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Jun 30
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CNRL Q2 2025 Earnings Report
Canadian Natural posted strong Q2 2025 results with $2.5 billion in net earnings and solid production growth across all core segments.
Key Takeaways
CNRL delivered $2.5 billion in net income and adjusted net earnings of $1.5 billion. Production averaged over 1.42 million BOE/d, with cost efficiencies achieved across operations. Despite a planned turnaround at AOSP, the company executed strong capital discipline and continued to return significant value to shareholders.
Net income reached $2.5 billion with EPS of $1.17.
Adjusted net earnings were $1.5 billion or $0.71 per share.
Free cash flow for the quarter was slightly negative at -$79 million due to higher capital expenditures.
Production grew to 1.42 million BOE/d, up 10% from Q2 2024, with efficiency gains in Duvernay and Oil Sands.
CNRL
CNRL
Forward Guidance
Canadian Natural plans to maintain high shareholder returns in 2025, backed by continued production growth, cost control, and disciplined capital deployment. Revised production guidance expected post-AOSP asset swap in Q3.
Positive Outlook
- Increased SCO output and upgrader utilization above 100% in July
- Cost improvements in Duvernay with $8.43/BOE operating cost
- Expansion of core Montney and Palliser Block assets with new acquisitions
- Strong drilling success rate of 99% across wells
- 25-year dividend growth streak maintained with strong payout
Challenges Ahead
- Free cash flow slightly negative due to timing of capital expenditures
- International production dropped 60% due to FPSO downtime
- WTI prices declined to $63.71/bbl, impacting revenue
- Turnaround at AOSP affected quarterly SCO output
- Bitumen and Pelican Lake output flat or declining due to field declines