)
Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Canadian Natural Resources (CNQ) investor relations material
Canadian Natural Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
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.
What drives capital efficiency with asset growth?
How will AOSP integration unlock value?
What is the path to 75% FCF shareholder returns?
AOSP swap: operational benefits beyond inventory
CNRL's strategy for new egress projects
Federal government engagement on Pathways
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Canadian Natural Resources earnings date
Q4 20255 Mar, 2026
Next Canadian Natural Resources earnings date
Q4 20255 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
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.
anuj283App Store
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.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@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
I can't remember the last time an app had such a positive impact on my investment process.
@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
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage