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CANADIAN NATURAL RESOURCES Ltd (CNQ) operating KPIs

CNQNYSECrude Petroleum & Natural GasFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 26, 2026Score 2/30
$56.11+1.02 (+1.85%)

Close on Oct 30, 2026Market cap $116.80BP/E 15.2Yield –

KPIs

Operating metrics that drive Canadian Natural Resources's business · fiscal year ends December 31

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Q2 2026
2026-06-30
Q1 2026
2026-03-31
Q4 2025
2025-12-31
Q3 2025
2025-09-30
Q2 2025
2025-06-30
Q1 2025
2025-03-31
Q4 2024
2024-12-31
Q3 2024
2024-09-30
Q2 2024
2024-06-30
Q1 2024
2024-03-31
Q4 2023
2023-12-31
Q3 2023
2023-09-30
Total Daily Production — Before Royalties (BOE/d)3
1,676,7541,643,1601,658,6811,620,2611,420,3581,582,3481,470,4281,363,0861,285,7981,333,5021,419,3131,393,614
Total Crude Oil & NGLs Production — Before Royalties (bbl/d)3
1,248,8891,198,0791,215,3641,175,6041,019,1491,173,8041,090,0021,021,572934,066975,6681,047,5411,035,153
Oil Sands Mining & Upgrading — Synthetic Crude Oil (SCO: Horizon & AOSP, bbl/d)
624,754587,946619,901581,136463,808595,116534,631497,656410,518445,209500,133490,853
North America E&P Crude Oil & NGLs (bbl/d)2
613,745603,265585,497584,625545,811561,238531,960499,772499,636505,636521,579519,581
Thermal In Situ Oil Sands Bitumen — Jackfish, Kirby, Primrose, Pike & Peace River (bbl/d)
275,607274,674266,308274,752274,789284,706276,231271,551268,044268,155278,422287,085
North America Conventional Crude Oil & NGLs — Excl. Thermal In Situ (bbl/d)2
338,138328,591319,189309,873271,022276,532255,729228,221231,592237,481243,157232,496
Primary Heavy Crude Oil (bbl/d)
89,44493,82490,90087,70587,28885,60482,12576,80879,14178,43180,09576,377
Pelican Lake Heavy Crude Oil — Polymer Flood (bbl/d)
44,05340,54841,57742,07043,07843,17544,03545,10144,83945,14546,04646,897
International E&P Light Crude Oil (bbl/d)2
10,3906,8689,9669,8439,53017,45023,41124,14423,91224,82325,82924,719
North Sea Light Crude Oil (bbl/d)
6,5894,8297,6187,0457,76111,50711,46710,95811,29512,43312,61612,016
Offshore Africa Light Crude Oil — Côte d'Ivoire Espoir & Baobab (bbl/d)
3,8012,0392,3482,7981,7695,94311,94413,18612,61712,39013,21312,703
Total Natural Gas Production — Before Royalties (MMcf/d)2
2,5672,6702,6602,6682,4072,4512,2832,0492,1102,1472,2312,151
North America Natural Gas (MMcf/d)
2,5632,6682,6572,6582,3982,4362,2732,0392,0992,1352,2182,139
International Natural Gas (MMcf/d)2
42310915101011121312
North Sea Natural Gas (MMcf/d)
223234412121
Offshore Africa Natural Gas (MMcf/d)
2008611699111111
Total Corporate Sales Volumes — Before Royalties (BOE/d)
1,672,1061,649,5581,672,7081,606,7231,423,3211,599,4871,460,9091,342,5081,280,4161,327,7621,422,1981,388,033
Total Daily Production — Net of Royalties (BOE/d)2
1,435,0781,419,4811,456,9441,399,9681,267,7871,346,5361,253,3471,168,5991,097,6931,152,2581,259,2971,167,139
Product Mix: Synthetic Crude Oil — SCO (% of BOE)(%)5
37.0%36.0%37.0%36.0%33.0%38.0%36.0%37.0%32.0%33.0%35.0%35.0%
