NYSE$CNQ
Canadian Natural Resources Ltd · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Canadian Natural Q2 2025: $2.5B net earnings, 1.42 MBOE/d production despite AOSP turnaround
Canadian Natural Resources reported Q2 2025 results for the quarter ended June 30, 2025 on August 7, 2025. Net earnings were $2.46 billion ($1.17 per diluted share), while adjusted net earnings from operations were $1.50 billion ($0.71 per share). Product sales totaled $9.68 billion and adjusted funds flow was $3.26 billion ($1.56 per share). Production averaged 1,420,358 BOE/d including 1,019,149 bbl/d of liquids and 2,407 MMcf/d of natural gas, up roughly 10% from Q2 2024 despite a planned AOSP turnaround that reduced volumes by about 120,000 BOE/d. The company returned approximately $1.6 billion to shareholders via $1.2 billion in dividends and $0.4 billion in share repurchases, and maintained approximately $4.8 billion of liquidity.
- Net earnings of $2.46B ($1.17/sh) and adjusted net earnings from operations of $1.50B ($0.71/sh).
- Product sales of $9.68B; adjusted funds flow of $3.26B ($1.56/sh) and operating cash flow of $3.11B.
- Production averaged 1.42 MBOE/d (+10% YoY) despite AOSP turnaround; oil sands SCO averaged 463,808 bbl/d (+13%).
- Returned ~$1.6B to shareholders: $1.2B dividends and $0.4B buybacks (~8.6M shares at $41.46 avg).
- Closed Palliser Block acquisition in late June; subsequent Montney acquisition added ~32,000 BOE/d in July.
Headline financials
Revenue & EPS history
CNRL · Revenue · Quarterly
C$9.68B
Revenue by segment
CNRL · C$9.21B total across 2 segments · Q2 2025
- Crude oil and NGLs product salesC$8.61B—93.5%
- Natural gas product salesC$600M—6.5%
Forward guidance
Company targets similar 2025 shareholder returns as 2024 despite allocating only 60% of free cash flow to returns, and aims to reduce year-end 2025 net debt by approximately $2 billion from 2024 levels. Production and capital guidance to be updated upon closing of the AOSP swap targeted for Q3 2025.
Tailwinds
- Strong post-turnaround oil sands utilization with July SCO ~602,000 bbl/d at 106% upgrader utilization
- Accretive acquisitions and multilateral drilling program expanding production capacity
Headwinds
- International E&P volumes down 60% due to Baobab FPSO life-extension project suspension
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 Q2 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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