Canadian Natural Resources Reveals 182M-Share Buyback and FCF Allocation Shift
Canadian Natural Resources will repurchase up to 182,396,564 common shares—10% of its public float—between March 13, 2026 and March 12, 2027, with a daily cap of 4,071,234 shares. It adjusted its free cash flow allocation policy to direct up to 100% of FCF to buybacks depending on net debt levels.
1. NCIB Details
Canadian Natural Resources received approval to repurchase up to 182,396,564 common shares—representing 10% of its public float—over 12 months from March 13, 2026 to March 12, 2027. The program imposes a maximum purchase of 4,071,234 shares per trading day via TSX, NYSE or other Canadian marketplaces.
2. Free Cash Flow Allocation
Effective January 1, 2026, the company revised its FCF allocation policy: when net debt is at or above $16 billion, 60% of free cash flow funds buybacks; between $13 billion and $16 billion, 75% funds buybacks; at or below $13 billion, 100% is allocated to share repurchases.
3. Automatic Share Purchase Plan
An automatic share purchase plan (ASPP) will operate from March 13, 2026 to March 5, 2027, enabling repurchases during blackout periods. Under the ASPP, a designated broker will execute purchases based on preset parameters and applicable securities rules.
4. Previous NCIB Performance
Under the prior NCIB (March 13, 2025–March 12, 2026), the company bought back 27,810,000 common shares at a weighted average price of $43.99 per share.