Canadian Natural Resources Limited (CNQ) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

to some of those glyphosate elements? Yeah, Doug, I think it's continued with the messaging that we have been talking about for some time now. In order to expand the growth and have growth in oil sands operations, we need to be able to have the egress capacity long-term to do so, As you know, Doug, there's significant upside for volume development in oil sands, and we need a regulatory framework and a fiscal framework that will allow us to enact on that capacity to grow those volumes. And over a very long period of time, of a decade or so in Canada, we have not had the environment regulatory-wise to be able to do so. So we're hopeful that through the MOU and working together with the rest of the oil sands members and both levels of government, that we can come to terms on an agreement that will work and bring those investment dollars towards those long-term projects. And we're hopeful that we'll be able to do that in short order here, Doug. very clear, and I hope that people are listening. My follow-up, very quickly, is on the dividend and the cash return strategy generally. There is always a risk of perception in this business of post-cyclical buybacks, especially when you are about to breach your debt thresholds to give 100 per cent back to shareholders. However, you also have the lowest dividend breakeven not just in Canada but in the industry. What would it take for you to pivot more towards more meaningful and more frequent dividend bumps as opposed to focusing on what might be perceived as pro-cyclical buybacks? I'll leave it there. Thank you. Thanks, Doug. You know, I think it's important to ensure that we have the capacity to be able to do both buybacks and also continue on with our dividends. 26-year growth of our annual dividends. Both of those are meaningf...