Description
Canadian Natural Resources’ 106% Oil Sands Utilization Signals A Bigger Margin Story!
Canadian Natural Resources Limited reported first-quarter 2026 results demonstrating continued operational and financial execution, with production volumes and shareholder returns highlighted amid a supportive commodity price environment. The company’s total production averaged approximately 1,643,000 barrels of oil equivalent per day (BOEs/d), marking a 4% year-over-year increase, driven notably by liquids production reaching approximately 1,198,000 barrels per day—a 2% increase from the prior year. This included record quarterly North American exploration and production (E&P) liquids production, natural gas production at 2.668 billion cubic feet per day (Bcf/d), and strong output from the Jackfish asset, which exceeded its facility nameplate capacity. The Oil Sands Mining and Upgrading segment achieved a utilization rate of 106%, delivering about 630,000 barrels per day or roughly 52% of total liquids production, benefitting from a premium on synthetic crude oil (SCO) averaging USD 5.70 per barrel over WTI on the forward strip.
