CANADIAN NATURAL RESOURCES (CNQ) Company Report

Analyst Coverage

Research analysts who have asked questions during CANADIAN NATURAL RESOURCES earnings calls.

Dennis Fong

CIBC World Markets

7 questions for CNQ

Also covers: BTE, CVE, IMO +2 more

Greg Pardy

RBC Capital Markets

7 questions for CNQ

Also covers: BTE, CVE, GTE +4 more

Manav Gupta

UBS Group

7 questions for CNQ

Also covers: ADM, AMTX, BE +34 more

Menno Hulshof

TD Cowen

6 questions for CNQ

Also covers: BTE, CVE, IMO +2 more

Neil Mehta

Goldman Sachs

5 questions for CNQ

Also covers: AESI, APA, AR +36 more

Patrick O'Rourke

ATB Capital Markets

5 questions for CNQ

Also covers: CVE, IMO, SU +1 more

John Royall

JPMorgan Chase & Co.

4 questions for CNQ

Also covers: CASY, CVE, CVI +13 more

Alexa Petrick

Goldman Sachs

2 questions for CNQ

Also covers: CLMT, DK, GTLS +2 more

Carlos Escalante

Wolfe Research

2 questions for CNQ

Also covers: CRK, DINO, GPOR +2 more

Doug Leggate

Wolfe Research

1 question for CNQ

Also covers: APA, AR, BP +21 more

Erik Boeslinger

UER

1 question for CNQ

Menno Hilsoff

TD Cowen

1 question for CNQ

Roger Read

Wells Fargo & Company

1 question for CNQ

Also covers: APA, AR, BP +22 more

Latest news

Recent press releases and 8-K filings for CNQ.

Canadian Natural Resources Limited Announces 2026 Budget and Production Guidance

CNQ

Guidance Update

New Projects/Investments

Canadian Natural Resources Limited announced its 2026 operating capital budget is targeted at approximately $6.3 billion.
The company targets annual average production in 2026 to be between 1,590 MBOE/d and 1,650 MBOE/d, representing growth of approximately 3% over forecast 2025 levels at the mid-point of the range.
The targeted production mix for 2026 is approximately 49% light crude oil, NGLs and SCO, 25% heavy crude oil, and 26% natural gas.
The 2026 budget includes approximately $175 million for front-end engineering work on potential medium and long-term value creation opportunities and $125 million for carbon capture projects.

Dec 16, 2025, 7:39 PM

6-K

Canadian Natural Resources Prices C$1.65 Billion Medium-Term Notes

CNQ

Debt Issuance

New Projects/Investments

Canadian Natural Resources Limited priced C$1,650 million in medium-term notes on December 4, 2025.
The offering consists of three tranches: C$550 million of 3-year notes maturing December 8, 2028, with a 3.30% coupon and 3.340% yield; C$550 million of 5-year notes maturing February 8, 2031, with a 3.75% coupon and 3.798% yield; and C$550 million of 10-year notes maturing February 8, 2036, with a 4.55% coupon and 4.588% yield.
The net proceeds from the issuance will be used for general corporate purposes and may also be used for the repayment of indebtedness.
The offering is targeted to close on December 8, 2025.

Dec 5, 2025, 7:35 PM

6-K

Canadian Natural Resources Limited Announces Quarterly Dividend

CNQ

Dividends

Canadian Natural Resources Limited (CNQ) has declared a quarterly cash dividend of C$0.5875 per common share.
The dividend is scheduled to be paid on January 6, 2026, to shareholders of record at the close of business on December 12, 2025.
This declaration marks the 25th consecutive year of dividend increases for the company, reflecting a compound annual growth rate of 21% over that period.

Nov 6, 2025, 8:54 PM

6-K

Canadian Natural Resources Ltd. Announces Strong Q3 2025 Results and Production Guidance Update

CNQ

Earnings

Guidance Update

M&A

Canadian Natural Resources Ltd. reported adjusted net earnings of $1.8 billion or $0.86 per share and adjusted funds flow of $3.9 billion or $1.88 per share for Q3 2025.
The company achieved record quarterly production volumes totaling approximately 1,620 MBOE/d, representing a 19% increase from Q3 2024 levels.
Shareholder returns in Q3 2025 amounted to approximately $1.5 billion, consisting of $1.2 billion in dividends and $0.3 billion in share repurchases.
Subsequent to quarter-end, the company closed the AOSP swap with Shell, which adds approximately 31,000 bbl/d of annual bitumen production, and increased its annual 2025 corporate production guidance range to 1,560 MBOE/d to 1,580 MBOE/d.

Nov 6, 2025, 8:52 PM

6-K

Canadian Natural Resources Reports Record Q3 2025 Production and Strong Financial Results

CNQ

Earnings

Guidance Update

M&A

Canadian Natural Resources achieved record quarterly corporate production of approximately 1.62 million BOEs per day in Q3 2025, marking a 19% increase from Q3 2024 levels.
The company reported strong financial results for Q3 2025, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
Shareholder returns in Q3 2025 totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases. Year-to-date shareholder returns reached approximately CAD 6.2 billion.
Following the closure of the AOSP swap with Shell Canada Limited, which adds approximately 31,000 bbl per day of annual zero-decline bitumen production, Canadian Natural increased its 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day, while the operating capital forecast remained unchanged at approximately CAD 5.9 billion.