Oil Sands Mining & Upgrading (SCO) Unit Production Expense (C$/bbl)($)11
22.1923.7321.8421.2926.5321.8820.9720.6725.9524.8520.9622.12
OSM Upgrader Utilization — incl. Turnarounds (%)(%)
106.0%106.0%105.0%104.0%106.0%106.0%
OSM SCO Sales Volumes — Before Royalties (bbl/d)
623,486594,042624,125579,209463,586602,048528,248491,635398,528453,794491,339492,926
Realized SCO Sales Price (C$/bbl)($)
12689.6875.9087.8587.2295.5295.0810110988.8498.73109
Bitumen Value for Provincial Royalty Purposes (C$/bbl)($)
92.7266.4558.6868.0664.5773.7269.3576.1682.0863.5161.7384.66
Bitumen Royalties Unit Cost (C$/bbl)($)
23.3815.209.5415.8011.5918.2217.2017.7120.0114.2811.5721.90
SCO Transportation Expense (C$/bbl)($)
2.572.602.563.863.733.213.603.342.811.671.852.18
OSM Production Expense excl. Natural Gas Fuel (C$/bbl)($)
21.5222.7021.0320.9325.7120.9520.3920.2725.2923.642021.22
OSM Natural Gas Fuel Cost (C$/bbl)($)
0.671.030.810.360.820.930.580.400.661.210.960.90
OSM Depletion, Depreciation & Amortization (C$/bbl)($)
13.1113.5013.2613.3814.9612.4512.7612.2715.3712.7012.2511.62
OSM Asset Retirement Obligation Accretion (C$/bbl)($)
0.380.400.370.400.510.400.440.460.580.510.430.43
OSM Total Production Expense (C$M)(M)2
1,2591,2691,2531,1351,1201,1851,0199359411,0269471,003
OSM Production Expense excl. Natural Gas (C$M)(M)
1,2211,2141,2071,1161,0851,135991917917976904962
OSM Natural Gas Fuel Expense (C$M)(M)
385546193550281824504341
Exploration & Production (E&P) Operating Netback (C$/BOE)($)8
38.4528.1522.4821.9024.7028.6225.1024.8328.5822.872633.37
E&P Consolidated Realized Price — Before Transportation (C$/BOE)($)
68.1752.8844.8545.3147.1754.9549.5450.3655.8447.6048.4159.40
Less: E&P Transportation Expense (C$/BOE)($)
5.705.545.565.385.945.345.064.675.094.313.613.78
E&P Realized Price — Net of Transportation (C$/BOE)($)
62.4747.3439.2939.9341.2349.6144.4845.6950.7543.2944.8055.62
Less: E&P Royalties (C$/BOE)($)
12.028.235.737.535.588.768.859.0510.537.397.0510.61
Less: E&P Production Expense (C$/BOE)($)
1210.9611.0810.5010.9512.2310.5311.8111.6413.0311.7511.64
E&P Depletion, Depreciation & Amortization (C$/BOE)($)
12.0912.1212.9813.0812.9413.2713.0113.2712.7712.6412.4612.22
E&P Asset Retirement Obligation Accretion (C$/BOE)($)
0.800.800.850.770.790.770.890.970.950.950.840.87
Corporate Administration Expense (C$/BOE)($)
1.041.041.041.031.171.060.951.021.061.040.910.84
E&P Crude Oil & NGLs Operating Netback (C$/bbl)($)5
63.1942.0233.4739.3638.7043.3541.2244.1948.6736.6339.1352.04
E&P Liquids Realized Price — Before Transportation (C$/bbl)($)7
10576.0264.4272.5769.5879.8575.2279.1586.6470.0169.3987.83
North America Wellhead: Thermal In Situ Bitumen (C$/bbl)($)
11076.7266.6174.8370.1377.9675.11
North America Wellhead: Primary Heavy Crude Oil (C$/bbl)($)
10976.5465.6975.5572.8881.7678.3483.5691.2774.3772.9093.80
North America Wellhead: Pelican Lake Heavy Crude Oil (C$/bbl)($)
10978.7066.7575.9473.9483.5779.8884.0292.4274.6973.4793.19
North America Wellhead: Light & Medium Crude Oil & NGLs (C$/bbl)($)
