Canadian Natural Resources Limited (CNQ) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you. Thank you. . . . . Thank you. Thank you. Thank you. . . . . Thank you. Thank you. Thank you. Thank you. ¶¶ Thank you. Thank you. ¶¶ Good morning. You would like to welcome everyone to Canadian Natural's 2025 fourth quarter and year-end earnings conference call and webcast. After the presentation, we will conduct a question and answer session. Instructions will be given at that time. Please know that this call is being recorded today, March 5th, 2026, at 9 a.m. Mountain Time. I'd now like to turn the conference over to your host for today's call, Lance Cashin, Manager of Investor Relations. Thank you and good morning everyone. Thank you for joining Canadian Natural's 2025 fourth quarter and year-end results conference call. As always, I'd like to remind you of our forward-looking statements and it should be noted that in our reporting disclosures, everything is in Canadian dollars unless otherwise stated and we report our reserves and production before our royalties. Also, I would suggest you review the advisory section in our financial statements that includes comments on non-GAAP disclosures. Speaking on today's call will be Scott Stealth, our President, Robin Zabeck, CEO of E&P, and Victor Durrell, our Chief Financial Officer. Additionally in the room with us this morning is Jay Frock, CEO of OilSounds. Scott will first run through our strategic updates and our strong operational performance that once again included numerous production records in the quarter and annually. Next, Robin will provide highlights of our growing, high-value reserves that are significant when compared to other major oil and gas companies. And Victor will summarize our strong financial results and our significant returns to shareholders in the year, along with details on the enha...