Canadian Natural Resources Limited Earnings Recaps
Q3 2026
Nov 7, 2026
Canadian Natural shares fell 2.2% after the results, a roughly flat reaction. Production, cash generation and debt reduction were positive, but the transcript provides no clear evidence of a specific earnings or outlook disappointment.
Key takeaways
- Q3 production averaged approximately 1.65 million BOE per day, up about 31,000 BOE per day year over year, despite the planned Horizon turnaround.
- Adjusted funds flow was approximately $5.5 billion, or $2.68 per share; adjusted net earnings were $3.4 billion, or $1.67 per share.
- Net debt ended the quarter at approximately $12.1 billion, below the $13 billion target. The company said buybacks would rise to 100% of free cash flow under its policy, with $800 million in monthly repurchases targeted for November and December.
- Thermal in situ production reached a quarterly record of approximately 300,000 barrels per day, up 9% year over year. North American conventional liquids production, excluding thermal, was approximately 358,000 barrels per day, up 16%.
- The Horizon turnaround finished seven days ahead of schedule, supporting an expected 23,000 barrels per day of incremental SCO production in Q4; management expects a “very strong” fourth quarter.