CANADIAN NATURAL RESOURCES LTD Earnings Summary — Q1 2026

• Revenue for Q1 2026 reached 10,810 million CAD, a slight year-over-year decline of 1.18% but a strong sequential recovery from Q4 2025.
• Net income saw a significant drop to 1,348 million CAD compared to the abnormal 5,303 million CAD reported in the prior quarter.
• Operating income showed resilience at 2,671 million CAD, reflecting the company's industry-leading low cost structure.
• The company continues its structural transition toward returning 100% of free cash flow to shareholders now that net debt targets are being met.
• Diversified asset base across oil sands mining and natural gas provides a hedge against specific commodity price volatility.
• Shares outstanding decreased year-over-year from 2,101 million to 2,085 million, confirming ongoing share buyback execution.

Management maintains a focus on 'effective and efficient' operations, aiming for long-term free cash flow compounding and disciplined capital allocation across its long-life, low-decline asset base.

Stable

While net income plummeted from the previous quarter's high, the underlying operating income and revenue QoQ growth suggest a return to normalized operational performance after one-off impacts in Q4.

The company is positioned as a world-class free cash flow compounding machine with a target to return 100% of FCF to shareholders. Outlook remains dependent on WTI/WCS price spreads and pipeline exit capacity improvements in Western Canada.