Canadian Natural Resources (CNQ) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly production of 1,620,261 BOEs per day 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/day of zero-decline bitumen production.

• Increased 2025 corporate production guidance to 1,560,000–1,580,000 BOEs per day, with operating capital forecast unchanged at CAD 5.9 billion.

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

• Acquisitions of Duvernay, Palliser Block, Montney, and other assets contributed to significant production growth.

Financial highlights

• Reported adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion for Q3 2025.

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

• Increased dividend for 25 consecutive years, with a 21% CAGR; board approved a quarterly dividend of CAD 58.75 per share payable January 2026.

• Quarter-end debt to EBITDA at 0.9x, debt to book capital at 29.8%, and liquidity over CAD 4.3 billion.

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

Outlook and guidance

• 2025 production guidance raised to 1,560,000–1,580,000 BOEs per day, 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.

• Maintenance turnarounds in 2026 expected to be routine, with Horizon as the most significant planned event.

• Expenditures for decommissioning expected to rise modestly in 2026, with 75% tax recovery anticipated over five years.