Canadian Natural Resources
Produces crude oil and natural gas from oil-sands and conventional assets centered in Western Canada.
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Profile
Produces synthetic crude, bitumen, heavy and light oil, natural-gas liquids, and natural gas through a portfolio concentrated in Western Canada. Long-life oil-sands mining and thermal assets anchor production, while commodity prices, pipeline access, environmental rules, and operating execution shape cash flow.
Produces synthetic crude oil, thermal bitumen, heavy and light crude, natural-gas liquids, and natural gas across Exploration and Production, Oil Sands Mining and Upgrading, and smaller Midstream and Refining activities.
Operations are concentrated in Western Canada, with additional production in the U.K. North Sea and offshore Africa. Long-life, low-decline oil-sands mining, thermal in-situ, and Pelican Lake assets anchor the portfolio, while Horizon and AOSP convert mined bitumen into synthetic crude.
Execution centers on operating acquired assets efficiently and consolidating ownership around existing Canadian hubs. Cash flow depends on crude-oil and natural-gas prices, pipeline access, environmental and carbon rules, project approvals, and safe control of mining and steam-based operations.
Company facts
Key statistics
Year to date +42.8% · Average volume (30d) 5.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Jan 2, 2026 | Goldman Sachs | Reiterate | Buy | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $1.43 | $1.53 | +7.0% | $9.40B | $10.39B | +10.5% | +1.56% |
| May 7, 2026Q1 FY26 | $0.74 | $0.85 | +14.9% | $7.57B | $7.76B | +2.4% | −0.47% |
| Mar 5, 2026Q4 FY25 | $0.53 | $0.59 | +11.3% | $7.04B | $7.01B | −0.4% | +2.18% |
| Nov 6, 2025Q3 FY25 | $0.54 | $0.62 | +14.8% | $6.64B | $6.82B | +2.8% | +0.54% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $9.14B | $6.96B | $6.85B | $7.70B | $7.80B | $12.38B | |
| Gross profit | $2.56B | $1.66B | $3.31B | $1.54B | $2.50B | $4.61B | |
| Operating income | $2.37B | $1.48B | $3.16B | $1.29B | $1.93B | $4.57B | |
| Net income | $1.77B | $1.77B | $431.6M | $3.81B | $972.2M | $3.24B | |
| Diluted EPS | $0.84 | $0.84 | $0.21 | $1.83 | $0.46 | $1.55 | |
| Gross margin | 28.0% | 23.9% | 48.4% | 20.0% | 32.1% | 37.2% | |
| Operating margin | 25.9% | 21.3% | 46.1% | 16.8% | 24.7% | 36.9% |
Fiscal years (4-quarter sums)FY21 $22.32B · FY22 $34.68B · FY23 $28.03B · FY24 $29.86B · FY25 $30.65B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.88B · Total debt $12.33B · Total assets $69.48B · Shareholders' equity $33.66B
Dividends
Raised for 6 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 23, 2026 | Jun 23 | Jul 7 | $0.4402 | cut from $0.4568 |
| Jun 22, 2026 | Jun 19 | Jul 7 | $0.4568 | cut from $0.4582 |
| Jun 19, 2026 | Jun 19 | Jul 7 | $0.4582 | raised from $0.4551 |
| Mar 20, 2026 | Mar 20 | Apr 7 | $0.4551 | raised from $0.4263 |
| Dec 12, 2025 | Dec 12 | Jan 6 | $0.4263 | cut from $0.4266 |
| Sep 19, 2025 | Sep 19 | Oct 3 | $0.4266 | cut from $0.4327 |
| Jun 13, 2025 | Jun 13 | Jul 3 | $0.4327 | raised from $0.4092 |
| Mar 21, 2025 | Mar 21 | Apr 4 | $0.4092 | raised from $0.3951 |
Ownership
Shares outstanding 2.09B · Float 2.03B · 97.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 217.96M | 10.45% | 13F | Aug 12, 2026 |
| Royal Bank of Canada | 137.61M | 6.60% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 117.86M | 5.70% | 13G | Jul 27, 2026 |
| Capital Research Global Investors | 116.07M | 5.56% | 13F | Aug 12, 2026 |
| Bank of Montreal /Can/ | 64.79M | 3.11% | 13F | Aug 12, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Suncor Energy
Closest peer across mined oil sands, upgrading and thermal bitumen
- Cenovus Energy
Broad overlap in thermal oil sands, heavy oil and refining
- Imperial Oil
Direct rival in mined oil sands, thermal bitumen and upgrading
- ConocoPhillips
Oil-sands and Montney overlap through Surmont and British Columbia
- Accelerant
Montney gas and condensate peer in Alberta and northeast BC
- Ovintiv
Montney peer in natural gas, condensate and NGLs
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Canadian Natural Resources | $49.00 | −0.02% | $102.18B | 12.1 | 17.8 | 3.0 | +46.3% |
| Suncor Energy | $65.72 | +0.44% | $77.26B | 12.1 | 11.5 | 1.8 | +31.9% |
| Cenovus Energy | $31.66 | +0.25% | $58.24B | 12.3 | 11.8 | 1.5 | +61.4% |
| Imperial Oil | $130.83 | +0.34% | $63.94B | 20.3 | 13.4 | 1.6 | +88.9% |
| ConocoPhillips | $129.95 | −0.32% | $158.80B | 17.3 | 13.4 | 2.5 | +39.7% |
| Accelerant | $19.73 | −0.05% | $4.31B | — | 22.9 | 4.1 | +74.8% |
| Ovintiv | $64.59 | −0.02% | $17.87B | 18.6 | 9.2 | 1.9 | +30.0% |
| Median | 17.3 | 12.6 | 1.8 | +50.5% |