The earnings call highlighted strong operational performance, effective cost management, and strategic acquisitions contributing to production growth and shareholder value. However, challenges such as acquisition delays and production declines in certain areas were noted.

Company Guidance -

Q3 2025

During the Canadian Natural's 2025 Second Quarter Earnings Conference Call, the company highlighted strong operational performance and strategic acquisitions that set the stage for a robust second half of the year. The completion of a planned turnaround at AOSP five days ahead of schedule bolstered production, with July 2025 oil sands mining and upgrading production averaging approximately 602,000 barrels per day and upgrader utilization reaching 106%. Despite a planned reduction in production at AOSP by about 120,000 barrels per day, quarterly production volumes still totaled around 1.420 million BOEs per day. The company closed the Palliser Block acquisition, which was delayed from March to June, adding only 2,000 barrels per day to the second quarter production but included significant land and drilling inventory. Additionally, an acquisition of Montney assets added approximately 32,000 BOEs per day of production. The acquisitions are expected to contribute to maintaining a steady full-year capital budget while enhancing cash flow. The company achieved adjusted fund flow of approximately $3.3 billion and adjusted net earnings of $1.5 billion for the quarter, with shareholder returns amounting to $1.6 billion. The accretive acquisitions are anticipated to generate similar shareholder returns in 2025 as in 2024, despite allocating a smaller percentage of free cash flow to shareholder returns this year.

Strong Operational Performance and Production Growth

Despite a planned turnaround at AOSP, total corporate production in Q2 2025 was up approximately 135,000 BOEs per day from Q2 2024, reflecting opportunistic acquisitions and organic growth.

Accretive Acquisitions

Closed the Palliser Block and Montney assets acquisitions, adding a combined 82,000 BOEs per day of production and significant light oil and liquids-rich inventory.

Improved Cost Efficiency

Heavy oil operating costs and light oil and NGL operations costs decreased, reflecting higher production volumes and operational efficiencies.

Financial Strength and Shareholder Returns

Adjusted fund flow was approximately $3.3 billion with adjusted net earnings of $1.5 billion. Returns to shareholders were $1.6 billion in the quarter.

Canadian Natural (CNQ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CNQ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.58 / -	0.702	―	―	―
Aug 07, 2025	2025 (Q2)	0.45 / 0.51	0.637	-19.32% (-0.12)	―	―
May 08, 2025	2025 (Q1)	0.75 / 0.84	0.496	69.34% (+0.34)	―
Mar 06, 2025	2024 (Q4)	0.67 / 0.67	0.847	-20.51% (-0.17)	―
Oct 31, 2024	2024 (Q3)	0.66 / 0.70	0.937	-25.10% (-0.24)	―
Aug 01, 2024	2024 (Q2)	0.58 / 0.64	0.412	54.66% (+0.23)	―
May 02, 2024	2024 (Q1)	0.51 / 0.50	0.612	-18.93% (-0.12)	―
Feb 29, 2024	2023 (Q4)	0.78 / 0.85	0.709	19.39% (+0.14)	―
Nov 02, 2023	2023 (Q3)	0.88 / 0.94	1.118	-16.18% (-0.18)	―
Aug 03, 2023	2023 (Q2)	0.39 / 0.41	1.194	-65.52% (-0.78)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CNQ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$31.34	$30.43	-2.90%
May 08, 2025	$28.40	$29.65	+4.40%
Mar 06, 2025	$26.71	$27.23	+1.95%
Oct 31, 2024	$32.88	$32.72	-0.49%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Canadian Natural Resources (CNQ) report earnings?

Canadian Natural Resources (CNQ) is schdueled to report earning on Oct 30, 2025, Before Open (Confirmed).

What is Canadian Natural Resources (CNQ) earnings time?

Canadian Natural Resources (CNQ) earnings time is at Oct 30, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is CNQ EPS forecast?

CNQ EPS forecast for the fiscal quarter 2025 (Q3) is 0.58.

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