The Investor
05 Nov 2026, 14:44
Canadian Natural Resources Rises 1.3% as Strong Cash Flow and Buybacks Support Shares
Canadian Natural Resources (NYSE: CNQ) shares rose about 1.3% after the company reported strong third-quarter cash generation, record production in several businesses and a more aggressive shareholder return plan.
Third-quarter adjusted funds flow reached approximately C$5.5 billion, while adjusted net earnings were C$3.4 billion. Total production rose 2% year over year to about 1.65 million BOE per day despite a planned turnaround at Horizon.
Thermal in situ production reached a record 300,000 barrels per day, while North American conventional liquids production also hit a record at approximately 358,000 barrels per day.
The company achieved its C$13 billion net debt target during the quarter and ended September with net debt of C$12.1 billion. As a result, Canadian Natural now plans to allocate 100% of free cash flow to share repurchases, subject to market conditions.
Management also set a target of C$800 million in monthly buybacks for both November and December. In Q3, total shareholder returns reached approximately C$5.3 billion, including dividends, repurchases and debt reduction.
The 1.3% share gain appears to reflect strong cash flow, record operating performance and the shift toward heavier share repurchases now that the company has reached its debt target.
Canadian Natural Resources (NYSE: CNQ) shares rose about 1.3% after the company reported strong third-quarter cash generation, record production in several businesses and a more aggressive shareholder return plan.
Third-quarter adjusted funds flow reached approximately C$5.5 billion, while adjusted net earnings were C$3.4 billion. Total production rose 2% year over year to about 1.65 million BOE per day despite a planned turnaround at Horizon.
Thermal in situ production reached a record 300,000 barrels per day, while North American conventional liquids production also hit a record at approximately 358,000 barrels per day.
The company achieved its C$13 billion net debt target during the quarter and ended September with net debt of C$12.1 billion. As a result, Canadian Natural now plans to allocate 100% of free cash flow to share repurchases, subject to market conditions.
Management also set a target of C$800 million in monthly buybacks for both November and December. In Q3, total shareholder returns reached approximately C$5.3 billion, including dividends, repurchases and debt reduction.
The 1.3% share gain appears to reflect strong cash flow, record operating performance and the shift toward heavier share repurchases now that the company has reached its debt target.
