Core Insights - Canadian Natural Resources Limited (CNQ) reported second-quarter 2025 adjusted earnings per share of 51 cents, exceeding the Zacks Consensus Estimate of 44 cents, but down from 64 cents in the same quarter last year due to lower realized oil and natural gas liquid prices [1][11] - Total revenues for the quarter were $6.3 billion, a decrease from $6.6 billion in the prior-year period, but slightly above the Zacks Consensus Estimate by $5 million [2][11] Financial Performance - The company returned approximately C$1.6 billion to shareholders in Q2 2025, which included C$1.2 billion in dividends and C$0.4 billion from the repurchase of 8.6 million common shares at a weighted average price of C$41.46 per share [4][11] - Net earnings for the quarter were approximately C$2.5 billion, with adjusted net earnings from operations around C$1.5 billion [5] - Cash flows from operating activities totaled approximately C$3.1 billion, while adjusted funds flow reached approximately C$3.3 billion [5] Production and Prices - CNQ reported quarterly production of 1,420,358 barrels of oil equivalent per day (Boe/d), a 10.5% increase from the prior-year quarter, although it fell short of the model projection of 1,543,882 Boe/d [7] - Oil and NGL output increased to 1,019,149 barrels per day (Bbl/d) from 934,066 Bbl/d a year ago, but also missed the model projection of 1,137,442 Bbl/d [7] - Natural gas volumes totaled 2,407 million cubic feet per day (MMcf/d), up 14.1% from 2,110 MMcf/d in the year-ago period, yet below the model projection of 2,439 MMcf/d [8] Costs and Capital Expenditure - Total expenses in the quarter were C$5.9 billion, down from C$6.8 billion in the prior-year period, primarily due to lower blending and feedstock expenses [15] - Capital expenditure for the quarter totaled C$3 billion, compared to C$2 billion a year ago [15] Balance Sheet - As of June 30, 2025, CNQ had cash and cash equivalents of C$102 million and long-term debt of approximately C$15.7 billion, with a debt to capitalization ratio of about 27.6% [16] Guidance - CNQ's capital budget for 2025 remains unchanged at $6.05 billion, excluding abandonments, with a production target in the range of 1,510-1,555 thousand barrels of oil equivalent per day [17]