Canadian Natural Resources Q2 Earnings Surge; Lifts Annual Production Outlook

(RTTNews) - Canadian Natural Resources Limited (CNQ, CNQ.TO), a Canadian oil and natural gas company, reported a surge in earnings for the second quarter of fiscal 2026.

For the three-month period to June 30, the company reported net income of C$4.503 billion, or C$2.15 per share, higher than C$2.459 billion, or C$1.17 per share in the same period last year. Excluding items, net income was C$4.568 billion, or C$2.19 per share, compared with C$1.496 billion, or C$0.71 per share a year ago.

For the second quarter, Canadian Natural Resources reported total production of around 1,677,000 BOE/d, an increase of 256,000 BOE/d or 18% from the same period last year. Liquids production was around 1,249,000 bbl/d, an increase of 230,000  bbl/d or 23% from the previous year.

The board will pay a quarterly dividend of C$0.625 per share on October 2 to shareholders of record as of September 11.

Looking ahead, for fiscal 2026, the company has revised up its total capital expenditure guidance to reflect recent acquisitions. Canadian Natural Resources now anticipates total capital expenditure of C$7.641 billion, higher than the earlier guidance of C$6.880 billion.

For fiscal 2026, citing the acquisition and strong conventional drilling results, the company has revised up its production guidance. Canadian Natural Resources now expects production of 1,637 MBOE/d to 1,682 MBOE/d, higher than the previous guidance of 1,615 MBOE/d to 1,665 MBOE/d.

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