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CNQ

Canadian Natural Resources Limited

CNQ

Canadian Natural Resources Limited • NYSE
$33.77 ▲ 1.35% (+0.45)
Market Cap $70.35 B
52w High $34.97
52w Low $24.65
Dividend Yield 1.66%
P/E 14.94
Volume 2.17M
Outstanding Shares 2.08B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.516B ▼ $215M ▼ $600M ▼ 6.305% ▼ $0.29 ▼ $3.886B ▼
Q2-2025 $9.675B ▼ $249M ▼ $2.459B ▲ 25.416% ▲ $1.17 $4.812B ▼
Q1-2025 $12.712B ▲ $269M $2.458B ▲ 19.336% ▲ $1.17 ▲ $5.225B ▲
Q4-2024 $11.064B ▲ $269M ▲ $1.138B ▼ 10.286% ▼ $0.54 ▼ $3.71B ▼
Q3-2024 $10.401B $177M $2.266B 21.786% $1.07 $4.561B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $113M ▲ $85.589B ▲ $45.128B ▲ $40.461B ▼
Q2-2025 $102M ▲ $85.268B ▲ $43.97B ▼ $41.298B ▲
Q1-2025 $93M ▼ $84.814B ▼ $44.369B ▼ $40.445B ▲
Q4-2024 $131M ▼ $85.359B ▲ $45.891B ▲ $39.468B ▼
Q3-2024 $721M $75.081B $35.184B $39.897B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $600M ▼ $3.94B ▲ $-2.234B ▼ $-1.695B ▼ $11M ▲ $1.816B ▲
Q2-2025 $2.459B ▲ $3.114B ▼ $-1.941B ▼ $-1.164B ▲ $9M ▲ $1.199B ▼
Q1-2025 $2.458B ▲ $4.284B ▲ $-1.312B ▲ $-3.01B ▼ $-38M ▲ $2.987B ▲
Q4-2024 $1.138B ▼ $3.432B ▲ $-10.414B ▼ $6.392B ▲ $-590M ▼ $2.132B ▲
Q3-2024 $2.266B $3.002B $-1.274B $-1.922B $-194M $1.653B

Five-Year Company Overview

Income Statement

Income Statement CNQ’s income statement shows a classic commodity cycle story, but with a strong profitability base. Revenue and profits rebounded sharply after the 2020 downturn, peaked when energy prices were high, and have eased since, yet remain well above crisis levels. Margins are still healthy, reflecting low operating costs and disciplined spending. Earnings have come down from the exceptional highs of 2022 but are still solidly positive, indicating the business can stay profitable even in a more “normal” price environment. The key watch-point is that results will remain sensitive to oil and gas prices, so reported profits can swing meaningfully year to year.

Balance Sheet

Balance Sheet The balance sheet looks generally robust for a large resource producer. Asset levels have been stable to slightly higher, while shareholder equity has steadily grown, which points to accumulated retained earnings over time. Debt was cut down significantly after 2020, improving leverage, although borrowings have ticked up more recently and are worth monitoring. Cash on hand is quite small, but that is common for a company with strong, ongoing cash generation and good access to capital markets. Overall, CNQ appears to be operating from a position of financial strength, though it is still meaningfully leveraged to a capital‑intensive, cyclical industry.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow surged after 2020 and, while off the 2022 peak, remains very strong. The company consistently spends heavily on capital projects, but still leaves substantial free cash flow after those investments. That free cash flow gives CNQ flexibility to reduce debt, fund growth projects, and return money to shareholders. The trend suggests a business that can self-fund its development rather than relying heavily on new borrowing, as long as commodity prices do not collapse for an extended period.

Competitive Edge

Competitive Edge CNQ holds a powerful competitive position built on long-life, low‑decline oil sands and diversified conventional assets. Its production mix spans heavy and light oil, bitumen, synthetic crude, and natural gas, which smooths out some of the bumps from price swings in any single product. A key advantage is its relatively low cost of production, allowing it to stay profitable when weaker competitors struggle. Ownership of midstream infrastructure, including pipelines and marketing capabilities, further strengthens its position by improving market access and reducing dependence on third parties. The main competitive risks come from global supply dynamics, evolving environmental regulations, and long‑term shifts in energy demand.

Innovation and R&D

Innovation and R&D Innovation at CNQ is very focused on practical efficiency and environmental performance rather than on traditional lab-style R&D. The company is pushing new extraction methods, like in-pit extraction and solvent‑assisted processes, aimed at reducing emissions, cutting water use, and speeding up land reclamation. It is also heavily involved in carbon capture initiatives and in collaborative industry efforts to move toward lower‑carbon operations. Projects that turn waste streams into valuable materials highlight a mindset of squeezing more value from existing assets. The big opportunity is to maintain cost and emissions advantages as regulations tighten; the risk is execution on complex, capital‑intensive technologies and reliance on supportive policy and infrastructure (such as pipelines and CCUS networks).

Summary

CNQ combines a strong operating engine, sizeable free cash flow, and a durable asset base with the inherent volatility of a fossil-fuel producer. Financial results have normalized from exceptional highs but remain robust, with a healthier balance sheet than earlier in the decade and continued strong cash generation. The company’s low-cost structure, diversified production mix, and owned infrastructure provide a meaningful competitive edge, while its innovation efforts target both cost savings and emissions reductions. Over the long run, performance will be shaped by commodity prices, regulatory and carbon policy, execution on large projects, and the pace of the global energy transition. CNQ appears well equipped to compete in today’s energy landscape, but its outcomes will naturally remain cyclical and policy‑sensitive.

NEWS

November 6, 2025 · 5:00 AM UTC

Canadian Natural Resources Limited Announces 2025 Third Quarter Results

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November 3, 2025 · 5:00 AM UTC

Canadian Natural Resources Limited Announces Closing of AOSP Swap Transaction and Updated 2025 Guidance

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