95.3073.8558.2666.2963.9676.4768.6367.5874.9066.6869.4272.07
North America Total E&P Liquids Realized Price (C$/bbl)($)
10575.9163.8372.3569.3078.5674.4677.2985.4968.1466.6986.77
International Total E&P Liquids Realized Price (C$/bbl)($)
12791.8187.4594.089110796.36109115113112114
North Sea Realized Crude Oil Price (C$/bbl)($)
12391.8189.0290.1990.63108104113115114119108
Less: E&P Liquids Transportation (C$/bbl)($)
7.147.057.146.937.656.406.085.265.984.633.834.07
E&P Liquids Price — Net of Transportation (C$/bbl)($)
97.9768.9757.2865.6461.9373.4569.1473.8980.6665.3865.5683.76
Less: E&P Liquids Royalties (C$/bbl)($)1
19.7913.419.4613.109.2014.3614.7715.0517.4512.0911.3817.32
North America Liquids Royalties (C$/bbl)($)
20.0713.519.6713.219.3114.9415.2215.7218.0612.5211.7217.79
Less: E&P Liquids Production Expense (C$/bbl)($)6
14.9913.5414.3513.1814.0315.7413.1514.6514.5416.6615.0514.40
North America Total E&P Liquids Opex (C$/bbl)($)
13.0513.0312.2411.9711.8912.6510.8312.3612.4414.7212.5613.21
Thermal In Situ Oil Sands Opex (C$/bbl)($)
11.8912.5911.7210.3511.0511.238.8210.5210.9514.0511.3111.47
Pelican Lake Polymer Flood Opex (C$/bbl)($)
9.7010.319.1799.019.779.058.748.929.758.118.02
Primary Heavy Crude Oil Opex (C$/bbl)($)
17.7316.1314.8716.4617.4418.1317.1318.6917.5919.1618.2819.68
North Sea Liquids Opex (C$/bbl)($)
14085.1811518918711811912196.0785.5892.2883.44
Offshore Africa Liquids Opex (C$/bbl)($)
149050.5052.1729.3828.2625.3421.6719.2820.7023.2520.04
E&P Natural Gas Operating Netback (C$/Mcf)($)5
0.101.351.14-0.260.801.190.27-0.66-0.270.511.040.91
WCS Heavy Differential to WTI — Company Reported (US$/bbl)($)9
14.6214.1211.2010.3610.1912.6612.5513.5113.5419.3421.9012.86
Total Net Wells Drilled — excl. Stratigraphic / Service4
1411381351061039411410888775154
Net Successful Crude Oil Wells Drilled1
1181131148981741008363614244
Thermal & In Situ Bitumen Net Wells Drilled
3831251124181625
Net Successful Natural Gas Wells Drilled
23242017221914242416910
Dry Net Wells Drilled
011001011000
Drilling Success Rate (%)(%)
100.0%99.0%99.0%100.0%100.0%99.0%100.0%99.0%99.0%100.0%100.0%100.0%
Net Capital Expenditures (C$M)(M)6
2,4052,0281,2372,1241,9151,30310,3481,3491,6211,1139751,108
Net Capital Expenditures — excl. Net Acquisitions (C$M)(M)
1,6431,2551,4131,3181,6911,2851,290
By Category: Total Exploration & Production Net CapEx (C$M)(M)2
1,9011,6749701,7011,2109663,719966844746549676
E&P Well Drilling, Completion & Equipping (C$M)(M)
713634514499558536472469478413274352
E&P Production & Related Facilities (C$M)(M)
405379398365407390341387353255251301
By Category: Total Oil Sands Mining & Upgrading Net CapEx (C$M)(M)3
4903422324036783196,615372764353415424
OSM Sustaining Capital (C$M)(M)
404285340312406216357302526281320286
OSM Turnaround Costs (C$M)(M)
2211813174461612114111718
OSM Strategic & Project Development Costs (C$M)(M)
61449276965566551236278112
By Segment: North America E&P Net CapEx (C$M)(M)5
1,7541,5298121,6061,1108363,632896804701479629
