Frontierby eninvs

Language: EN · RU

← Region

Canadian Natural Resources USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Oil & gas

Geography: Canada, United Kingdom

COMM_CNQ

Price chart

45.3 USDDay -0.31%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
45.3 USD · -0.31%
Market cap
94.3 bn USD

Growth

Δ revenue y/y
-15.9%
Δ EBITDA y/y
-23.7%

Multiples

P/E (LTM)
13.6x
3y avg: 11.8x
P/B (FY)
3.0x
P/E (ann.)
24.7x
EV/EBITDA (LTM)
9.0x
3y avg: 5.5x
EV/EBITDA (ann.)
9.4x

Cash return

Dividend yield
2.0%
FCF yield (LTM)
5.9%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-18.3%
↓ details

Liquidity

Daily turnover (listing)
250.6 mln USD

Shares: yahoo_fundamentals_timeseries/CNQ

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 14 / Err: 0 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 1
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2023-12-31 Q4⚠Warn 1
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1⚠Warn 1
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 1
2026-03-31 Q1⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK7.7
y/y -15.9%
1.4
y/y -38.4%
1.4
y/y 2.2%
2.8
y/y -23.7%
1.0
y/y -45.7%
2.4-1.566.6
y/y 9.7%
31.6
y/y 9.2%
12.1%11.4Link
2025-12-31Q4 2025 (3M)OK3.8
y/y -34.7%
1.3
y/y -66.3%
1.8
y/y 58.3%
3.1
y/y -37.5%
3.8
y/y 356.8%
2.7-1.065.7
y/y 5.5%
31.8
y/y 10.2%
25.5%11.4—
2025-09-30Q3 2025 (3M)OK7.9
y/y 4.3%
0.8
y/y -62.4%
2.3
y/y 97.0%
3.1
y/y -4.8%
0.4
y/y -74.0%
2.8-1.561.3
y/y 11.7%
29.0
y/y -0.6%
2.0%12.3—
2025-06-30Q2 2025 (3M)OK6.9
y/y 4.8%
1.5
y/y -21.1%
1.3
y/y -0.9%
2.7
y/y -12.9%
1.8
y/y 40.5%
2.2-1.461.0
y/y 10.1%
29.6
y/y 2.6%
24.1%12.2—
2025-03-31Q1 2025 (3M)OK9.1
y/y 51.1%
2.4
y/y -48.0%
1.3
y/y 12.5%
3.7
y/y -35.4%
1.8
y/y 144.1%
3.1-0.960.7
y/y 9.4%
28.9
y/y 0.3%
24.4%12.4—
2024-12-31Q4 2024 (3M)OK5.8
y/y -26.6%
3.8
y/y 82.3%
1.1
y/y -24.9%
5.0
y/y 37.1%
0.8
y/y -57.3%
2.5-0.962.3
y/y 10.7%
28.8
y/y -2.4%
15.4%13.6—
2024-09-30Q3 2024 (3M)OK7.6
y/y -12.9%
2.1
y/y -21.0%
1.2
y/y 2.4%
3.2
y/y -13.9%
1.7
y/y -4.8%
2.2-1.054.8
y/y -3.1%
29.1
y/y -0.8%
7.6%6.8—
2024-06-30Q2 2024 (3M)OK6.6
y/y 0.8%
1.9
y/y 50.8%
1.3
y/y 23.1%
3.1
y/y 38.2%
1.3
y/y 15.5%
3.0-1.255.4
y/y -0.5%
28.8
y/y 0.6%
17.4%8.1—
2024-03-31Q1 2024 (3M)OK6.0
y/y -14.9%
4.5
y/y 149.1%
1.2
y/y 13.2%
5.7
y/y 99.3%
0.7
y/y -45.9%
2.1-0.855.5
y/y -0.5%
28.8
y/y 0.9%
9.9%7.7—
2023-12-31Q4 2023 (3M)PARTIAL7.9
y/y —
2.1
y/y —
1.5
y/y —
3.6
y/y —
1.9
y/y —
3.6-0.756.3
y/y —
29.5
y/y —
20.7%7.4—
2023-09-30Q3 2023 (3M)OK8.7
y/y —
2.6
y/y —
1.1
y/y —
3.7
y/y —
1.7
y/y —
2.6-0.856.6
y/y —
29.4
y/y —
8.0%8.5—
2023-06-30Q2 2023 (3M)OK6.6
y/y —
1.2
y/y —
1.0
y/y —
2.3
y/y —
1.1
y/y —
2.0-1.255.7
y/y —
28.6
y/y —
15.2%8.9—
2023-03-31Q1 2023 (3M)OK7.1
y/y —
1.8
y/y —
1.1
y/y —
2.9
y/y —
1.3
y/y —
1.0-0.955.8
y/y —
28.6
y/y —
—8.8—
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
20 750 mln boe
2025
Reserve life (R/P)
36.3 yrs
reserves ÷ annual output
Annual production
571.63 mln boe
2025

