Canadian Natural Resources (CNQ) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, including all-time high production of 1,571,000 BOEs/d, up 15% year-over-year, driven by organic growth and accretive acquisitions such as the Palliser Block, Montney assets, and full ownership of Albian mines.

• Record annual liquids production of 1,146,000 bbl/d, with 65% as SCO, light crude oil, and NGLs, less exposed to heavy crude differentials.

• Safety performance improved, with record-low injury frequency.

• Net earnings reached $10.8 billion, with adjusted net earnings from operations at $7.4 billion and adjusted funds flow of $15.5 billion.

• Returned $9.0 billion to shareholders through dividends, share repurchases, and net debt reduction, including a 6.4% dividend increase and 26 consecutive years of dividend growth.

Financial highlights

• Net earnings: $10.8 billion in 2025, up from $6.1 billion in 2024; adjusted net earnings: $7.4 billion; adjusted funds flow: $15.5 billion.

• Q4 2025 Adjusted Net Earnings were CAD 1.7 billion; net earnings for the quarter were CAD 5.3 billion, including a non-cash gain from the AOSP asset swap.

• Returned approximately CAD 9 billion to shareholders in 2025, including CAD 4.9 billion in dividends and CAD 1.4 billion in share repurchases.

• Net debt reduced by $2.7 billion to just under $16 billion at year-end 2025.

• Record quarterly production in Q4 2025: 1,659,000 BOE/d, up 13% year-over-year.

Outlook and guidance

• 2026 production guidance raised to 1,615,000–1,665,000 BOEs/d, reflecting recent acquisitions.

• 2026 capital forecast reduced by CAD 310 million to approximately CAD 6 billion.

• Deferring FEED capital for the Jackpine Mine expansion and other long-term growth projects due to regulatory uncertainty on carbon and methane policies.