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Canadian Natural Resources Q3 profit surges on record production

By Reuters News


Overview

  • Canada oil and gas producer's Q3 total production rose 2% yr/yr to 1,652,000 BOE/d

  • Net earnings and adjusted net earnings rose sharply from prior year

  • Company to allocate all free cash flow to share repurchases, targeting C$800 mln per month


Outlook

  • Company targets $800 mln per month in share repurchases in Nov and Dec 2026

  • Company to allocate 100% of free cash flow to share repurchases in 2027, subject to market

  • Company targets Oil Sands Mining and Upgrading production capacity of about 597,000 bbl/d


Result Drivers

  • THERMAL IN SITU GROWTH - Record thermal in situ production driven by new SAGD and CSS pads at Pike and Primrose

  • CONVENTIONAL LIQUIDS EXPANSION - Record North America E&P liquids production aided by acquisitions and strong well performance

  • SULPHUR PRICING - Higher sulphur prices and production contributed to increased revenue in the quarter


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

C$3 bln

Q3 Capex

C$1.88 bln

Q3 Free Cash Flow

C$2.10 bln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 12 "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$74.00, about 6.9% above its November 4 closing price of C$69.20

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago


Reuters Recommended Reads

  • Nov 3 - Canada's Suncor Q3 adjusted operating earnings jump on higher upstream prices

  • Nov 4 - Canada's Tourmaline Oil Q3 earnings jump

  • Nov 4 - Cenovus expects widening Canadian crude discount to be temporary; won't change output plans


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.)

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