Canadian Natural Crushes Q2 Earnings on Higher Oil Prices, Boosts 2026 Production Forecast

Canadian Natural Resources CNQ-N beat profit estimates for its second quarter on Thursday, thanks to record production and stronger crude prices.

The company's realized price for exploration and production liquids rose 51% from a year earlier to $105.11 per barrel, while synthetic crude oil prices jumped 44% to $125.78 per barrel.

Canadian Natural is benefiting from higher oil prices driven by supply concerns following months of conflict in the Middle East, as well as years of investment in low-cost operations that continue to lift cash flow.

The company now expects its production for 2026 to average between 1.637 million and 1.682 million barrels of oil equivalent per day (boepd), up from its previous forecast of 1.615 million to 1.665 million boepd.