Netback
Calculates profit per barrel after deducting production costs, offering insight into operational efficiency and profitability.
Crude oil/NGL netbacks weakened through 2025 but show a meaningful rebound in Q1 2026, driven by a stronger liquids price/mix and the company’s ramp in higher‑margin liquids production; natural gas netbacks remain low and volatile, so recent improvement is largely oil‑led. Management’s move to raise 2026 production, cut capex, defer the large Jackpine FEED and boost dividends signals a focus on monetizing near‑term liquids strength and returning cash rather than funding regulatory‑risky expansion—commodity volatility still caps upside.
CNQ Netback
| Date | Crude Oil and NGLs | Natural Gas | Barrels of Oil Equivalent |
|---|---|---|---|
| Jun 30, 2026 | C$63.19 | C$0.10 | C$38.45 |
| Mar 31, 2026 | C$42.02 | C$1.35 | C$28.15 |
| Dec 31, 2025 | C$33.47 | C$1.14 | C$22.48 |
| Sep 30, 2025 | C$39.36 | -C$0.26 | C$21.90 |
| Jun 30, 2025 | C$38.70 | C$0.80 | C$24.70 |
| Mar 31, 2025 | C$43.35 | C$1.19 | C$28.62 |
| Dec 31, 2024 | C$41.22 | C$0.27 | C$25.10 |
| Sep 30, 2024 | C$44.19 | -C$0.66 | C$24.83 |
| Jun 30, 2024 | C$48.67 | -C$0.27 | C$28.58 |
| Mar 31, 2024 | C$36.63 | C$0.51 | C$22.87 |
| Dec 31, 2023 | C$39.13 | C$1.04 | C$26.00 |
| Sep 30, 2023 | C$52.04 | C$0.91 | C$33.37 |
| Jun 30, 2023 | C$38.02 | C$0.51 | C$23.84 |
| Mar 31, 2023 | C$27.31 | C$1.97 | C$20.88 |