Abandonment Expenditures (C$M)(M)
182247201189193188151204129162149123
Total Capital & Abandonment Expenditures (C$M)(M)
2,5872,2751,4382,3132,1081,49110,4991,5531,7501,2751,1241,231
NWRP Sturgeon Refinery Total Refined Product Output — Gross Facility (bbl/d)3
NWRP Refined Product Sales & Other — CNQ Share (C$M)(M)
346277206106137221193191215214236237
NWRP Bitumen Feedstock Costs — CNQ Share (C$M)(M)
24117014482105172160166190153
NWRP Refining Toll Expense — CNQ Share (C$M)(M)
855763706168657581748266
Adjusted Funds Flow (C$M)(M)6
6,8664,3743,7483,9203,2624,5304,1863,9213,6143,1384,4194,684
Less: Common Share Dividends Paid (C$M)(M)
1,3041,2241,2261,2281,2331,1841,1101,1181,1251,076980984
Free Cash Flow — Post-Dividend & CapEx (C$M)(M)
2,9758751,084379-791,8551,6351,2507397872,4952,681
Adjusted Net Earnings from Operations (C$M)(M)
4,5682,4461,7111,8011,4962,4361,9772,0711,8921,4742,5462,850
Long-Term Debt, Net of Cash (C$M)(M)
14,52616,15315,94417,15516,97917,33518,6889,3089,23410,2739,92211,519
Debt to Book Capitalization (%)(%)
23.7%26.6%26.4%29.8%29.1%30.0%32.1%18.9%19.0%20.6%19.9%22.5%
After-Tax Return on Average Common Equity / Capital Employed (%)(%)
20.6%17.5%19.5%12.8%16.3%15.3%12.7%15.9%16.1%15.6%17.2%15.0%
Segmented Revenue — Net of Royalties, Total Segments (C$M)(M)5
14,74110,8109,6099,5168,69810,9399,4688,8939,0518,2449,5539,895
Oil Sands Mining & Upgrading: Segmented Net Revenue (C$M)(M)2
7,0084,8584,4834,4673,5824,9174,5454,4073,7963,5794,5224,573
Oil Sands Mining & Upgrading: Gross Product Sales before Royalties (C$M, Note 17)(M)
8,3345,6715,0325,3094,0715,9045,3815,2084,5214,1695,0455,566
Oil Sands Mining & Upgrading: Royalties (C$M, Note 17)(M)
-1,326-813-549-842-489-987-836-801-725-590-523-993
North America Exploration & Production: Segmented Net Revenue (C$M)(M)2
6,8605,4514,5904,4104,6795,2734,5043,8824,7154,1844,4314,816
North America Exploration & Production: Gross Product Sales before Royalties (C$M, Note 17)(M)
8,0066,2325,1415,1205,1666,0545,2604,5785,5564,7675,0165,679
North America Exploration & Production: Royalties (C$M, Note 17)(M)
-1,146-781-551-710-487-781-756-696-841-583-585-863
Midstream & Refining: Segmented Net Revenue (C$M)(M)2
369300229130159243214211236234256257
Midstream & Refining: Gross Product Sales before Royalties (C$M, Note 17)(M)
369300229130159243214211236234256257
Midstream & Refining: Royalties (C$M, Note 17)(M)
000000000000
North Sea Exploration & Production: Segmented Net Revenue (C$M)(M)2
85389129591581059413414416579
North Sea Exploration & Production: Gross Product Sales before Royalties (C$M, Note 17)(M)
85389130591581059413514416579
North Sea Exploration & Production: Royalties (C$M, Note 17)(M)
000-10000-1000
Offshore Africa Exploration & Production: Segmented Net Revenue (C$M)(M)2
270322911115722058990173140
Offshore Africa Exploration & Production: Gross Product Sales before Royalties (C$M, Note 17)(M)
280333012120762169395191151
Offshore Africa Exploration & Production: Royalties (C$M, Note 17)(M)
-10-1-1-1-5-4-11-4-5-18-11
