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Canadian Natural Q1 Earnings & Revenues Beat Estimates, Increase YoY
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Key Takeaways
CNQ posted Q1 adjusted EPS of 85 cents, topping estimates on higher gas prices.
Canadian Natural returned nearly C$1.5B to its shareholders via dividends and buybacks.
CNQ's Q1 production rose 3.8% YoY, driven by higher oil and NGL and natural gas output.
Canadian Natural Resources Limited (CNQ - Free Report) reported first-quarter 2026 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate of 74 cents and increased from 81 cents in the year-ago quarter. The outperformance can be attributed to strong operational performance and higher realized natural gas prices.
Total revenues of $7.9 billion increased from $7.6 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $7.5 billion.
Canadian Natural Resources Limited Price, Consensus and EPS Surprise
On May 6, CNQ’s board of directors approved a quarterly cash dividend of 62.5 Canadian cents per common share. The dividend will be payable on July 7, 2026, to its shareholders of record as of the close of business on June 19. This marks the company's continued commitment to returning value to its shareholders.
This commitment is further evidenced by CNQ's impressive track record of growing and sustaining its dividend for 26 years, boasting a remarkable 20% annual growth rate over that period.
In the first quarter of 2026, the company returned around C$1.5 billion directly to its shareholders. This included C$1.2 billion in dividends and C$0.3 billion from the repurchase.
The oil and gas exploration and production company delivered strong financial results in the first quarter of 2026, highlighted by net earnings of approximately C$1.3 billion. Furthermore, CNQ reported robust adjusted net earnings from operations of approximately C$2.4 billion. This strong performance was also reflected in its cash flow. Cash flows from operating activities totaled approximately C$3.3 billion, and adjusted funds flow also reached approximately C$4.4 billion.
Up to May 6, 2026, the Calgary-based company delivered significant returns to its shareholders, amounting to approximately C$3.2 billion. This total was composed of C$2.5 billion in dividends and C$0.7 billion through the repurchase.
CNQ’s Q1 Production & Prices
Canadian Natural reported quarterly production of 1,643,160 barrels of oil equivalent per day (Boe/d), up 3.8% from the prior-year quarter’s level. The figure missed our estimate of 1,646,471Boe/d.
The oil and NGL output (accounting for around 73% of total volumes) increased to 1,198,079barrels per day (Bbl/d) from 1,173,804 Bbl/d recorded a year ago. The figure missed our estimate of 1,208,025Bbl/d.
Natural gas volumes totaled 2,670 million cubic feet per day (MMcf/d), up 8.9% from the 2,451 MMcf/d recorded in the year-ago period. The figure beat our estimate of 2,631 MMcf/d.
Natural gas production in North America reached 2,668 MMcf/d in the first quarter of 2026 compared with 2,436 MMcf/d in the first quarter of 2025. The figure beat our estimate of 2,619 MMcf/d.
Exploration and production activities in North America, not including thermal in situ methods, reported an average output of 328,591 Bbl/d. This indicates an 18.8% year-over-year increase during this quarter. Meanwhile, thermal in situ production volume decreased to 274,674 Bbl/d from 284,706 Bbl/d recorded a year ago. The figure beat our estimate of 274,000 Bbl/d.
The Oil Sands Mining and Upgrading operations in North America reported an average output of 587,946 Bbl/d of synthetic crude oil. This represented a 1.2% decrease from the prior-year quarter’s levels of 595,116 Bbl/d.
The realized natural gas price increased 6.1% to C$3.32 per thousand cubic feet from the year-ago level of C$3.13. The realized oil and NGL price decreased 4.8% to C$76.02 per barrel from C$79.85 in the first quarter of 2025.
The company also achieved industry-leading operating costs for Oil Sands Mining and Upgrading, amounting to C$23.73 per barrel in the first quarter of 2026.
CNQ’s Q1 Costs & Capital Expenditure
Total expenses in the quarter were C$9 billion, up from C$7.8 billion recorded in the year-ago period. The rise was mainly due to an increase in share-based compensation provided by the company.
Capital expenditure totaled C$2 billion compared with C$1.3 billion a year ago.
CNQ’s Balance Sheet
As of March 31, 2026, CNQ had cash and cash equivalents worth C$808 million and long-term debt of approximately C$16.5 billion, with a debt to capitalization of about 27%.
CNQ’s 2026 Guidance
Canadian Natural’s management remains focused on executing its prudent and efficient 2026 capital program as outlined in its updated 2026 guidance previously provided in the month of March. The company is focused on continuing its short- and medium-term growth plans across its top-tier asset base.
While we have discussed CNQ’s first-quarter results in detail, let us take a look at three other key reports in this space.
TC Energy Corporation (TRP - Free Report) reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion. The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
Northern Oil and Gas, Inc. (NOG - Free Report) reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.
As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.
Imperial Oil Limited (IMO - Free Report) reported first-quarter 2026 adjusted earnings per share of $1.41, which missed the Zacks Consensus Estimate of $1.67 and decreased from the year-ago quarter’s $1.75 due to lower net income in the upstream segment and a lower average realized price for synthetic crude.
Revenues of $9.1 billion missed the Zacks Consensus Estimate of $9.8 billion due to weak performance in both the Upstream and Downstream segments. However, the top line increased from the year-ago quarter’s level of $8.7 billion.
