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Canadian Natural Resources
Canadian Natural Resources (CNQ) investor relations material
Canadian Natural Resources Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Achieved record Q1 2026 production of 1,643,000 BOE/d, with liquids production of 1,198,000 bbl/d, up 2–4% year-over-year, and North American E&P production at 773,000 BOE/d.
66% of liquids production was SCO, light crude oil, and NGLs.
Strong operational performance and cost leadership drove significant free cash flow and netbacks.
Continued focus on capital efficiency, asset optimization, and prudent capital allocation.
Marked 26 consecutive years of dividend growth, with a 20% CAGR.
Financial highlights
Adjusted net earnings of CAD 2.4 billion (CAD 1.17/share) and adjusted funds flow of CAD 4.4 billion (CAD 2.10/share) in Q1 2026.
Net earnings were CAD 1.3 billion, impacted by non-cash items including LNG agreements, share-based compensation, and FX on USD debt.
Returned CAD 1.5 billion to shareholders in Q1, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases.
Net debt at quarter-end was CAD 16.2 billion, reduced below CAD 16 billion by end of April 2026.
Free cash flow for Q1/26 was CAD 875 million.
Outlook and guidance
Targeting further debt reduction to CAD 13 billion, after which 100% of free cash flow will be returned to shareholders.
Maintaining disciplined capital program execution and prioritizing balance sheet strength.
Advancing front-end engineering for Jackfish and Pike 2 growth projects as part of medium-term growth strategy.
Monitoring regulatory and fiscal frameworks to enable long-term oil sands growth.
Short-term growth driven by capital-efficient drilling in conventional E&P and thermal in situ assets.
Timeline for reaching $13 billion net debt floor
Criteria for resuming Oil Sands Mining expansions
Drivers of Jackfish production above nameplate
Egress and fiscal terms for Oil Sands expansion
Drivers of Jackfish capacity outperformance
Path to reaching the $13B net debt target
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Latest events from Canadian Natural Resources
- Disciplined capital allocation and low-cost, long-life assets drive leading returns and growth.CNQ
Corporate presentation15 Apr 2026 - 2025 budget targets 12% production growth, strong returns, and $90M for carbon capture.CNQStatus Update15 Apr 2026
- Record 2025 production and earnings drive higher dividends and raised 2026 guidance.CNQQ4 20255 Mar 2026
- Record Q2 production, strong earnings, and robust shareholder returns drive positive outlook.CNQQ2 20242 Feb 2026
- US$6.5B deal lifts AOSP stake, output, and dividend by 7%, driving growth and returns.CNQM&A Announcement19 Jan 2026
- Record oil sands output, major Chevron acquisitions, and a 7% dividend hike highlight Q3 strength.CNQQ3 202417 Jan 2026
- Record production, cost leadership, and strong cash flow enabled higher dividends and lower debt.CNQQ1 20258 Jan 2026
- Record production, major acquisitions, and cost efficiency drove strong shareholder returns.CNQQ4 202417 Dec 2025
- US$4.5B debt shelf registered, strong coverage, flexible terms, and key market and structural risks.CNQRegistration Filing29 Nov 2025
Next Canadian Natural Resources earnings date
Q2 20266 Aug, 2026
Canadian Natural Resources
Next Canadian Natural Resources earnings date
Q2 20266 Aug, 2026
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excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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