Segmented Earnings / (Loss) Before Taxes — Total Segments (C$M)(M)5
6,3153,1527,1111,1372,2983,4782,7612,9032,6682,1702,9893,928
Oil Sands Mining & Upgrading: Segmented Earnings / (Loss) Before Taxes (C$M)(M)3
3,8321,9646,6921,8181,3092,1581,9702,1011,5941,4402,3392,255
Oil Sands Mining & Upgrading: Production Expense (C$M, Note 17)(M)
1,2591,2691,2531,1351,1201,1851,0199359411,0269471,003
Oil Sands Mining & Upgrading: Blending & Feedstock Costs (C$M, Note 17)(M)
1,005743597573345703741643579499
Oil Sands Mining & Upgrading: Transportation Expense (C$M, Note 17)(M)
14613914720615717417415110369
North America Exploration & Production: Segmented Earnings / (Loss) Before Taxes (C$M)(M)3
2,5171,1709886991,1541,3791,0688131,1887141,0351,619
North America Exploration & Production: Production Expense (C$M, Note 17)(M)
1,0181,006930914829894759777804909830867
North America Exploration & Production: Blending & Feedstock Costs (C$M, Note 17)(M)
1,5981,2489518831,1191,3911,1779461,3031,217
North America Exploration & Production: Transportation Expense (C$M, Note 17)(M)
539524531507518476432363404342
Midstream & Refining: Segmented Earnings / (Loss) Before Taxes (C$M)(M)3
26599-37-47-10-23-41-50-7-3-4
Midstream & Refining: Production Expense (C$M, Note 17)(M)
936368776673707888798974
Midstream & Refining: Blending & Feedstock Costs (C$M, Note 17)(M)
24117014482105172160166190153
Midstream & Refining: Transportation Expense (C$M, Note 17)(M)
44433144345
North Sea Exploration & Production: Segmented Earnings / (Loss) Before Taxes (C$M)(M)3
-43-25-269-1,334-107-69-255-43-234-443-6
North Sea Exploration & Production: Production Expense (C$M, Note 17)(M)
96351186311817012110111210612961
North Sea Exploration & Production: Blending & Feedstock Costs (C$M, Note 17)(M)
0000000000
North Sea Exploration & Production: Transportation Expense (C$M, Note 17)(M)
5242131351
Offshore Africa Exploration & Production: Segmented Earnings / (Loss) Before Taxes (C$M)(M)3
-17-16-331-9-1219-161-40205860
Offshore Africa Exploration & Production: Production Expense (C$M, Note 17)(M)
3102115835234619214730
Offshore Africa Exploration & Production: Blending & Feedstock Costs (C$M, Note 17)(M)
0000000000
Offshore Africa Exploration & Production: Transportation Expense (C$M, Note 17)(M)
0000001000
Segmented Depletion, Depreciation & Amortization — Total Segments (C$M)(M)5
1,9021,8772,5383,2111,7651,8701,9011,5981,6491,5332,0611,537
Consolidated Revenue — Net of Royalties (C$M, PostgreSQL DB + 6-K)(M)4
14,74110,8109,6099,5168,69810,9399,4688,8939,0518,2449,5539,895

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics
  • Canadian Natural Resources Limited (TSX / NYSE: CNQ) reports under IFRS in Canadian dollars (C$). Its latest reported quarter is Q2 2026 (ended June 30, 2026) and latest completed fiscal year is FY2025; the 2026 annual column holds CNQ's official 2026 Budget production/capital guidance (Form 6-K filed December 16, 2025) and 2026 TSX Normal Course Issuer Bid share repurchase limit.
