CNQ · Canadian Natural Resources Limited

Summary

Canadian Natural Resources Limited announced record 2025 annual production of 1,571 MBOE/d and adjusted net earnings of $7.4 billion, reduced net debt to under $16 billion, increased the quarterly dividend by 6.4% to $0.625 per share, and updated 2026 guidance with lower operating capital by $310 million and higher production range of 1,615-1,665 MBOE/d.

Key takeaways

• Record 2025 annual production 1,571 MBOE/d, up 15% from 2024
• Adjusted net earnings $7.4 billion, adjusted funds flow $15.5 billion in 2025
• Net debt reduced $2.7 billion to under $16 billion at Dec 31, 2025
• Quarterly dividend increased 6.4% to $0.625/share, payable April 7, 2026
• 2026 operating capital reduced $310 million to $5,990 million
• 2026 production guidance raised to 1,615-1,665 MBOE/d