Calgary, Alberta--(Newsfile Corp. - December 16, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's 2026 budget, "Our 2026 budget is anchored around our unparalleled assets, execution, and resilience, which positions Canadian Natural as one of the most reliable and value-driven independents in our industry.Our low cost, long life low decline asset base allows Canadian Natural to maintain a strong balance sheet through commodity price cycles while providing ...

Core Viewpoint - Suncor Energy's 2026 corporate guidance emphasizes operational excellence and plans for significant shareholder returns through increased share buybacks, alongside robust production and refining targets [2][6][23]. Production Guidance - Total upstream production is projected to be between 840,000 to 870,000 barrels per day (bbls/d) in 2026, reflecting an increase of over 100,000 bbls/d compared to 2023 [2][5]. - Annual refining utilization is expected to average between 99% and 102%, indicating improved performance across the downstream portfolio [2][6]. Capital Expenditures - Total capital expenditures for 2026 are anticipated to be approximately C$5.7 billion, aligning with targets set during the 2024 Investor Day [3][9]. - Key investments include in situ well pads, Mildred Lake East, West White Rose, and the Petro-Canada retail network optimization plan [3][6]. Shareholder Returns - The company plans to return 100% of excess funds to shareholders through share buybacks, increasing the monthly repurchase amount by 10% to C$275 million, aiming for a total of C$3.3 billion in 2026 [2][6]. Operational Performance - The company is focused on maintaining high operational performance, with a commitment to delivering superior shareholder value in 2026 and beyond [4][6]. - An update on 2025 operational results and performance relative to the 2024 Investor Day targets will be provided in early January 2026 [4][6].

Financial Data and Key Metrics Changes - Canadian Natural achieved record quarterly corporate production of approximately 1.62 million BOEs per day, an increase of approximately 257,000 BOEs per day or up 19% from Q3 2024 levels [4][14] - Adjusted funds flow for Q3 2025 was approximately CAD 3.9 billion, with adjusted net earnings of CAD 1.8 billion [14][16] - Returns to shareholders in the quarter were CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases [14][15] - The company reported a strong balance sheet with a debt to EBITDA ratio of 0.9 times and liquidity of over CAD 4.3 billion [15][16] Business Line Data and Key Metrics Changes - Oil sands mining and upgrading production averaged 581,136 bbl per day, an increase of approximately 83,500 bbl per day or 17% from Q3 2024 levels [7] - Thermal in situ operations averaged 274,752 bbl per day, slightly up from Q3 2024 levels, with operating costs averaging CAD 10.35 per barrel, a decrease of 2% [8] - Primary heavy crude oil production averaged 87,705 bbl per day, an increase of 14% from Q3 2024 levels, with operating costs averaging CAD 16.46 per barrel, a decrease of 12% [9] - North American light crude oil production averaged 180,100 bbl per day, an increase of 69% from Q3 2024 levels [10] Market Data and Key Metrics Changes - North American natural gas production averaged approximately 2.66 BCF for the quarter, an increase of 30% from Q3 2024 levels [11] - Operating costs for North American natural gas averaged CAD 1.14 per MCF, a decrease of 7% from Q3 2024 levels [11] Company Strategy and Development Direction - The company is focused on continuous improvement and operational efficiency, with a commitment to driving execution of growth opportunities and increasing shareholder value [12][16] - Canadian Natural has increased its dividend for 25 consecutive years, reflecting a strong commitment to returning value to shareholders [15] - The company is exploring egress opportunities to enhance market access for its crude, particularly in light of new pipeline projects [28][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operational setup, indicating that all assets are performing as expected [48] - There is a cautious but positive outlook regarding engagement with the federal government on carbon competitiveness and pathways for future growth [39][40] - The company anticipates continued strong demand for Canadian heavy crude, supported by egress opportunities and stable pricing [55] Other Important Information - The company closed an asset swap with Shell Canada, enhancing its operational capabilities and production capacity [5][6] - The board approved a quarterly dividend of CAD 58.75 per common share, payable on January 6, 2026 [15] Q&A Session Summary Question: Potential operational benefits from the Albion Oil Sands asset swap - Management highlighted the potential for equipment utilization and cost savings due to the proximity of the two mining assets [20] Question: Opportunities for egress capacity to Midcontinent or Gulf Coast refiners - Management is open to participating in projects that enhance egress capacity, which is crucial for maintaining strong pricing differentials [28] Question: Need for further consolidation in Western Canada gas - Management noted that while consolidation is occurring, the focus should be on increasing egress opportunities to unlock the basin's potential [33] Question: Implications of T block decommissioning on capital expenditures - Management indicated that capital expenditures for 2026 are expected to increase modestly, with tax recoveries playing a significant role [44] Question: Operational setup and asset performance as the year ends - Management confirmed that all assets are performing as expected, with no significant issues to report [48] Question: Thoughts on M&A activity and capital allocation strategy - Management stated that while they look at M&A opportunities, there are no significant changes to their capital allocation strategy [54]

