Canadian Natural Resources reported adjusted net earnings of $1.8 billion for the third quarter of 2025, translating to an adjusted earnings per share of $0.86. Revenue reached $6.91 billion, a 3.7% increase from the same period last year, while adjusted funds flow climbed to $3.9 billion. Production hit a record 1,620,261 barrels of oil equivalent per day, up 19% year‑over‑year, driven by higher output from the Albian oil sands mines and the newly acquired zero‑decline bitumen capacity.
The $0.86 EPS beat analyst expectations of $0.78 by $0.08, or 10.3%, largely because Canadian Natural maintained disciplined operating costs amid rising feedstock and transportation expenses. The company’s focus on operational efficiency and the scale advantage of its mining and upgrading segment helped offset the impact of a one‑time abandonment charge that reduced net earnings year‑over‑year.
Revenue growth was supported by a 4% rise in the Oil Sands Mining and Upgrading segment, which benefited from higher bitumen prices and the additional 31,000 bbl/d of bitumen added through the AOSP swap with Shell Canada. The swap, completed on November 1, 2025, gave Canadian Natural full ownership of the Albian mines and added a zero‑decline production stream, reinforcing the company’s long‑term cash‑flow profile.
Management raised its 2025 corporate production guidance to a range of 1,560 MBOE/d–1,580 MBOE/d, up from the previous 1,530 MBOE/d–1,560 MBOE/d. The adjustment reflects confidence in the company’s ability to sustain higher output levels, supported by the AOSP acquisition and ongoing operational improvements. The guidance lift signals a bullish outlook for the company’s core oil sands business and a belief that demand will remain robust.
Canadian Natural returned approximately $1.5 billion to shareholders during the quarter, comprising $1.2 billion in dividends and $0.3 billion in share repurchases. The quarterly cash dividend of C$0.5875 per share will be paid on January 6, 2026 to shareholders of record on December 12, 2025. The AOSP swap, completed on November 1, 2025, with an effective date of March 1, 2025, further strengthens the company’s asset base and positions it for sustained growth.
Market reaction to the results was muted; the stock traded slightly lower on the day of the release, reflecting investor concern over the significant year‑over‑year decline in net earnings driven by a non‑cash abandonment charge and foreign‑exchange losses. Nevertheless, the earnings beat and record production, coupled with the raised production guidance, provided a positive narrative for the company’s operational resilience and strategic execution.
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