Nov 6, 2025, 4:00 PM

Transcript

Canadian Natural Resources Achieves Record Production and Strong Financial Results in Q3 2025

CNQ

Earnings

Guidance Update

M&A

Canadian Natural Resources achieved record quarterly corporate production in Q3 2025, totaling approximately 1.62 million BOEs per day, an increase of 19% from Q3 2024 levels. This included records for both liquids at 1.18 million barrels per day and natural gas at 2.7 BCF per day.
The company reported strong financial results for Q3 2025, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
Shareholder returns in Q3 2025 totaled CAD 1.5 billion, comprising CAD 1.2 billion in dividends and CAD 300 million in share repurchases. Year-to-date shareholder returns up to November 5th, 2025, reached approximately CAD 6.2 billion.
Following the AOSP swap with Shell Canada Limited, which closed on November 1st, 2025, Canadian Natural increased its 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day, while the operating capital forecast remained unchanged at approximately CAD 5.9 billion.
The balance sheet remains strong with quarter-end debt to EBITDA of 0.9 times and debt to book capital at 29.8%. The company also received a new long-term investment-grade credit rating of BBB plus from Fitch Ratings.

Nov 6, 2025, 4:00 PM

Transcript

Canadian Natural Resources reports record Q3 2025 production and strong financial results

CNQ

Earnings

Guidance Update

M&A

Canadian Natural Resources achieved record quarterly corporate production of approximately 1.62 million BOEs per day in Q3 2025, representing a 19% increase from Q3 2024 levels.
The company reported strong Q3 2025 financial results, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
Shareholder returns in Q3 2025 totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases, bringing year-to-date returns to approximately CAD 6.2 billion.
Following the AOSP swap, which adds approximately 31,000 barrels per day of bitumen production, Canadian Natural increased its 2025 corporate production guidance to 1,560,000-1,580,000 BOEs per day.
The balance sheet remains strong with a debt to EBITDA of 0.9 times and quarter-end liquidity over CAD 4.3 billion, and the company received a new BBB+ investment-grade credit rating from Fitch Ratings.

Nov 6, 2025, 4:00 PM

Transcript

Canadian Natural Resources Limited Closes AOSP Swap and Updates 2025 Guidance

CNQ

M&A

Guidance Update

New Projects/Investments

Canadian Natural Resources Limited (CNQ) has closed an asset swap with Shell Canada Limited, acquiring Shell's remaining 10% interest in the Albian oil sands mines in exchange for 10% of CNQ's interest in the Scotford Upgrader and Quest facilities.
This transaction results in CNQ owning and operating 100% of the Albian mines and retaining an 80% interest in the Scotford Upgrader and Quest facilities.
The swap adds approximately 31,000 bbl/d of annual bitumen production, effective November 1, 2025, leading to an updated 2025 production guidance of 1,560 MBOE/d to 1,580 MBOE/d.
Despite the larger asset base, the 2025 operating capital forecast remains unchanged at approximately $5.9 billion.

Nov 3, 2025, 3:51 PM

6-K

Canadian Natural Resources Q1 2025 Results & Dividend Update

CNQ

Earnings

Dividends

M&A

New Projects/Investments

Record performance: Achieved record Q1 2025 production averaging 1,582,348 BOE/d (including 595,116 bbl/d SCO) and net earnings of approximately $2.46 billion, supported by adjusted funds flow of about $4.5 billion .
Dividend announcement: Declared a quarterly cash dividend of C$0.5875 per common share (following a 4% increase), continuing 25 consecutive years of dividend growth, with payment scheduled for July 3, 2025 .
Capital & cost efficiencies: Reduced the 2025 capital budget by $100 million to $6.05 billion, recording a 14% lower drilling and completion cost in Duvernay and a 12% YoY decrease in Oil Sands operating costs to $21.88/bbl .
Strategic outlook: Duvernay asset performance remains robust, with the anticipated Shell swap expected to close by the end of Q2 2025, potentially enhancing volume guidance .

May 8, 2025, 1:01 PM

Transcript 6-K 6-K

Canadian Natural Resources Ltd Announces Normal Course Issuer Bid

CNQ

Share Buyback

Canadian Natural Resources Ltd announced a Normal Course Issuer Bid to repurchase up to 178,738,237 shares (10% of its public float as of February 28, 2025) during a 12‐month period.
The bid is scheduled to run from March 13, 2025 to March 12, 2026, with a daily purchase limit of 2,835,635 shares on the TSX; purchases may also be executed on the NYSE.
An Automatic Share Purchase Plan (ASPP) will be implemented to facilitate acquisitions even during regulatory or self-imposed trading blackout periods.

Mar 11, 2025, 12:00 AM

6-K