Core Insights - Canadian Natural achieved record quarterly production volumes in Q3/25, totaling approximately 1,620 MBOE/d, reflecting a 19% increase from Q3/24 levels, driven by both acquisitions and organic growth [1][5][8] - The company reported adjusted net earnings of $1.8 billion or $0.86 per share for Q3/25, with total returns to shareholders amounting to approximately $1.5 billion [5][14] - Canadian Natural's strong operational performance in its Oil Sands Mining and Upgrading segment included an average production of approximately 581,000 bbl/d of SCO, with industry-leading operating costs of approximately $21 per barrel [2][8][16] Production and Financial Performance - Total corporate production increased by approximately 257,000 BOE/d or 19% from Q3/24 levels, with record quarterly liquids production of 1,175,604 bbl/d, up 15% from the previous year [5][16] - Adjusted funds flow for Q3/25 was approximately $3.9 billion, with year-to-date returns to shareholders totaling approximately $6.2 billion [5][14] - The company maintained a strong balance sheet with liquidity of approximately $4.3 billion as of September 30, 2025, and net debt levels remained stable compared to Q2/25 [4][8] Operational Highlights - The AOSP swap with Shell, effective March 1, 2025, allows Canadian Natural to operate 100% of the Albian oil sands mines, adding approximately 31,000 bbl/d of annual, zero decline bitumen production [3][8][16] - Oil Sands Mining and Upgrading achieved strong upgrader utilization of 104% in Q3/25, reflecting effective operations [2][16] - Thermal in situ production averaged 274,752 bbl/d in Q3/25, with operating costs averaging $10.35/bbl, a decrease of 2% from Q3/24 levels [17] Shareholder Returns - Canadian Natural returned approximately $1.5 billion to shareholders in Q3/25, including $1.2 billion in dividends and $0.3 billion in share repurchases [5][14] - The company has a history of 25 consecutive years of dividend growth, with a compound annual growth rate (CAGR) of 21% [5][14] - A quarterly cash dividend of $0.5875 per common share was declared subsequent to the quarter end, payable on January 6, 2026 [14] Market and Pricing - North America natural gas production averaged 2,658 MMcf/d in Q3/25, a 30% increase from Q3/24 levels, with operating costs averaging $1.14/Mcf [25] - The WTI benchmark price was $64.95 per barrel in Q3/25, with a WCS heavy differential of $(10.36) per barrel [24][27] - The company has entered into a long-term natural gas supply agreement with Cheniere Energy, agreeing to sell 140,000 MMBtu/d starting in 2030 [30]

Core Insights - Suncor Energy achieved record quarterly results in Q3 2025, demonstrating operational excellence and a commitment to shareholder value [3][5][9] - The company reported significant financial metrics, including adjusted funds from operations of Cdn$3.831 billion and free funds flow of Cdn$2.347 billion [5][9] - Suncor's integrated business model has led to higher, more reliable free cash flow with reduced volatility [3][5] Financial Highlights - Net earnings for Q3 2025 were Cdn$1.619 billion, or Cdn$1.34 per common share, compared to Cdn$2.020 billion, or Cdn$1.59 per common share in Q3 2024 [4][9] - Adjusted operating earnings were Cdn$1.794 billion, or Cdn$1.48 per common share, slightly down from Cdn$1.875 billion in the prior year [4][9] - Adjusted funds from operations increased to Cdn$3.831 billion, up from Cdn$3.787 billion in Q3 2024 [4][9] Operating Highlights - Total upstream production reached a record 870,000 barrels per day (bbls/d), an increase of 41,000 bbls/d compared to Q3 2024 [5][13] - Refinery throughput hit a record of 492,000 bbls/d, with a utilization rate of 106% [5][13] - Refined product sales also set a record at 647,000 bbls/d, reflecting strong operational performance [5][13] Corporate Strategy and Guidance - Suncor extended maintenance intervals for its operations, leading to lower costs and higher utilization rates [11] - The company revised its 2025 guidance, increasing upstream production expectations from 810,000-840,000 bbls/d to 845,000-855,000 bbls/d [12] - The quarterly dividend per share was increased by approximately 5% to Cdn$0.60 [5] Debt and Financial Position - As of September 30, 2025, Suncor's net debt stood at Cdn$7.147 billion, with total debt at Cdn$10.091 billion [25][24] - The total debt to total debt plus shareholders' equity ratio was 18.3%, while net debt to net debt plus shareholders' equity was 13.7% [25]

