CNQ

Canadian Natural Resources Limited CNQ reported second-quarter 2026 adjusted earnings per share of $1.58, which beat the Zacks Consensus Estimate of $1.43 and significantly increased from 51 cents in the year-ago quarter. The outperformance can be attributed to strong operational performance and higher realized oil and NGL price. Total revenues of $10.6 billion increased from $6.3 billion in the prior-year period and beat the Zacks Consensus Estimate of $9.2 billion, fueled by increased production volumes. Canadian Natural Resources Limited price-consensus-eps-surprise-chart | Canadian Natural Resources Limited Quote On Aug. 6, CNQ’s board of directors announced a quarterly cash dividend of 62.5 Canadian cents per common share. The dividend will be payable on Oct. 2, 2026, to its shareholders of record as of the close of business on Sept. 11. This marks the company's continued commitment to returning value to its shareholders. This commitment is further evidenced by CNQ's impressive track record of growing and sustaining its dividend for 26 years, boasting a remarkable 20% annual growth rate over that period. In the second quarter of 2026, the company returned around C$2.4 billion directly to its shareholders. This included C$1.3 billion in dividends and C$1.1 billion from the repurchase. The oil and gas exploration and production company delivered strong financial results in the second quarter of 2026, highlighted by net earnings of approximately C$4.5 billion. Furthermore, CNQ reported robust adjusted net earnings from operations of approximately C$4.6 billion. This strong performance was also reflected in its cash flow. Cash flows from operating activities totaled approximately C$6.8 billion, and adjusted funds flow also reached approximately C$6.9 billion. Up to Aug. 5, 2026, the Calgary-based company delivered significant returns to its shareholders, amounting to approximately C$5.7 billion. This total was composed of C$3.8 billion in dividends and C$1.9 billion through repurchases. Canadian Natural reported quarterly production of 1,676,754 barrels of oil equivalent per day (Boe/d), up 18% from the prior-year quarter’s level. The figure beat our estimate of 1,655,104 Boe/d. The oil and NGL output (accounting for around 73% of total volumes) increased to 1,248,889 barrels per day (Bbl/d) from 1,019,149 Bbl/d recorded a year ago. The figure beat our estimate of 1,221,002 Bbl/d. Natural gas volumes totaled 2,567 million cubic feet per day (MMcf/d), up 6.6% from the 2,407 MMcf/d recorded in the year-ago period. The figure missed our estimate of 2,605 MMcf/d. Natural gas production in North America reached 2,563 MMcf/d in the second quarter of 2026 compared with 2,398 MMcf/d in the second quarter of 2025. The figure lagged our estimate of 2,602 MMcf/d. Exploration and production activities in North America, not including thermal in situ methods, reported an average output of 338,138 Bbl/d. This indicates a 24.8% year-over-year increase during this quarter. Meanwhile, thermal in situ production volume increased to 275,607 Bbl/d from 274,789 Bbl/d recorded a year ago. The figure missed our estimate of 280,000 Bbl/d. The Oil Sands Mining and Upgrading operations in North America reported an average output of 624,754 Bbl/d of synthetic crude oil. This represented a 34.7% increase from the prior-year quarter’s levels of 463,808 Bbl/d. The realized natural gas price decreased to C$2.05 per thousand cubic feet from the year-ago level of C$2.58. The realized oil and NGL price increased 51% to C$105.11 per barrel from C$69.58 in the second quarter of 2025. The company also achieved industry-leading operating costs for Oil Sands Mining and Upgrading, amounting to C$22.19 per barrel in the second quarter of 2026. Total expenses in the quarter were C$8.8 billion, up from C$5.9 billion recorded in the year-ago period. The rise was mainly due to an increase in blending and feedstock expenses of the company. Capital expenditure totaled C$2.4 billion compared with C$1.9 billion a year ago. As of June 30, 2026, CNQ had cash and cash equivalents worth C$2.6 billion and long-term debt of approximately C$14.9 billion, with a debt to capitalization of about 24.2%. Canadian Natural Resources raised its 2026 production guidance for the second time this year, reflecting the recently completed Peace River acquisition and strong conventional drilling performance. The company now expects total production of 1,637-1,682 MBOE/d, up from the previous range of 1,615-1,665 MBOE/d, with the midpoint increasing by 20,000 BOE/d. The revised outlook includes higher natural gas production of 2,595-2,635 MMcf/d and Conventional E&P crude oil and NGL production of 352,000-360,000 bbl/d, while Thermal and Oil Sands Mining & Upgrading production guidance remains unchanged at 852,000-883,000 bbl/d. Total liquids production is now expected at 1,204-1,243 mbbl/d. On the capital front, Canadian Natural maintained its 2026 operating capital budget at approximately C$5,990 million, including C$3.16 billion for Conventional E&P and C$2.83 billion for Thermal and Oil Sands Mining & Upgrading. However, total capital expenditures increased to C$7.64 billion from the previous C$6.88 billion forecast, entirely due to a C$761 million increase in net acquisitions following the Peace River asset purchase. CNQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed CNQ’s second-quarter results in detail, let us take a look at three other key reports in this space. Imperial Oil Limited IMO reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations. Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments. As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%. USA Compression Partners USAC reported second-quarter 2026 adjusted net profit of 31 cents per common unit, beating the Zacks Consensus Estimate of 24 cents. The metric improved from the year-ago quarter’s net profit of 22 cents per common unit, driven by a year-over-year increase in revenue-generating capacity. The largest independent provider of natural gas compression services generated revenues of $342.1 million, improving 36.8% from the year-ago quarter’s level and beating the Zacks Consensus Estimate by 0.7%. This growth was aided by higher contract operations revenues and higher revenues from the sale of parts and services. As of June 30, 2026, USA Compression had net long-term debt of $2.9 billion. The partnership had $536.9 million of remaining unused availability under its revolving credit facility. Diamondback Energy, Inc. FANG reported second-quarter 2026 adjusted earnings per share of $6.48, which beat the Zacks Consensus Estimate of $5.96 and more than doubled from the year-ago adjusted profit of $2.67. The outperformance was driven by production growth and a 53.1% improvement in the year-over-year realized oil prices. This Midland, TX-based oil and gas exploration and production company’s revenues of $5.6 billion increased more than 51% from the year-ago quarter and topped the Zacks Consensus Estimate by about 17%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income. As of June 30, the Permian-focused operator had approximately $462 million in cash and cash equivalents and $11.1 billion in long-term debt, representing a debt-to-capitalization of 20.1%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report Imperial Oil Limited (IMO) : Free Stock Analysis Report USA Compression Partners, LP (USAC) : Free Stock Analysis Report Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Canadian Natural Resources Limited? Here are five stocks we like better. Record production and earnings: Canadian Natural Resources’ second-quarter production rose 18% year over year to approximately 1.677 million BOE per day, while adjusted net earnings reached C$4.6 billion and adjusted funds flow hit a record C$6.9 billion. Higher guidance and shareholder returns: The company raised its 2026 production guidance midpoint by 20,000 BOE per day, returned C$2.4 billion directly to shareholders in the quarter, and reduced net debt by C$1.6 billion. Expansion projects remain paused: Medium- and long-term growth projects, including Jackfish, Pike 2 and additional mining developments, will remain on hold until definitive regulatory and fiscal agreements are completed, targeted for this fall. 4 Canadian Oil Stocks That Are Filling the Heavy Crude Gap Canadian Natural Resources (NYSE:CNQ) reported record second-quarter production, adjusted earnings and adjusted funds flow, supported by strong oil sands performance, higher output from acquired assets and favorable pricing for synthetic crude oil. President Scott Stauth said the company set eight operational and financial records during the quarter, citing operational execution, capital efficiency and continuous-improvement initiatives across its asset base. Total corporate production reached approximately 1.677 million barrels of oil equivalent per day, up 18% from the same period a year earlier. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 5 High Short Interest Stocks Getting Squeezed With Upside To Go Oil sands mining and upgrading production averaged about 625,000 barrels per day in the second quarter, the highest quarterly level in the company’s history. The result came despite challenging spring weather, including snowmelt and heavy rain, according to Stauth. Production from the oil sands mining and upgrading business increased approximately 161,000 barrels per day, or 35%, from the second quarter of 2025. Canadian Natural attributed the increase to operating performance, its additional working interest in the AOSP mines acquired during the fourth quarter of 2025, and the completion of the AOSP turnaround last year. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High 4 BUY-rated high-yield stocks with at least 25% of upside Upgrader utilization averaged 106% in the quarter. Stauth said the company remains focused on optimizing capacity and obtaining incremental “creep” production from its upgrading facilities, though he said it was premature to formally reassess facility capacity ratings. Synthetic crude oil, or SCO, captured an average premium of $8.37 per barrel to WTI during the quarter. Combined with oil sands mining and upgrading operating costs of C$22.19 per barrel, that produced a record per-barrel netback of about C$78, Stauth said. