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Investor Relations14 Oct 2025
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Canadian Natural Resources (CNQ) investor relations material
Canadian Natural Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved strong operational and financial performance in Q2 2025, driven by efficient operations, disciplined capital allocation, and accretive acquisitions, with production up 10% year-over-year to 1,420,358 BOE/d despite a planned turnaround at AOSP.
Completed key acquisitions, including Palliser Block and Grand Prairie Montney assets, expanding high-quality land and production inventory.
Multilateral drilling and Duvernay asset integration delivered capital efficiencies and cost reductions.
Culture of accountability and asset strength delivers capital and operating cost savings.
Completed AOSP turnaround five days ahead of schedule and on budget, supporting high production and utilization rates.
Financial highlights
Net earnings of $2.46 billion and adjusted net earnings of $1.5 billion in Q2 2025; adjusted funds flow was $3.3 billion.
Returned $1.6 billion to shareholders in Q2 2025, including $1.2 billion in dividends and $400 million in share repurchases.
Year-to-date shareholder returns reached $4.6 billion.
Net debt reduced to $16.98 billion at quarter end; debt to EBITDA at 0.9x, debt to book capital at 29.1%.
Liquidity exceeded $4.8 billion, reflecting strong cash and undrawn facilities.
Outlook and guidance
Full-year capital budget remains unchanged, excluding the Grand Prairie acquisition purchase price.
Targeting to close the AOSP swap in Q3 and will update annual production guidance post-closing.
Expecting to maintain strong operating results and similar shareholder returns in 2025 as in 2024, despite allocating only 60% of free cash flow to returns.
Comfortable with $40–$45 WTI post-dividend breakeven; anticipate strong buyback rate in H2 2025.
How did AOSP turnaround impact Q2/25 production?
What synergies are expected from Montney assets?
What is targeted for Primrose CSS pad in late Q3/25?
What drives Duvernay cost savings beyond target?
How are new acquisitions funded within capital?
What are the WCS and SCO differential ranges?
Acquisition funding without capital increase?
Drivers of Duvernay cost reductions?
Long-term WCS and SCO differential outlook?
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Next Canadian Natural Resources earnings date
Q3 20256 Nov, 2025
Next Canadian Natural Resources earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Canadian Natural Resources Limited is an Canadian oil and gas exploration and production company engaged in the acquisition, exploration for, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Canada. The Company focuses on conventional resources, including mines and thermal in situ recovery (TISR) projects. It has segments that explore for and produce crude oil, NGLs, other liquids-rich natural gas liquids (L-NGLs), natural gas and synthetic crude oil.
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