Core Viewpoint - Suncor Energy reported strong second quarter results driven by effective execution of major operational activities, positioning the company well for the second half of the year [3][5]. Financial Highlights - Net earnings for Q2 2025 were Cdn$1.134 billion, or Cdn$0.93 per common share, compared to Cdn$1.568 billion, or Cdn$1.22 per common share in Q2 2024 [4][9]. - Adjusted operating earnings were Cdn$873 million, or Cdn$0.71 per common share, down from Cdn$1.626 billion, or Cdn$1.27 per common share in the prior year [4][9]. - Adjusted funds from operations decreased to Cdn$2.689 billion, or Cdn$2.20 per common share, from Cdn$3.397 billion, or Cdn$2.65 per common share in Q2 2024 [4][9]. - Cash flow from operating activities was Cdn$2.919 billion, or Cdn$2.38 per common share, compared to Cdn$3.829 billion, or Cdn$2.98 per common share in the prior year [4][9]. Operational Highlights - Total upstream production reached a record of 808,000 bbls/d in Q2 2025, compared to 770,600 bbls/d in Q2 2024 [5][13]. - Refinery throughput also set a record at 442,300 bbls/d with a utilization rate of 95%, compared to 430,500 bbls/d and 92% in the prior year [5][13]. - The company executed major turnaround activities safely and ahead of schedule, including the Upgrader 1 coke drum replacement project [5][11]. Shareholder Returns - Suncor returned Cdn$1.45 billion to shareholders, comprising Cdn$750 million in share repurchases and Cdn$700 million in dividends [5][9]. - The dividend per common share remained stable at Cdn$0.57, consistent with the previous quarter [4][5]. Corporate Guidance - The company reduced its 2025 capital expenditure guidance by Cdn$400 million, now estimating a range of Cdn$5.7 billion to Cdn$5.9 billion [12][19]. - Adjustments were made to estimated ranges for current income taxes and royalties to reflect the current business environment [12].

Core Insights - Canadian Natural achieved record quarterly production of approximately 1,582,000 BOE/d in Q1/25, with liquids production of approximately 1,174,000 bbl/d and natural gas production of 2,451 MMcf/d [1][12][13] - The company reported adjusted net earnings of $2.4 billion or $1.16 per share, and adjusted funds flow of $4.5 billion or $2.16 per share in Q1/25 [4][13] - Canadian Natural's focus on continuous improvement has led to significant cost efficiencies, allowing a reduction in the 2025 capital budget by $100 million to a total of $6.05 billion [4][6] Production and Operational Performance - Record quarterly Synthetic Crude Oil (SCO) production of approximately 595,000 bbl/d was achieved, reflecting a 34% increase from Q1/24 levels [2][29] - The company maintained industry-leading SCO operating costs of $21.88/bbl (US$15.25/bbl), a decrease of 12% from Q1/24 [2][29] - Thermal in situ production averaged 284,706 bbl/d, a 6% increase from Q1/24, with operating costs averaging $11.23/bbl (US$7.83/bbl), down 20% from Q1/24 [26][29] Financial Highlights - Canadian Natural returned approximately $1.7 billion to shareholders in Q1/25, including $1.2 billion in dividends and $0.5 billion in share repurchases [4][5][14] - The company reported cash flows from operating activities of approximately $4.3 billion in Q1/25, an increase from $2.9 billion in Q1/24 [8][13] - The company maintained liquidity of approximately $5.1 billion as of March 31, 2025, enhancing financial flexibility [6][13] Shareholder Returns - The Board of Directors approved a 4% increase in the quarterly dividend to $0.5875 per common share, marking the 25th consecutive year of dividend increases with a CAGR of 21% [5][21] - Year-to-date returns to shareholders totaled approximately $3.1 billion, including $2.4 billion in dividends and $0.7 billion in share repurchases [14][15] Market and Pricing - The average WTI benchmark price was $71.42/bbl in Q1/25, a decrease of $5.55/bbl compared to Q1/24 [31][32] - SCO pricing averaged $69.07/bbl in Q1/25, representing a $2.35/bbl discount to WTI pricing [31][32] - Natural gas realized price was $3.13/Mcf, reflecting a 52% premium over the AECO benchmark price [34]

