CNQ Canadian Natural Resources (CNQ) Q3 FY25 earnings call
CNQ's record quarter shows a low-decline, low-cost machine compounding organic growth with tightly-priced bolt-ons (Duvernay, Palliser, Montney, AOSP) while holding capital roughly flat—capital efficiency, not spend, driving the step-up. Management's forward stance is steady: differentials range-bound on TMX egress, sustained shareholder returns, and a 2026 that looks like more of the same barring the Horizon turnaround and modestly higher abandonment spend.
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CNQ operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | This call Sep 2025 Q3 FY25 | Change vs prior quarter |
|---|---|---|---|
| Production | ~1.42M boe/dIn the second quarter of 2025, despite the planned turnaround at AOSP, which reduced production levels in the quarter by approximately 120,000 barrels per day, we achieved quarterly production volumes totaling approximately 1.420 million BOEs per day, including liquids production of 1.019 million barrels per day and natural gas production of 2.4 Bcf per day.Source: earnings call transcript | ~1.62M boe/dOur production totaled approximately 1.62 million BOEs per day, which, as mentioned, includes records for both liquids and natural gas at approximately 1.18 million barrels per day and approximately 2.7 Bcf per day, respectively.Source: earnings call transcript | — |
| Oil production Pelican Lake | ~43.1K bbl/dPelican Lake production averaged approximately 43,100 barrels per day in the second quarter, a decrease of 4% from the second quarter of 2024, reflecting low natural field declines from this long life, low decline assets.Source: earnings call transcript | ~42.1K bbl/dPelican Lake production averaged approximately 42,100 barrels per day, a decrease of 7% from Q3 of '24, reflecting planned maintenance that took place in Q3 of '25 and the low nature of field declines from this long-life, low-decline asset.Source: earnings call transcript | — |
| Oil production Thermal In Situ | ~274.8K bbl/dIn our Thermal In Situ operations, we achieved strong thermal production in the second quarter, averaging approximately 274,800 barrels per day.Source: earnings call transcript | 274.752K bbl/dIn our thermal in situ operations, we achieved strong thermal production in the quarter, averaging 274,752 barrels per day in Q3, up slightly from Q3 2024 levels.Source: earnings call transcript | — |
| Oil production Oil Sands Mining and Upgrading | ~463.8K bbl/dIn our Oil Sands Mining and Upgrading, during the second quarter of 2025, our world-class oil sands mining and upgrading production averaged approximately 463,800 barrels per day of SCO, an increase of 13% from the second quarter of 2024.Source: earnings call transcript | 581.136K bbl/dDuring the quarter, our world-class oil sands mining and upgrading production was strong, averaging 581,136 barrels per day of SCO, an increase of approximately 83,500 barrels per day or 17% from Q3 2024 levels, reflecting the additional interest in the AOSP acquired in December 2024, combined with our effective and efficient operations, which drove stronger utilization of approximately 104% in the quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.