  • Leading monthly regulatory operations come directly from the Alberta Energy Regulator (AER): ST39 Mineable Oil Sands Plant Statistics through July 2026 (Horizon Oil Sands, AOSP Muskeg River & Jackpine Mines, and NWRP Sturgeon Refinery) and ST53 In Situ Thermal & Polymer Production Summary through August 2026 (Jackfish, Primrose & Wolf Lake, Kirby, Pike 1, Peace River, and Pelican Lake), providing plant-level Q3 2026 visibility ahead of quarterly SEC filings.
  • On November 1, 2025, Canadian Natural closed the AOSP asset swap with Shell Canada, acquiring the remaining 10% working interest in the Albian oil sands mines (bringing CNQ to 100% ownership and operatorship of both Horizon and Albian mines) in exchange for a 10% working interest in the Scotford Upgrader and Quest CCS (retaining an 80% non-operated interest in Scotford Upgrader).
  • Because CNQ files quarterly interim reports on SEC Form 6-K HTML without inline XBRL, PostgreSQL DB contains only annual FY2015–FY2025 income, cash-flow, and segment records; Group 8 seamlessly pairs annual PostgreSQL DB series with 28–39 quarters of Form 6-K Note 17 segmented disclosures.
  • Canadian IFRS consolidated filings do not publish standalone parent-only financial statements, and CNQ has no separately listed operating subsidiary, so consolidated − standalone parent subtraction is not applicable.
  • In its 2023–2025 Stewardship Reports, Canadian Natural paused public disclosure of GHG Scope 1/2 emissions, intensity, methane, and spill series citing legal uncertainty under the June 2024 amendments to the Competition Act (Canada) (Bill C-59); those discontinued series (ending FY2022) are automatically placed in `excluded` per the continuity rule.
  • All values are exact published figures from SEC filings, CNQ IR/ESTMA/Stewardship reports, AER, or FRED, with zero custom ratio or unit-conversion formulas.

Not shown because recent periods are missing (9)

  • Realized Pricing, Unit Operating Costs & Operating Netbacks › E&P Crude Oil & NGLs Operating Netback (C$/bbl) › E&P Liquids Realized Price — Before Transportation (C$/bbl) › Offshore Africa Realized Crude Oil Price (C$/bbl)
  • Realized Pricing, Unit Operating Costs & Operating Netbacks › E&P Natural Gas Operating Netback (C$/Mcf) › E&P Natural Gas Realized Price — Before Transportation (C$/Mcf) › Offshore Africa Natural Gas Realized Price (C$/Mcf)
  • Drilling Activity, Capital Allocation, NWRP Refining & Free Cash Flow › NWRP Sturgeon Refinery Total Refined Product Output — Gross Facility (bbl/d)
  • Oil & Gas Reserves (NI 51-101 1P/2P & U.S. ASC 932), NPV10, Land & Wells › Total Producing Oil & Gas Wells — Gross (Form 40-F AIF) › Unproved Landholdings — Net (thousand acres) › Côte d'Ivoire Unproved Landholdings — Net (thousand acres)
  • Sustainability, Safety, Land Reclamation & Government Payments (ESTMA / Form SD) › Scope 1 Direct GHG Emissions (MtCO2e, discontinued post-2022 Bill C-59)
  • Sustainability, Safety, Land Reclamation & Government Payments (ESTMA / Form SD) › Scope 2 Indirect GHG Emissions (MtCO2e, discontinued post-2022 Bill C-59)
  • Sustainability, Safety, Land Reclamation & Government Payments (ESTMA / Form SD) › Corporate Net GHG Emissions Intensity (tCO2e/BOE, discontinued post-2022 Bill C-59)
  • Sustainability, Safety, Land Reclamation & Government Payments (ESTMA / Form SD) › North America E&P Methane Emissions (MtCO2e, discontinued post-2022 Bill C-59)
  • Sustainability, Safety, Land Reclamation & Government Payments (ESTMA / Form SD) › Reportable Spills Count (discontinued post-2022 Bill C-59)

Data updated 2026-10-31.

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