Canadian Natural Resources Limited Q3 2026 Earnings Recap

Canadian Natural’s shares were roughly flat, down 1.0% after earnings. The quarter showed higher production and lower net debt, while management’s outlook pointed to a stronger fourth quarter; the transcript does not identify a specific disappointment.

Key Takeaways

• Q3 production averaged approximately 1.65 million BOE/day, up about 31,000 BOE/day from Q3 2025, despite the planned Horizon turnaround.
• Adjusted funds flow was approximately $5.5 billion ($2.68 per share); adjusted net earnings were $3.4 billion ($1.67 per share).
• Thermal in situ production reached a quarterly record of approximately 300,000 barrels/day, up 9% year over year. North American conventional liquids production, excluding thermal in situ, was also a record at approximately 358,000 barrels/day, up 16%.
• Net debt ended the quarter at approximately $12.1 billion, below the $13 billion target. The company said it would direct 100% of free cash flow to buybacks under its policy and target $800 million of repurchases in each of November and December.
• Horizon’s turnaround finished seven days ahead of schedule, supporting approximately 23,000 barrels/day of incremental SCO production in Q4; management expects a very strong fourth quarter.