Canadian Natural Resources Quarterly Earnings Surge With Higher Prices

By Robb M. Stewart

Canadian Natural Resources' profit jumped in the third quarter on the back of higher prices and increased sales volumes from the company's Canadian oil sands mining and North Sea operations.

The Canadian energy company recorded net earnings of 3 billion Canadian dollars ($2.14 billion), or C$1.45 a share, against C$600 million, or C$0.29, a year earlier

On an adjusted basis to strip out non-operated losses, currency fluctuations and other items, per-share earnings from operations increased to C$1.65, beating the C$1.47 mean forecast of analysts polled by FactSet.

Product sales by Canadian Natural, which runs a portfolio of assets in North America, the U.K. North Sea and offshore Africa, totaled C$15.64 billion, up from C$11.07 billion in the same period of 2025. That included a 36% rise in crude oil and natural gas liquids sales to C$14.27 billion.

Overall production before royalties for the quarter hit about 1.65 million oil-equivalent barrels, compared with 1.62 million barrels last year but 1.68 million in the second quarter of 2026. Analysts had penciled in output of 1.63 million barrels of oil equivalent for the latest period.

The Calgary, Alberta, company said it the average price it realized for a barrel of oil and natural gas liquids was up 32% on a year earlier, and the realized natural gas price increased 40% on average. That is despite global crude oil benchmark pricing decreasing in the third quarter as uncertainty over supply disruptions eased and global demand weakened.

The conflict in the Middle East has many countries looking for stable sources of oil and gas, at a time when Canada's government is looking to diversify trade away from a reliance on the U.S. Ottawa is fast tracking a planned new pipeline that promised to carry an additional 1 million barrels of oil a day to the west coast and on to markets in Asia, complementing the existing 890,000-barrel per day twinned Trans Mountain pipeline.

Canadian Natural said it was pleased to see the federal government designating the proposed West Coast oil pipeline, known as Pacific Link, as a project of national interest.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 05, 2026 06:38 ET (11:38 GMT)