natural for 26 years and serves as the chief operating officer of the company's oil sands operations.

McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.

($1 = 1.3830 Canadian dollars) (Reporting by Mrinalika Roy in Bengaluru; Editing by Tasim Zahid, Savio D'Souza and Sohini Goswami)