Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down.
The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven by acquisitions and strong field performance.
Canadian Natural raised its 2025 output guidance to between 1.56 million and 1.58 million boepd, up from a prior range of 1.51 million–1.55 million. The boost reflects steady operations and newly integrated assets, including the Albian oil sands mines, which the company gained full ownership of on November 1 through an asset swap with Shell Canada. The deal also gives Canadian Natural an 80% non-operated stake in the Scotford Upgrader and Quest carbon capture facilities, adding about 31,000 barrels per day of low-decline bitumen production.
While volumes rose, realized prices fell. The company’s average realized liquids price dropped 8.3% from a year earlier to 72.57 Canadian dollars per barrel, squeezed by weaker Western Canadian Select differentials and maintenance downtime. Canadian Natural also booked a 700 million Canadian dollar (499 million US dollar) charge tied to revised cost estimates for its Ninian and T-Block assets in the North Sea, dragging on the headline results.
Still, the company maintained its 5.9 billion Canadian dollar capital budget and signaled no change to its disciplined spending outlook.
Canada’s oil sands producers have proved resilient amid global price swings after years of investment turned them into some of North America’s lowest-cost operators—an advantage made evident by its Q3 performance in the form of rising output, manageable costs, and just enough price stability to keep profits intact.
Heading into 2026, the company’s message appears to be growth through discipline, not excess.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com
