NYSE$CNQ
Canadian Natural Resources Ltd · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Canadian Natural Resources posted strong earnings and record production across all categories in Q1 2025.
CNRL delivered robust financial and operational performance, achieving record production and strong free cash flow, while also reducing its capital budget without affecting planned production.
- Revenue reached CAD 10.94 billion with significant growth across segments.
- Net income more than doubled year-over-year to CAD 2.46 billion.
- Record daily production of 1,582,348 BOE/d driven by Oil Sands and natural gas.
- Free cash flow rose to CAD 1.855 billion, enabling a $100 million capex reduction.
Headline financials
Revenue & EPS history
CNRL · Revenue · Quarterly
$7.62B
Revenue by segment
CNRL · $9.21B total across 2 segments · Q2 2025
- Crude oil and NGLs product sales$8.61B—93.5%
- Natural gas product sales$600M—6.5%
Forward guidance
CNRL expects to maintain strong production and reduce capital spending while continuing debt reduction and shareholder returns.
Tailwinds
- Capital budget reduced by CAD 100 million without affecting output.
- 2025 production guidance remains unchanged.
- Free cash flow to continue supporting shareholder returns.
- Liquidity of CAD 5.1 billion enables financial flexibility.
- Dividend increased for 25th consecutive year.
Headwinds
- Planned AOSP turnaround to reduce net annual production by 31,000 bbl/d.
- SCO premium weakened compared to previous quarter.
- International production down due to Baobab suspension.
- SCO pricing showed a discount to WTI in Q1.
- Volatile macroeconomic environment and energy demand outlook remain risks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
+1.6%
Avg return
Earnings day
+1.9%
Avg return
5 days after
+4.4%
Avg return
30 days after
65%
40 / 62 earnings
Positive
+15.0%
Q4 2015
Best reaction
-9.1%
Q3 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.0% | +2.8% | +0.2% | |
| Q3 2025 | -1.3% | +1.6% | +8.7% | |
| Q2 2025 | -3.0% | -4.6% | -3.1% | |
| Q4 2024 | +1.9% | +12.0% | +9.8% | |
| Q1 2025 | +4.2% | +12.0% | +9.8% | |
| Q1 2024 | -0.4% | +2.0% | +2.5% | |
| Q4 2023 | +8.8% | +7.7% | +15.2% | |
| Q3 2023 | +3.5% | -1.4% | +4.9% | |
| Q2 2023 | +2.8% | +2.9% | +9.6% | |
| Q1 2023 | +2.6% | +1.5% | -0.2% | |
| Q4 2022 | +4.0% | -0.4% | -4.5% | |
| Q3 2022 | +2.1% | +1.5% | +0.1% | |
| Q2 2022 | -0.3% | +1.1% | +7.8% | |
| Q1 2022 | -2.9% | -11.0% | +3.1% | |
| Q4 2021 | -0.8% | +3.6% | +9.4% | |
| Q3 2021 | +2.6% | +2.6% | -4.8% | |
| Q2 2021 | +3.3% | +4.7% | +8.5% | |
| Q1 2021 | +5.7% | +3.1% | +15.7% | |
| Q4 2020 | +4.4% | +2.7% | +6.2% | |
| Q3 2020 | -2.1% | +24.2% | +50.1% | |
| Q2 2020 | +6.0% | +9.4% | +5.0% | |
| Q1 2020 | +7.5% | +10.3% | +40.6% | |
| Q4 2019 | -8.7% | -35.2% | -46.3% | |
| Q3 2019 | +7.9% | +8.0% | +13.3% | |
| Q2 2019 | -5.7% | -6.2% | -5.5% | |
| Q1 2019 | +0.8% | -0.8% | -4.8% | |
| Q4 2018 | +0.2% | +2.2% | +7.4% | |
| Q3 2018 | +4.8% | +9.2% | -7.9% | |
| Q2 2018 | -1.9% | -4.0% | -5.9% | |
| Q1 2018 | -1.5% | -5.0% | -4.5% | |
| Q4 2017 | -1.8% | -1.7% | +0.0% | |
| Q3 2017 | +2.9% | +3.3% | +0.6% | |
| Q2 2017 | +4.6% | +4.9% | +1.8% | |
| Q1 2017 | -1.7% | -2.2% | -8.5% | |
| Q4 2016 | +8.3% | +6.8% | +13.8% | |
| Q3 2016 | -4.9% | -3.0% | +8.4% | |
| Q2 2016 | +2.2% | +4.1% | +5.7% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +15.0% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +2.1% | — | — | |
| Q1 2015 | -1.1% | — | — | |
| Q4 2014 | +0.3% | — | — | |
| Q3 2014 | +7.1% | — | — | |
| Q2 2014 | +0.0% | — | — | |
| Q1 2014 | -3.7% | — | — | |
| Q4 2013 | +1.4% | — | — | |
| Q3 2013 | +1.3% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +1.9% | — | — | |
| Q4 2012 | +4.1% | — | — | |
| Q3 2012 | +2.3% | — | — | |
| Q2 2012 | -0.2% | — | — | |
| Q1 2012 | +2.5% | — | — | |
| Q4 2011 | +5.4% | — | — | |
| Q3 2011 | -9.1% | — | — | |
| Q2 2011 | +2.7% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +1.7% | — | — | |
| Q3 2010 | +5.3% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +7.0% | — | — |
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