Core Insights - Suncor Energy reported strong first quarter financial and operational performance, maintaining momentum from 2024, with a focus on safe, reliable, and cost-effective operations [3][5] - The company achieved record upstream production and refining throughput, demonstrating effective asset utilization [5][11] Financial Highlights - Net earnings for Q1 2025 were Cdn$1.689 billion, or Cdn$1.36 per common share, compared to Cdn$1.610 billion, or Cdn$1.25 per common share in Q1 2024 [4][8] - Adjusted operating earnings were Cdn$1.629 billion, or Cdn$1.31 per common share, down from Cdn$1.817 billion, or Cdn$1.41 per common share in the prior year [8][10] - Adjusted funds from operations totaled Cdn$3.045 billion, or Cdn$2.46 per common share, compared to Cdn$3.169 billion, or Cdn$2.46 per common share in Q1 2024 [8][10] - Free funds flow was Cdn$1.9 billion, reflecting strong cash generation capabilities [5][18] Operational Highlights - Total upstream production reached 853,200 barrels per day (bbls/d), with Oil Sands bitumen production at 937,300 bbls/d, marking the highest first quarter in company history [5][11] - Refinery utilization was at 104%, with refining throughput of 482,700 bbls/d, also a record for the first quarter [5][11] - Refined product sales reached 604,900 bbls/d, the highest for a first quarter [5][11] Shareholder Returns - The company returned Cdn$1.5 billion to shareholders, including Cdn$750 million in share repurchases and Cdn$705 million in dividends [5][10] - Dividend per common share remained stable at Cdn$0.57 [4][10] Corporate Updates - Production at White Rose resumed in Q1 2025, with expectations to return to normal levels in Q2 2025 [12] - There were no changes to the 2025 corporate guidance previously issued [13]

Core Insights - Canadian Natural Resources Limited (CNQ) reported fourth-quarter 2024 adjusted earnings per share of 66 cents, missing the Zacks Consensus Estimate of 69 cents, and down from 97 cents in the previous year due to lower natural gas prices and increased expenses [1] - Total revenues for the quarter were $6.8 billion, down from $7 billion year-over-year, primarily due to increased royalty expenses, but exceeded the Zacks Consensus Estimate of $6.4 billion due to higher product sales [2] Financial Performance - CNQ's net earnings for the fourth quarter were approximately C$1.1 billion, with adjusted net earnings from operations around C$2 billion [6] - Cash flows from operating activities totaled approximately C$3.4 billion, while adjusted funds flow reached approximately C$4.2 billion [6] - Total expenses in the quarter were C$7.9 billion, an increase from C$6.6 billion in the prior year, driven by higher transportation, blending, and feedstock costs [17] Shareholder Returns - The board approved a 4.4% increase in the quarterly cash dividend to 58.75 Canadian cents per share, payable on April 4, 2025 [3] - In 2024, CNQ returned approximately C$7.1 billion to shareholders, comprising C$4.4 billion in dividends and C$2.7 billion through share repurchases [8] Production and Operational Highlights - CNQ reported quarterly production of 1,470,428 barrels of oil equivalent per day (Boe/D), a 3.6% increase from the prior year [9] - Natural gas production volumes totaled 2,283 million cubic feet per day (MMcf/d), up 2.3% year-over-year [10] - The company achieved record quarterly production in its Oil Sands Mining and Upgrading operations, reaching 534,631 barrels per day of synthetic crude oil [13] Cost Management and Capital Expenditure - Capital expenditure for the quarter was C$1.3 billion, compared to C$1 billion a year ago [17] - The company achieved industry-leading annual operating costs for Oil Sands Mining and Upgrading at C$20.97 per barrel in the fourth quarter [15] Balance Sheet and Debt - As of December 31, CNQ had cash and cash equivalents of C$131 million and long-term debt of C$16.4 billion, with a debt to total capital ratio of about 50% [18] Future Guidance - For 2024, CNQ expects a 12% increase in production, targeting a range of 1,510 MBOE/d to 1,555 MBOE/d, and anticipates a 14% rise in natural gas production [19]