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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 +25% vs 1-yr · +17% vs 3-yr✗Pricier than own history (EV/EBITDA 8.3 vs avg 5.9)

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

Geography: Canada, United Kingdom, South Africa

US_EP_CNQ

Price chart

47.6 USDDay 0.06%

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
47.6 USD · 0.06%
Market cap
99.9 bn USD

Growth

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

Multiples

P/E (LTM)
14.5x
3y avg: 11.7x
P/B (FY)
3.1x
P/E (ann.)
26.2x
EV/EBITDA (LTM)
8.3x
3y avg: 5.9x
EV/EBITDA (ann.)
10.0x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
0.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+22.4%
↓ details

Liquidity

Daily turnover (listing)
277.1 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

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)312
Long-term debt (incl. LT leases)11 696
− Cash & equivalents572
Net debt11 436

Net debt / LTM EBITDA: 0.9x

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

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.50x of reported net profit.
year202320242025
cash flow / profit1.50x2.19x1.40x
accruals, % of assets-5.4%-8.5%-4.7%
Last twelve months (to 2025-Q2): 1.45x of profit came back as operating cash flow.
net debt / EBITDA 0.7x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

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

310.142015293.322016350.052017392.752018399.822019423.762020449.442021466.372022484.732023496.212024571.632025

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, mln boe
2026149.53 * (3M)
+3.8%		1.64
2025571.63
+15.2%		1.57
2024496.21
+2.4%		1.36
2023484.73
+3.9%		1.33
2022466.37
+3.8%		1.28
2021449.44
+6.1%		1.23
2020423.76
+6.0%		1.16
2019399.82
+1.8%		1.10
2018392.75
+12.2%		1.08

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 82spot vs LTM +13%

Commodity-player potential

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

Upside: +22.4% ▼ -1.7 pp 1d

Main driver: WTI Crude Oil +25% vs LTM; revenue ×1.21 vs costs ×1.04; EBITDA 13 420→17 695; at 7.9× EV/EBITDA → +22%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+89%81.5365.1276.26+25%+17%
Henry Hub Gas (rev)+8%2.773.533.11-21%-12%
Henry Hub Gas (cost)-1%2.773.533.11-21%-12%

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

1 · Reported baseline (LTM)
LTM revenue27 542
LTM EBITDA13 420
LTM cash costs (revenue − EBITDA)14 123
2 · Revenue projection
Revenue multiplier — spot×1.206 (+21%)
= Spot revenue33 228
Revenue multiplier — 3y price×1.142 (+14%)
= 3-year-price revenue31 467
3 · Costs projection
Cost multiplier — spot×1.037 (+4%)
= Spot cash costs14 645
Cost multiplier — 3y price×1.038 (+4%)
= 3-year-price cash costs14 661
4 · EBITDA projection (revenue − costs)
= Spot EBITDA18 583
= 3-year-price EBITDA16 806
Conservative EBITDA = min(spot, avg)17 695
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)7.9x
Target EV = EV/EBITDA × conservative EBITDA139 628
Net debt11 436
Target market cap = EV − net debt128 191
Current market cap104 698

Upside = target market cap ÷ current − 1 = +22.4%

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
2024 FY26 02925 832+0.8%11 25111 444-1.7%
2025 FY27 79223 799+16.8%16 9678 348+103.2%

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——

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 — LTM vs projected

Projected EV/EBITDA 9.2x · target 75th pct (3y) 8.2x · LTM avg 5.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

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 14.5x (price to trailing 12-month earnings).
What is Canadian Natural Resources Limited (CNQ)'s EV/EBITDA?
Canadian Natural Resources Limited (CNQ) trades at 8.3x 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 99.9 bn USD.

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