Business
Canadian Natural Resources Limited Announces 2026 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - May 7, 2026) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) Pres...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2026 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's first quarter results, \"We have a long track record of being an effective and efficient operator, while consistently delivering top tier operational and financial performance through a strong focus on continuous improvement. An example of this performance is our industry-leading Oil Sands Mining and Upgrading Q1/26 operating costs of $23.73/bbl (US$17.30/bbl) for our Synthetic Crude Oil (\"SCO\").Quarterly production averaged approximately 1,643,000 BOE/d in Q1/26, which included total quarterly liquids production of approximately 1,198,000 bbl/d, 66% of which was SCO, light crude oil and NGLs. We achieved record quarterly North American E&P production for our conventional crude oil and natural gas business of approximately 773,000 BOE/d, consisting of record quarterly liquids production of approximately 329,000 bbl/d and record quarterly natural gas production of 2,668 MMcf/d. Total Company production in Q1/26 delivered year-over-year growth of 4% or approximately 61,000 BOE/d from Q1/25 levels.Subsequent to quarter end, in April 2026 at our world class Oil Sands Mining and Upgrading assets, we achieved strong monthly production of approximately 630,000 bbl/d and upgrader utilization of 106%. These strong production volumes are high-value, with strong SCO prices at a premium to WTI averaging approximately US$5.70/bbl on the forward strip for the remainder of 2026.We remain focused on executing our prudent and capital efficient 2026 capital program as outlined in our updated 2026 guidance previously released in March 2026. Our ability to effectively allocate capital across our strong asset base provides us with a unique competitive advantage and when combined with accretive acquisitions creates significant long-term value for our shareholders.\"Canadian Natural's Chief Financial Officer, Victor Darel, added, \"In Q1/26, we generated adjusted net earnings of $2.4 billion or $1.17 per share, and adjusted funds flow of $4.4 billion or $2.10 per share. We returned approximately $1.5 billion directly to our shareholders in Q1/26, including $1.2 billion in dividends and $0.3 billion in share repurchases.As previously ...