CALGARY – Canadian Natural Resources Limited reported third-quarter profits of $2.997 billion in 2026, nearly five times the $600 million earned during the same period last year, as higher oil prices helped boost earnings despite planned maintenance at its Horizon oil sands operation.
The Calgary-based company reported earnings of $1.45 per diluted share, compared with 29 cents a year earlier.
Adjusted net earnings from operations rose to $3.427 billion from $1.801 billion in the third quarter of 2025, while adjusted funds flow increased to $5.522 billion from $3.920 billion.
Cash generated from operating activities reached $7.010 billion, compared with $3.940 billion a year earlier.
Canadian Natural returned approximately $2.9 billion directly to shareholders during the quarter, including $1.3 billion in dividends and $1.6 billion in share repurchases.
The company also reduced its net debt by approximately $2.4 billion, bringing the total to $12.117 billion at the end of September, below its $13-billion debt target.
Chief financial officer Victor Darel said reaching that target will allow the company to direct more cash toward shareholders.
“We achieved our net debt target of $13 billion in Q3/26, resulting in the Company now targeting to allocate 100% of free cash flow to shareholder returns through share repurchases,” Darel said.
Canadian Natural plans to repurchase approximately $800 million in shares each month during November and December, with the strategy expected to continue into 2027, subject to market conditions.
The company’s board also approved a quarterly dividend of 62.5 cents per common share, payable Jan. 5, 2027, to shareholders of record as of Dec. 15.
Canadian Natural says its dividend has increased for 26 consecutive years.
Net capital expenditures totalled $1.883 billion during the quarter, compared with $2.124 billion a year earlier. Excluding acquisitions, capital spending increased to $1.885 billion from $1.318 billion.
The company says its tailings treatment project at Horizon remains on budget, with mechanical completion targeted for the third quarter of 2027. The project is expected to add approximately 6,300 barrels per day of synthetic crude production.
Canadian Natural is also targeting longer intervals between major maintenance shutdowns at Horizon, moving from every two years to every three years to improve production and reduce downtime.
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