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Canadian Natural Resources Limited (CNQ) USD

At a glance: strengths & risks
✓Revenue growing (+7%)✓Profit growing (+74%)✓Margins improving (43%→61%)✓Low leverage (0.7x EBITDA)✓36-year reserve life✓Commodity price +11% vs 1-yr · +5% vs 3-yr✗Priced above model value✗Pricier than own history (EV/EBITDA 8.2 vs avg 5.9)

Sector: United States / Canada — oil & gas exploration & production

Geography: Canada, United Kingdom, South Africa

US_EP_CNQ

Price chart

47.01 USDDay 2.62%

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
47.01 USD · 2.62%
Market cap
98.6 bn USD

Growth

Δ revenue y/y
-2.0%
Δ EBITDA y/y
-25.5%

Multiples

P/E (LTM)
14.3x
3y avg: 11.7x
P/B (FY)
3.1x
P/E (ann.)
25.8x
EV/EBITDA (LTM)
8.2x
3y avg: 5.9x
EV/EBITDA (ann.)
9.9x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
1.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-24.6%
↓ details

Liquidity

Daily turnover (listing)
298.6 mln USD

Shares: connector/market_inputs

Financial results

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 -2.0%
1.4
y/y -39.5%
1.3
y/y -0.5%
2.8
y/y -25.5%
1.0
y/y -45.6%
2.3-1.466.6
y/y 10.0%
31.6
y/y 9.4%
12.0%11.4Link
2025-12-31Q4 2025 (3M)OK6.7
y/y —
5.0
y/y —
1.8
y/y —
6.8
y/y —
3.7
y/y —
2.6-0.865.8
y/y 5.7%
31.8
y/y 10.4%
25.4%11.4Link
2025-09-30Q3 2025 (3M)OK6.9
y/y —
0.4
y/y —
0.0
y/y —
0.4
y/y —
0.4
y/y —
2.9-1.662.0
y/y —
29.3
y/y —
2.0%12.4Link
2025-06-30Q2 2025 (3M)OK6.3
y/y —
2.2
y/y —
1.3
y/y —
3.5
y/y —
1.8
y/y —
2.2-1.461.3
y/y —
29.7
y/y —
24.1%12.2Link
2025-03-31Q1 2025 (3M)OK7.8
y/y —
2.4
y/y —
1.3
y/y —
3.7
y/y —
1.8
y/y —
3.1-0.960.6
y/y —
28.9
y/y —
24.3%12.4Link
2024-12-31FY 2024 (12M)OK26.0
y/y -2.3%
6.4
y/y -20.8%
4.9
y/y 2.6%
11.3
y/y -12.1%
4.5
y/y -26.9%
9.8-10.362.3
y/y 10.7%
28.8
y/y -2.4%
15.3%13.2Link
2023-12-31FY 2023 (12M)OK26.7
y/y —
8.0
y/y —
4.8
y/y —
12.8
y/y —
6.1
y/y —
9.2-3.656.3
y/y —
29.5
y/y —
—7.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-30%-20%-10%0%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-2 00002 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q1

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 * (3M)
+3.8%		1 637 541
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)

Key-commodity price — WTI Crude Oil

Current 80spot vs LTM +11%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

1571151914681416136420242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 27.7 yr

159101575715604154511529820242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-311,57115,910——
2024-12-311,36415,298——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
30 996 USDm
+12.5% vs LTM
Spot 12M EBITDA
15 546 USDm
+15.8% vs LTM
EV / Spot EBITDA
7.1x
current EV 110 063m ÷ spot EBITDA 15 546m
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)27 542 USDm
LTM EBITDA (last 4 quarters)13 420 USDm
Baseline cash costs (revenue − EBITDA)14 123 USDm
Revenue mix: oil / gas / NGL / other94.3% / 5.7% / 0.0% / 0.0%
· Crude oil29 212 USDm (94.3% of implied)
· Natural gas1 757 USDm (5.7% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.38 · LTM avg 73.96 · 3y avg — → spot move +14.1%
Gas — spot & 3y avg vs LTMspot 2.91 · LTM avg 3.36 · 3y avg — → spot move -13.3%
NGL — spot & 3y avg vs LTMspot 6 325.00 · LTM avg 5 053.01 · 3y avg — → spot move +25.2%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)15 450 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue30 996 USDm
= Spot EBITDA15 546 USDm
= EBITDA at 3y avg commodity prices12 104 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)110 063 USDm
EV ÷ Spot EBITDA7.1x

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 record annual production and year-end proved reserves per Canadian Natural FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,571
Proved reserves (net, MMboe)15,910

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 40-F (cnq-20251231.htm). Volumes annualised (×365) from company-reported bbl/d & MMcf/d in the Average Daily Production table; realised prices are derived from FY2025 product-sales totals (C$40,740M for crude oil & NGLs; C$2,450M for natural gas) divided by annualised volumes, then translated CAD→USD at 0.717 USD/CAD (BoC 2025 average noon rate ≈ 1.395 CAD/USD). NGLs are bundled with crude in CNQ's reporting and are included in the oil bucket here.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil418.5 MMBbls69.81 USD/bbl29,212.394.3%
Natural gas929,655 MMcf1.89 USD/Mcf1,7575.7%
Total (implied product revenue)30,969.3100.0%

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 approximations derived from FY2025 release: production +207 Mboe/d YoY; proved reserves +4% YoY.

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,364
Proved reserves (net, MMboe)15,298

Sources

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +7% vs -2% the year before — a +9.1 pp move. 3-year CAGR —.
revenue growth by year: 2024 -2% · 2025 +7%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 8.2x · 3-year average 8.2x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-230.442 USDEx-dividend: 0.442 USD per sharePaidYahoo Finance (ex-div)
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)

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).

Investor reporting (IR): https://www.cnrl.com/investors/financials/

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

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Canadian Natural Resources Limited (CNQ) — from primary filings.

Canadian integrated oil sands and conventional upstream producer with US listings.

Frequently asked questions

What is Canadian Natural Resources Limited (CNQ)'s P/E ratio?
Canadian Natural Resources Limited (CNQ) trades at a P/E of 14.3x (price to trailing 12-month earnings).
What is Canadian Natural Resources Limited (CNQ)'s EV/EBITDA?
Canadian Natural Resources Limited (CNQ) trades at 8.2x EV/EBITDA.
What is Canadian Natural Resources Limited (CNQ)'s P/B ratio?
Canadian Natural Resources Limited (CNQ) trades at a P/B of 3.1x.
What is Canadian Natural Resources Limited (CNQ)'s dividend yield?
Canadian Natural Resources Limited (CNQ)'s trailing 12-month dividend yield is 1.9%.
What is Canadian Natural Resources Limited (CNQ)'s return on equity (ROE)?
Canadian Natural Resources Limited (CNQ)'s ROE is 12.2%.
What is Canadian Natural Resources Limited (CNQ)'s market capitalization?
Canadian Natural Resources Limited (CNQ)'s market cap is 98.6 bn USD.