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Mar 31, 2025
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CNRL Q1 2025 Earnings Report
Canadian Natural Resources posted strong earnings and record production across all categories in Q1 2025.
Key Takeaways
CNRL delivered robust financial and operational performance, achieving record production and strong free cash flow, while also reducing its capital budget without affecting planned production.
Revenue reached CAD 10.94 billion with significant growth across segments.
Net income more than doubled year-over-year to CAD 2.46 billion.
Record daily production of 1,582,348 BOE/d driven by Oil Sands and natural gas.
Free cash flow rose to CAD 1.855 billion, enabling a $100 million capex reduction.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CNRL expects to maintain strong production and reduce capital spending while continuing debt reduction and shareholder returns.
Positive Outlook
- Capital budget reduced by CAD 100 million without affecting output.
- 2025 production guidance remains unchanged.
- Free cash flow to continue supporting shareholder returns.
- Liquidity of CAD 5.1 billion enables financial flexibility.
- Dividend increased for 25th consecutive year.
Challenges Ahead
- Planned AOSP turnaround to reduce net annual production by 31,000 bbl/d.
- SCO premium weakened compared to previous quarter.
- International production down due to Baobab suspension.
- SCO pricing showed a discount to WTI in Q1.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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