Canadian Natural Resources Q3 profit surges on record production
CNQ•Canadian Natural Resources reported Q3 net income of C$3 billion as production rose 2% year over year to 1,652,000 BOE/d. It targets C$800 million in monthly share repurchases in November and December 2026 and plans to allocate 100% of free cash flow to repurchases in 2027, subject to market conditions.
1. Production and earnings
Canadian Natural Resources’ Q3 production rose 2% year over year to 1,652,000 BOE/d, while net earnings and adjusted net earnings rose sharply from the prior year. Net income was C$3 billion, capital expenditure was C$1.88 billion and free cash flow was C$2.10 billion.
2. Share repurchase plans
The company targets C$800 million per month in share repurchases in November and December 2026. It plans to allocate 100% of free cash flow to share repurchases in 2027, subject to market conditions.
3. Production drivers
Record thermal in situ production was driven by new SAGD and CSS pads at Pike and Primrose. Record North America E&P liquids production was aided by acquisitions and strong well performance, while higher sulphur prices and production contributed to increased quarterly revenue. The company targets Oil Sands Mining and Upgrading production capacity of about 597,000 bbl/d.
