Canadian Natural Resources Limited Earnings Recaps
Q3 2025
Nov 6, 2025
Canadian Natural achieved record production levels in Q3 2025, driven by successful operational execution and strategic acquisitions, resulting in a significant increase in overall production and robust financial performance.
Key takeaways
- Corporate production reached approximately 1.62 million BOEs per day, up 19% year-over-year, with record outputs in both liquids and natural gas.
- Successful closing of the AOSP swap with Shell added 31,000 barrels per day of bitumen production, enhancing long-term cash flow and operational integration.
- Operating costs remained competitive, with oil sands mining at approximately $21 per barrel and thermal in situ operations averaging $10.35 per barrel.
- The company revised its 2025 production guidance upwards to a range of 1.56 to 1.58 million BOEs per day, reflecting ongoing growth initiatives.
- Strong financial returns to shareholders have been highlighted alongside operational achievements, demonstrating a commitment to maximizing shareholder value.