Canadian Natural's Q1 production rises 4% yr/yr

Canadian Natural Resources

07/05/2026 10:08

Overview

Canada oil and gas producer's Q1 production rose 4% yr/yr to 1,643,000 BOE/d

Adjusted net earnings from operations were C$2.4 bln; net income was C$1.35 bln

Company returned C$1.5 bln to shareholders via dividends and buybacks in Q1

Outlook

Company says it remains focused on executing its 2026 capital program as previously outlined

Canadian Natural says certain long-term oil sands mining projects remain on hold pending regulatory and fiscal certainty

Company expects strong synthetic crude oil prices at a premium to WTI for the remainder of 2026

Result Drivers

PRODUCTION GROWTH - Record North American E&P liquids and natural gas production, supported by acquisitions and strong drilling, drove overall production up 4% yr/yr

OPERATING COSTS - Industry-leading operating costs in Oil Sands Mining and Upgrading supported results, though costs rose 8% yr/yr due to increased maintenance

STRONG REALIZED PRICES - Realized prices for synthetic crude oil remained strong, with SCO selling at a premium to WTI

Company press release: ID:nNFC7stT6

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
C$1.35 bln
Q1 Capex
C$2.03 bln
Q1 Free Cash Flow
C$875 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 9 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

Wall Street's median 12-month price target for Canadian Natural Resources Ltd is C$70.00, about 12.4% above its May 6 closing price of C$62.26

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 18 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)