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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.
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Author
The Investor 11-05-26