Manav Gupta
Analyst, UBS
Replay available
Canadian Natural Resources Limited (CNQ) Q1 2026 Earnings Call
Canadian Natural Resources Limited (NYSE: CNQ) Q1 2026 earnings conference call, held 2026-05-07. Replay captured from the company's public earnings webcast.
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Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:03.092 to some of those glyphosate elements? 00:00:03.475 -- 00:00:08.781 Yeah, Doug, I think it's continued with the 00:00:08.781 -- 00:00:14.107 messaging that we have been talking about for some time now. 00:00:14.107 -- 00:00:19.313 In order to expand the growth and have 00:00:19.313 -- 00:00:22.577 growth in oil sands operations, 00:00:22.577 -- 00:00:28.499 we need to be able to have the egress capacity long-term to do so, 00:00:28.499 -- 00:00:31.663 As you know, Doug, there's significant 00:00:31.663 -- 00:00:34.224 upside for 00:00:34.287 -- 00:00:36.910 volume development in oil sands, 00:00:36.910 -- 00:00:40.973 and we need a regulatory framework 00:00:41.997 -- 00:00:46.262 and a fiscal framework that will allow us 00:00:46.262 -- 00:00:51.049 to enact on that capacity to grow those volumes. 00:00:51.049 -- 00:00:56.195 And over a very long period of time, of a decade or so in Canada, we have not 00:00:56.195 -- 00:00:59.621 had the environment 00:00:59.621 -- 00:01:04.988 regulatory-wise to be able to do so. So we're hopeful that 00:01:04.988 -- 00:01:10.075 through the MOU and working together with the rest of the oil sands 00:01:10.075 -- 00:01:14.581 members and both levels of government, that we can come to terms 00:01:14.581 -- 00:01:20.549 on an agreement that will work and bring those investment dollars towards those long-term 00:01:20.549 -- 00:01:26.415 projects. And we're hopeful that we'll be able to do that in short order here, Doug. 00:01:26.887 -- 00:01:29.771 very clear, and I hope that people are listening. 00:01:29.771 -- 00:01:35.841 My follow-up, very quickly, is on the dividend and the cash return strategy generally. 00:01:35.841 -- 00:01:40.768 There is always a risk of perception in this business of pos...