NYSE$CNQ
Canadian Natural Resources Ltd · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
Canadian Natural hits record Q1 production and cuts 2025 capex by $100M
Canadian Natural Resources delivered record first-quarter 2025 production of 1,582,348 BOE/d, including record liquids of 1,173,804 bbl/d and natural gas of 2,451 MMcf/d. Net earnings were $2,458 million, or $1.17 per share, compared with $987 million and $0.46 a year earlier, while adjusted net earnings from operations were $2,436 million, or $1.16 per share. Adjusted funds flow reached $4.53 billion, or $2.16 per share. Oil Sands Mining and Upgrading achieved record 595,116 bbl/d of SCO at industry-leading operating costs of $21.88/bbl. The company returned $1.7 billion to shareholders and reduced net debt by $1.4 billion. Management trimmed the 2025 capital budget by $100 million to $6.05 billion without changing production targets.
- Record quarterly production of 1.58M BOE/d; SCO output hit 595,116 bbl/d with 106% upgrader utilization.
- Net earnings $2.46B ($1.17/share); adjusted net earnings $2.44B ($1.16/share); adjusted funds flow $4.53B.
- Returned ~$1.7B to shareholders via dividends and buybacks; net debt reduced ~$1.4B in the quarter.
- 2025 capital budget cut $100M to $6.05B due to cost efficiencies with no change to production targets.
- Quarterly dividend raised 4% to $0.5875/share; 25th consecutive year of dividend increases.
Headline financials
Revenue & EPS history
CNRL · Revenue · Quarterly
C$10.8B
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
2025 capital forecast reduced by $100 million to $6.05 billion excluding abandonment, with no impact to planned operating activities or targeted production levels.
Tailwinds
- Cost efficiencies captured across operations enabling capex reduction
- Duvernay integration exceeding planned value creation
Headwinds
- AOSP turnaround from April 4 expected to reduce net annual production ~31,000 bbl/d
- Baobab suspended production for FPSO life extension through Q2 2026
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 Q4 2024
+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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