$CNQ · CANADIAN NATURAL RESOURCES Ltd
Canadian Natural Resources reported Q3 2026 results: net earnings of $2.997B ($1.46/share), adjusted net earnings of $3.427B ($1.67/share), and adjusted funds flow of $5.522B ($2.68/share). Production was 1,651,720 BOE/d, up 2% YoY. The company achieved its $13B net debt target, with net debt at $12.1B, and declared a $0.625 quarterly dividend (annualized $2.50).
- Net earnings $2.997B ($1.46/share) vs $600M ($0.29/share) a year ago.
- Adjusted funds flow $5.522B ($2.68/share); adjusted net earnings $3.427B ($1.67/share).
- Net debt hit $12.1B, below the $13B target; 100% of free cash flow now to buybacks.
- Buyback pace set at $800M/month for Nov and Dec 2026.
- Dividend raised to $0.625/quarter ($2.50 annualized), 26 consecutive years of growth.
Shares closed at $49.29, down 0.71% on the day despite the buyback acceleration and dividend increase, suggesting the market had largely priced in the capital-return shift.
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CNQ's pivot to 100% free-cash-flow buybacks after deleveraging mirrors the broader Canadian oil-sands playbook of returning capital once balance-sheet targets are met.
Commodity price declines (noted lower prices vs Q2) and the planned Horizon turnaround reduced volumes by ~75,000 bbl/d in the quarter; buyback pace is subject to market conditions.