Canadian Natural Resources (CNQ) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly production of 1,620,261 BOE/d in Q3/25, up 19% year-over-year, driven by organic growth and accretive acquisitions.

• Closed the AOSP swap with Shell, gaining 100% ownership of Albian Oil Sands mines and an 80% non-operated interest in Scotford upgrader and Quest facilities, adding 31,000 bbl/d of zero-decline bitumen production.

• Increased 2025 corporate production guidance to 1,560,000–1,580,000 BOE/d, with unchanged operating capital forecast of CAD 5.9 billion.

• Maintained strong operational performance in Oil Sands Mining and Upgrading, with 581,136 bbl/d of SCO at 104% utilization and CAD 21.29/bbl operating costs.

• Significant production growth supported by acquisitions of Duvernay, Palliser Block, Montney, and other assets.

Financial highlights

• Adjusted funds flow for Q3/25 was approximately CAD 3.9 billion; adjusted net earnings were CAD 1.8 billion.

• Returned CAD 1.5 billion to shareholders in Q3/25, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases; year-to-date returns total CAD 6.2 billion.

• Dividend increased for 25 consecutive years at a 21% CAGR; next quarterly dividend set at CAD 58.75 per share, payable January 6, 2026.

• Repaid $600 million of debt and received a new BBB+ credit rating from Fitch.

• Liquidity exceeded CAD 4.3 billion at quarter-end.

Outlook and guidance

• 2025 production guidance raised to 1,560,000–1,580,000 BOE/d, reflecting asset base growth, with capital spending forecast unchanged at CAD 5.9 billion.

• Production growth per share targeted at 16% for 2025 compared to 2024.

• Additional activity on a larger asset base executed with no incremental capital required.

• 2026 capital expenditures expected to increase modestly, with significant tax recoveries offsetting net impact.