Canadian Natural Raises 2026 Production Outlook Amid Record Oil Sands Quarter

Canadian Natural Resources Ltd., a Calgary-based oil producer, has raised its production outlook for 2026 after achieving record quarterly crude oil and natural gas liquids production. The company's total production averaged 1.68 million barrels of oil equivalent per day during the second quarter, an 18 percent increase from the same period last year.

The company also set a new record for oil sands mining production, averaging about 625,000 barrels per day during the quarter. Canadian Natural raised its full-year production forecast for the second time this year, expecting average production of between 1.637 million and 1.682 million barrels of oil equivalent per day in 2026.

The company's financial results exceeded analyst expectations, with adjusted earnings of $2.19 per share for the quarter ended June 30, ahead of analyst estimates. Net earnings rose to $4.5 billion from $1.35 billion a year earlier, while product sales increased 39 percent to $17.2 billion.