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.
Canadian integrated oil sands and conventional upstream producer with US listings.
Sector: United States / Canada — oil & gas exploration & production
US_EP_CNQ
No intraday sparkline from the default exchange feed; Yahoo or day change may still appear below when available.
No price chart.
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.
Shares: connector/market_inputs
| Period | Issues |
|---|---|
| 2023-12-31 FY | ⚠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 2 |
| 2025-12-31 FY | ⚠Warn 1 |
| 2025-12-31 Q4 | ⚠Warn 1 |
| 2026-03-31 Q1 | ⚠Warn 1 |
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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 7.7 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 | -1.4 | 66.6 y/y 10.0% | 31.6 y/y 9.4% | 12.0% | 11.4 | Link |
| 2025-12-31 | FY 2025 (12M) | OK | 6.8 y/y — | 5.2 y/y — | 4.1 y/y — | 9.4 y/y — | 3.8 y/y — | 2.7 | -0.8 | 65.8 y/y 5.7% | 31.8 y/y 10.4% | 25.4% | 11.4 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 6.9 y/y — | 0.4 y/y — | 0.0 y/y — | 0.4 y/y — | 0.4 y/y — | 2.9 | -1.6 | 62.0 y/y — | 29.3 y/y — | 2.0% | 12.4 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 6.3 y/y — | 2.2 y/y — | 1.3 y/y — | 3.5 y/y — | 1.8 y/y — | 2.2 | -1.4 | 61.3 y/y — | 29.7 y/y — | 24.1% | 12.2 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 7.8 y/y — | 2.4 y/y — | 1.3 y/y — | 3.7 y/y — | 1.8 y/y — | 3.1 | -0.9 | 60.6 y/y — | 28.9 y/y — | 24.3% | 12.4 | Link |
| 2024-12-31 | FY 2024 (12M) | OK | — y/y -2.3% | — y/y -20.8% | — y/y 2.6% | — y/y -12.1% | — y/y -26.9% | — | — | 62.3 y/y 10.7% | 28.8 y/y -2.4% | 15.3% | 13.2 | Link |
| 2023-12-31 | FY 2023 (12M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 56.3 y/y — | 29.5 y/y — | — | 7.4 | Link |
Physical operating metrics — supplementary, not part of the financial statements
Oil and Gas E and P
| Year | Reserves, mln boe |
|---|---|
| 2025 | 20 750 |
| 2024 | 20 110 |
| 2023 | 18 504 |
| 2022 | 18 046 |
| 2021 | 16 950 |
| 2020 | 15 925 |
| 2019 | 14 252 |
| 2018 | 13 382 |
| 2017 | 11 866 |
| Year | Production, mln boe | per day |
|---|---|---|
| 2026 | 149.53 * | 1 643 160 |
| 2025 | 571.63 | 1 570 412 |
| 2024 | 496.21 | 1 363 205 |
| 2023 | 484.73 | 1 331 660 |
| 2022 | 466.37 | 1 281 238 |
| 2021 | 449.44 | 1 234 710 |
| 2020 | 423.76 | 1 164 182 |
| 2019 | 399.82 | 1 098 413 |
| 2018 | 392.75 | 1 078 982 |
* partial year
EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)
Quarterly values ($ mln)
Year-over-year change
Net debt / cash ($ mln)
Current 8.2x · 3-year average 7.5x
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.
Reserves life (R/P): 27.7 yr
| FY end | Crude oil equivalent (net, Mboe/d) | Proved reserves (net, MMboe) | Proved developed (net, MMboe) | Proved undeveloped (net, MMboe) |
|---|---|---|---|---|
| 2025-12-31 | 1,571 | 15,910 | — | — |
| 2024-12-31 | 1,364 | 15,298 | — | — |
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.
| Line item | Value |
|---|---|
| 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 / other | 94.3% / 5.7% / 0.0% / 0.0% |
| · Crude oil | 29 212 USDm (94.3% of implied) |
| · Natural gas | 1 757 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 LTM | spot 95.96 · LTM avg 72.44 · 3y avg — → spot move +32.5% |
| Gas — spot & 3y avg vs LTM | spot 3.13 · LTM avg 3.41 · 3y avg — → spot move -8.2% |
| NGL — spot & 3y avg vs LTM | spot 5 862.50 · LTM avg 4 970.46 · 3y avg — → spot move +17.9% |
| 3 · Cash cost model Purchased products scale with revenue; other costs inflate. | |
| Purchased products / revenue | 0.0% |
| PPI inflation multiplier (12m) | 1.055 |
| → Projected purchased cost (at spot revenue) | 0 USDm |
| → Projected other cash cost (inflated) | 14 900 USDm |
| 4 · Spot forward P&L Headline spot cards use §4. | |
| = Projected spot revenue | 35 847 USDm |
| = Spot EBITDA | 20 947 USDm |
| = EBITDA at 3y avg commodity prices | 13 033 USDm |
| 5 · Valuation vs spot Current EV vs spot EBITDA. | |
| Enterprise value (current) | — |
| EV ÷ Spot EBITDA | — |
| 6 · Fair value & upside Conservative used EBITDA × 3y average EV/EBITDA → fair market cap. | |
| EBITDA at 3y avg commodity prices | 13 033 USDm |
| = Conservative used EBITDA | 16 990 USDm |
| Fair market cap (3y avg EV/EBITDA × used EBITDA − net debt) | — |
Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.
FY2025 record annual production and year-end proved reserves per Canadian Natural FY2025 results release.
| Line item | Amount |
|---|---|
| Crude oil equivalent (net, Mboe/d) | 1,571 |
| Proved reserves (net, MMboe) | 15,910 |
Sources
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.
| Product | Annual volume | Avg realized price | Implied revenue (USDm) | Share of implied revenue |
|---|---|---|---|---|
| Crude oil | 418.5 MMBbls | 69.81 USD/bbl | 29,212.3 | 94.3% |
| Natural gas | 929,655 MMcf | 1.89 USD/Mcf | 1,757 | 5.7% |
| Total (implied product revenue) | 30,969.3 | 100.0% |
Primary SEC filing for this FY (HTML)
FY2024 approximations derived from FY2025 release: production +207 Mboe/d YoY; proved reserves +4% YoY.
| Line item | Amount |
|---|---|
| Crude oil equivalent (net, Mboe/d) | 1,364 |
| Proved reserves (net, MMboe) | 15,298 |
Sources
Primary SEC filing for this FY (HTML)
No production / reserves detail wired for this fiscal year yet.
Primary SEC filing for this FY (HTML)
No dividend rows found for this issuer (checked: Yahoo Finance (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)