Production, mln boe

78.342014310.142015293.322016350.052017392.752018399.822019423.762020449.442021466.372022484.732023496.212024571.632025149.532026

Proved reserves

YearReserves, mln boe
202520 750
202420 110
202318 504
202218 046
202116 950
202015 925
201914 252
201813 382
201711 866

Production

YearProduction, mln boeper day
2026149.53 *409 666
2025571.63
+15.2%		1 566 112
2024496.21
+2.4%		1 359 471
2023484.73
+3.9%		1 328 014
2022466.37
+3.8%		1 277 726
2021449.44
+6.1%		1 231 329
2020423.76
+6.0%		1 160 989
2019399.82
+1.8%		1 095 403
2018392.75
+12.2%		1 076 024

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-6 000-4 000-2 00002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — WTI Crude Oil

Current 90spot vs LTM +38%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -18.3%

Main driver: WTI Crude Oil +38% vs LTM; revenue ×1.33 vs costs ×1.04; EBITDA 11 728→17 309; at 5.4× EV/EBITDA → -18%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+89%89.7365.1476.10+38%+17%
Henry Hub Gas (rev)+8%3.153.533.09-11%-12%
Henry Hub Gas (cost)-1%3.153.533.09-11%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue26 296
LTM EBITDA11 728
LTM cash costs (revenue − EBITDA)14 568
2 · Revenue projection
Revenue multiplier — spot×1.327 (+33%)
= Spot revenue34 898
Revenue multiplier — 3y price×1.140 (+14%)
= 3-year-price revenue29 966
3 · Costs projection
Cost multiplier — spot×1.038 (+4%)
= Spot cash costs15 125
Cost multiplier — 3y price×1.038 (+4%)
= 3-year-price cash costs15 122
4 · EBITDA projection (revenue − costs)
= Spot EBITDA19 773
= 3-year-price EBITDA14 844
Conservative EBITDA = min(spot, avg)17 309
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)5.4x
Target EV = EV/EBITDA × conservative EBITDA93 266
Net debt11 436
Target market cap = EV − net debt81 830
Current market cap100 186

Upside = target market cap ÷ current − 1 = -18.3%

Life of mine: 36 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q26 5566 986-6.2%2 2741 913+18.9%
2023 Q38 7177 609+14.5%3 7492 887+29.9%
2023 Q47 8457 514+4.4%4 4132 803+57.5%
2024 Q16 0197 342-18.0%5 7123 026+88.8%
2024 Q26 6087 471-11.6%3 1444 147-24.2%
2024 Q37 5946 883+10.3%3 2293 769-14.3%
2024 Q45 8126 552-11.3%4 9583 579+38.5%
2025 Q19 0976 502+39.9%3 6914 183-11.8%
2025 Q26 9246 536+5.9%2 7372 916-6.1%
2025 Q37 9226 831+16.0%3 0743 037+1.2%
2025 Q43 7966 729-43.6%3 1002 801+10.7%
2026 Q17 6537 589+0.8%2 8173 714-24.2%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.0x · target 3-yr avg 5.4x · LTM avg 6.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-200.455 USDEx-dividend: 0.455 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.432 USDEx-dividend: 0.432 USD per sharePaidYahoo Finance (ex-div)
2025-03-210.41 USDEx-dividend: 0.41 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.387 USDEx-dividend: 0.387 USD per sharePaidYahoo Finance (ex-div)
2024-06-170.382 USDEx-dividend: 0.382 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2023-12-070.368 USDEx-dividend: 0.368 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.332 USDEx-dividend: 0.332 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.338 USDEx-dividend: 0.338 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.327 USDEx-dividend: 0.327 USD per sharePaidYahoo Finance (ex-div)
2022-12-150.314 USDEx-dividend: 0.314 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.285 USDEx-dividend: 0.285 USD per sharePaidYahoo Finance (ex-div)
2022-08-220.5775 USDEx-dividend: 0.5775 USD per sharePaidYahoo Finance (ex-div)
2022-06-160.285 USDEx-dividend: 0.285 USD per sharePaidYahoo Finance (ex-div)
2022-03-170.2899 USDEx-dividend: 0.2899 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.2272 USDEx-dividend: 0.2272 USD per sharePaidYahoo Finance (ex-div)
2021-09-160.1822 USDEx-dividend: 0.1822 USD per sharePaidYahoo Finance (ex-div)
2021-06-170.1876 USDEx-dividend: 0.1876 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)