As of March 31, 2026, Imperial Oil had cash and cash equivalents of C$1 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.9%.
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Canadian Natural Q1 Earnings & Revenues Beat Estimates, Increase YoY
Key Takeaways
Canadian Natural Resources Limited (CNQ - Free Report) reported first-quarter 2026 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate of 74 cents and increased from 81 cents in the year-ago quarter. The outperformance can be attributed to strong operational performance and higher realized natural gas prices.
Total revenues of $7.9 billion increased from $7.6 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $7.5 billion.
Canadian Natural Resources Limited Price, Consensus and EPS Surprise
Canadian Natural Resources Limited price-consensus-eps-surprise-chart | Canadian Natural Resources Limited Quote
On May 6, CNQ’s board of directors approved a quarterly cash dividend of 62.5 Canadian cents per common share. The dividend will be payable on July 7, 2026, to its shareholders of record as of the close of business on June 19. This marks the company's continued commitment to returning value to its shareholders.
This commitment is further evidenced by CNQ's impressive track record of growing and sustaining its dividend for 26 years, boasting a remarkable 20% annual growth rate over that period.
In the first quarter of 2026, the company returned around C$1.5 billion directly to its shareholders. This included C$1.2 billion in dividends and C$0.3 billion from the repurchase.
The oil and gas exploration and production company delivered strong financial results in the first quarter of 2026, highlighted by net earnings of approximately C$1.3 billion. Furthermore, CNQ reported robust adjusted net earnings from operations of approximately C$2.4 billion. This strong performance was also reflected in its cash flow. Cash flows from operating activities totaled approximately C$3.3 billion, and adjusted funds flow also reached approximately C$4.4 billion.
Up to May 6, 2026, the Calgary-based company delivered significant returns to its shareholders, amounting to approximately C$3.2 billion. This total was composed of C$2.5 billion in dividends and C$0.7 billion through the repurchase.
CNQ’s Q1 Production & Prices
Canadian Natural reported quarterly production of 1,643,160 barrels of oil equivalent per day (Boe/d), up 3.8% from the prior-year quarter’s level. The figure missed our estimate of 1,646,471Boe/d.
The oil and NGL output (accounting for around 73% of total volumes) increased to 1,198,079barrels per day (Bbl/d) from 1,173,804 Bbl/d recorded a year ago. The figure missed our estimate of 1,208,025Bbl/d.
Natural gas volumes totaled 2,670 million cubic feet per day (MMcf/d), up 8.9% from the 2,451 MMcf/d recorded in the year-ago period. The figure beat our estimate of 2,631 MMcf/d.
Natural gas production in North America reached 2,668 MMcf/d in the first quarter of 2026 compared with 2,436 MMcf/d in the first quarter of 2025. The figure beat our estimate of 2,619 MMcf/d.
Exploration and production activities in North America, not including thermal in situ methods, reported an average output of 328,591 Bbl/d. This indicates an 18.8% year-over-year increase during this quarter. Meanwhile, thermal in situ production volume decreased to 274,674 Bbl/d from 284,706 Bbl/d recorded a year ago. The figure beat our estimate of 274,000 Bbl/d.
The Oil Sands Mining and Upgrading operations in North America reported an average output of 587,946 Bbl/d of synthetic crude oil. This represented a 1.2% decrease from the prior-year quarter’s levels of 595,116 Bbl/d.
The realized natural gas price increased 6.1% to C$3.32 per thousand cubic feet from the year-ago level of C$3.13. The realized oil and NGL price decreased 4.8% to C$76.02 per barrel from C$79.85 in the first quarter of 2025.
The company also achieved industry-leading operating costs for Oil Sands Mining and Upgrading, amounting to C$23.73 per barrel in the first quarter of 2026.
CNQ’s Q1 Costs & Capital Expenditure
Total expenses in the quarter were C$9 billion, up from C$7.8 billion recorded in the year-ago period. The rise was mainly due to an increase in share-based compensation provided by the company.
Capital expenditure totaled C$2 billion compared with C$1.3 billion a year ago.
CNQ’s Balance Sheet
As of March 31, 2026, CNQ had cash and cash equivalents worth C$808 million and long-term debt of approximately C$16.5 billion, with a debt to capitalization of about 27%.
CNQ’s 2026 Guidance
Canadian Natural’s management remains focused on executing its prudent and efficient 2026 capital program as outlined in its updated 2026 guidance previously provided in the month of March. The company is focused on continuing its short- and medium-term growth plans across its top-tier asset base.
CNQ currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Important Earnings at a Glance
While we have discussed CNQ’s first-quarter results in detail, let us take a look at three other key reports in this space.
TC Energy Corporation (TRP - Free Report) reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion. The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
Northern Oil and Gas, Inc. (NOG - Free Report) reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.
As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.
Imperial Oil Limited (IMO - Free Report) reported first-quarter 2026 adjusted earnings per share of $1.41, which missed the Zacks Consensus Estimate of $1.67 and decreased from the year-ago quarter’s $1.75 due to lower net income in the upstream segment and a lower average realized price for synthetic crude.
Revenues of $9.1 billion missed the Zacks Consensus Estimate of $9.8 billion due to weak performance in both the Upstream and Downstream segments. However, the top line increased from the year-ago quarter’s level of $8.7 billion.
As of March 31, 2026, Imperial Oil had cash and cash equivalents of C$1 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.9%.