EarningsQ2 2026 Earnings Report
DE:CRC Q2 2026 EPS Results
Actual EPS€1.35
Consensus EPS€1.26
Beat/MissBeat by +€0.09
One Year Ago EPS€0.45
DE:CRC Q2 2026 Revenue Results
Actual Revenue€9.25B
Expected Revenue€8.38B
Beat/MissBeat by +€868.30M
YoY Revenue Growth+69.48%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
DE:CRC Upcoming Earnings
Canadian Natural's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:CRC Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights multiple record operational and financial achievements — including all-time quarterly production records across oil sands and total corporate metrics, industry-leading operating costs and netbacks, exceptional adjusted earnings and funds flow, meaningful shareholder returns, and improved liquidity — demonstrating strong execution and cash generation. Risks were acknowledged, notably development projects being paused pending definitive agreements under the trilateral MOU, SCO price volatility, solvent economics uncertainty, scheduled turnarounds, and timing risk to reach targeted net debt levels. Overall, the positive operational and financial momentum and large number of material records materially outweigh the manageable strategic and execution risks discussed.Company Guidance
Record Oil Sands Mining & Upgrading Production
Highest quarterly oil sands mining and upgrading production in company history at ~625,000 bbl/d in Q2 2026, up ~161,000 bbl/d or ~35% year-over-year; upgrader utilization of 106%.
Record Total Corporate Production
Record quarterly total corporate production ~1.68 million BOE/d in Q2 2026, up ~206,000 BOE/d or ~18% year-over-year.
Record Liquids and Conventional E&P Production
Record total liquids production ~1.25 million bbl/d (up ~230,000 bbl/d or ~23% YoY). North American conventional E&P liquids ~338,000 bbl/d (up ~67,000 bbl/d or ~25% YoY); light crude and NGLs ~205,000 bbl/d (up ~64,000 bbl/d or ~45% YoY).
Strong Upgrader Economics and Low Operating Cost
SCO premium to WTI averaged US$8.37/bbl in Q2; oil sands operating cost reported at CAD$22.19/bbl and highest-ever oil sands per-barrel netback of ~CAD$78/bbl, driving robust margins and cash generation.
Industry-Leading Financial Results
Record adjusted net earnings of CAD$4.6 billion (~CAD$2.20/share) and adjusted funds flow of CAD$6.9 billion (~CAD$3.30/share) in Q2 2026, reflecting strong operational performance and pricing.
Material Cash Returns to Shareholders and Buybacks
Second-quarter total cash returns ~CAD$4.0 billion (direct CAD$2.4 billion: CAD$1.3 billion dividends and CAD$1.1 billion share repurchases; indirect CAD$1.6 billion net debt reduction). Year-to-date direct returns exceed CAD$5.7 billion; quarterly dividend CAD$0.625/share and buyback program targeting to return 75% of free cash flow.
Net Debt Reduction and Strong Liquidity
Net debt decreased materially in the quarter (long-term debt from CAD$16.2B to CAD$14.5B noted), with ~CAD$8 billion of available liquidity (undrawn credit facilities + internally generated cash flow).
Guidance Increase and Capital Discipline
Annual production guidance raised for the second time in 2026 to 1.64–1.68 million BOE/d (midpoint up ~20,000 BOE/d); disciplined 2026 capital program unchanged at approx. CAD$6 billion (before net acquisitions).
Operational Achievements at In Situ Assets
Record thermal in situ production at Jackfish ~136,000 bbl/d (exceeding 120,000 bbl/d nameplate). New SAGD pads at Pike averaging ~46,000 bbl/d with SOR of 1.8; Pike resource described as top tier.
Value from Non-Oil Products
Sulfur production (~30% of Canada’s supply) generated significant net revenue of ~CAD$450 million in the first two quarters of 2026, contributing meaningfully to cash flow.
DE:CRC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed