Canadian Natural Resources earnings
Canadian Natural Resources reports next on November 5, 2026. Watch whether production and acquisition integration lift output as planned and whether Horizon’s maintenance shutdown stays on schedule.
What has Canadian Natural Resources guided for 2026?
Its guidance calls for annual average production of 1,637–1,682 MBOE/d. MBOE/d means thousand barrels of oil equivalent per day: Canadian Natural converts 6,000 cubic feet of natural gas into one barrel of energy-equivalent output. That makes oil and gas easier to combine, but not equally valuable; the figure is an annual average that includes planned maintenance.
Operating capital covers the company’s own wells, plants and improvements. Canadian Natural allocates C$5,990 million to it. Carbon capture adds C$125 million. Acquisitions add C$1,526 million, bringing total capital expenditure to C$7,641 million. Abandonment, which means closing wells and restoring sites, requires another C$993 million before recoveries.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Total Operating Capital Expenditures (C$ millions) | Year to Dec 2026 | 5,990 | 5,990 | Aug 6, 2026 |
| Carbon Capture (C$ millions) | Year to Dec 2026 | 125 | 125 | Aug 6, 2026 |
| Total Capital Expenditures (C$ millions) | Year to Dec 2026 | 7,641 | 7,641 | Aug 6, 2026 |
| Total MBOE/d | Year to Dec 2026 | 1,637 | 1,682 | Aug 6, 2026 |
| Abandonment expenditures, before recoveries (C$ millions) | Year to Dec 2026 | 993 | 993 | Dec 16, 2025 |
Has Canadian Natural Resources kept its promises?
There is also evidence of delivery. During 2025, Canadian Natural paid about C$4.9 billion in dividends and reduced net debt by about C$2.7 billion. Management also promised that reaching the next debt threshold in early 2027 would increase the allocation to buybacks. That remains a promise to monitor.
What were Canadian Natural Resources’ results in the last eight quarters?
Revenue reached C$14,741 million, versus C$8,698 million a year earlier. Net income rose from C$2,459 million to C$4,503 million, and operating cash flow more than doubled.
| Quarter to Jun 2026 | Quarter to Mar 2026 | Quarter to Dec 2025 | Quarter to Sep 2025 | Quarter to Jun 2025 | Quarter to Mar 2025 | Quarter to Dec 2024 | Quarter to Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,741 | 10,810 | 9,609 | 9,516 | 8,698 | 10,939 | 9,468 | 8,893 |
| Net income | 4,503 | 1,348 | 5,303 | 600 | 2,459 | 2,458 | 1,138 | 2,266 |
| EPS, diluted | 2.15 | 0.64 | 2.54 | 0.29 | 1.17 | 1.17 | 0.54 | 1.06 |
| Cash from operations | 6,823 | 3,282 | 3,768 | 3,940 | 3,114 | 4,284 | 3,432 | 3,002 |
What should I watch in Canadian Natural Resources’ next results?
Canadian Natural is scheduled to report third-quarter results on November 5, 2026. The update should show whether drilling and acquisition integration are lifting production as planned and whether Horizon’s maintenance shutdown is on schedule. A turnaround is a planned shutdown for inspection and repair, so the relevant test is its cost and return to service, not the temporary production loss already included in guidance.