Description

Canadian Natural Resources Unlocks Record Oil Sands Economics With A CAD 78 Netback!

Canadian Natural Resources Limited reported strong operational and financial results for the second quarter of 2026, highlighted by multiple production and financial records across its diverse asset base. The company achieved its highest-ever quarterly production of approximately 1.68 million barrels of oil equivalent (BOEs) per day, representing an 18% year-over-year increase. Notably, Oil Sands Mining and upgrading operations delivered a record quarterly production averaging 625,000 barrels per day, a 35% rise compared to the same quarter last year, driven by strong operational performance, the acquisition of additional working interest in AOSP mines, and a completed turnaround. Oil Sands synthetic crude oil (SCO) captured a premium to WTI of USD 8.37 per barrel during the quarter, with industry-leading low operating costs of CAD 22.19 per barrel, resulting in the highest netback of about CAD 78 per barrel ever recorded by the company in this segment.