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling During the question-and-answer session, Stauth said SCO pricing is dependent in part on demand for diesel production. He said he expects SCO pricing to remain at parity with, or modestly above, WTI through the remainder of the year, while noting the uncertainty around commodity pricing. Total liquids production reached a record approximately 1.249 million barrels per day, an increase of 23% from a year earlier. Canadian Natural said roughly two-thirds of its liquids output consisted of high-value SCO, light crude oil and natural gas liquids. North American conventional E&P liquids production reached approximately 338,000 barrels per day, up 25% year over year. North American light crude oil and NGL production totaled approximately 205,000 barrels per day, up 45% from the second quarter of 2025. Jackfish thermal in-situ production reached a record approximately 136,000 barrels per day, exceeding its 120,000-barrel-per-day nameplate capacity. Two new SAGD pads at Pike 1 averaged about 46,000 barrels per day, with a steam-to-oil ratio of 1.8. The company increased its 2026 annual production guidance range for the second time this year. Canadian Natural now expects production of 1.637 million to 1.682 million BOE per day, representing a 20,000-BOE-per-day increase at the midpoint of its prior range. Its operating capital program remains unchanged at about C$6 billion before net acquisition costs. Stauth also said sulfur production generated net revenue of approximately C$450 million during the first half of 2026. The company produces about 30% of Canada’s sulfur supply, he said. Chief Financial Officer Victor Darel said adjusted net earnings were C$4.6 billion, or C$2.20 per share, while adjusted funds flow totaled C$6.9 billion, or about C$3.30 per share. Both figures were records for the company, according to Darel. Canadian Natural returned approximately C$4 billion to shareholders and through debt reduction in the second quarter. Direct shareholder returns totaled C$2.4 billion, including C$1.3 billion in dividends and C$1.1 billion in share repurchases. The company also reduced net debt by C$1.6 billion during the quarter. Year-to-date direct shareholder returns exceeded C$5.7 billion. The board approved a quarterly dividend of C$0.525 per common share, payable Oct. 2 to shareholders of record as of Sept. 11. Darel said 2026 marks the company’s 26th consecutive year of dividend increases. The company’s buyback program currently targets 75% of free cash flow, calculated as funds flow after dividends, capital and abandonment expenditures. Darel said liquidity stood at approximately C$8 billion, supported by cash flow and undrawn credit facilities. Responding to an analyst’s question on leverage, Darel said he was targeting the company’s C$13 billion net-debt objective in early 2027 based on prevailing pricing, while noting that commodity prices can fluctuate. Reaching that target would enable the company to direct 100% of free cash flow to its share buyback program, he said. Stauth added that the company has a turnaround planned for the third quarter and into early fourth quarter. Stauth discussed a recent trilateral memorandum of understanding among the Oil Sands Alliance, the Alberta government and the federal government. He described the MoU as a positive first step toward a regulatory and fiscal framework intended to support the long-term competitiveness of Canada’s energy sector, additional export capacity and a pathway for reducing greenhouse-gas emissions. However, Canadian Natural said medium- and long-term development projects remain on hold until definitive agreements are completed, which are targeted for this fall. Projects affected include a 30,000-barrel-per-day Jackfish project, the 70,000-barrel-per-day Pike 2 project, and longer-term mining growth projects at Albian and Horizon. Stauth said future capital deployment would be subject to the company’s broader capital-allocation approach and would not come at the expense of shareholder returns. He said any growth projects that proceed would need to generate strong returns at mid-cycle pricing. Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations. The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Canadian Natural Resources Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Canadian Natural Resources Limited CNQ raised its 2026 production guidance for the second time this year after record output in the second quarter of 2026, while keeping operating capital unchanged at about C$6 billion before net acquisitions. The second-quarter 2026 call paired confidence in near-term execution with restraint on larger growth projects, which remain on hold until definitive agreements tied to the trilateral oil sands MOU are completed. CNQ reported second-quarter earnings of $1.58 per share, beating the Zacks Consensus Estimate of $1.43. Revenues of $10.65 billion also topped the $9.25 billion consensus. Canadian Natural Resources Limited price-consensus-eps-surprise-chart | Canadian Natural Resources Limited Quote Annual production is now targeted at 1.637 million to 1.682 million BOE/d, with the midpoint 20,000 BOE/d above the prior range. President Scott Stauth tied the increase to the Peace River acquisition and strong conventional drilling results. Operating capital remains about C$6 billion. A TD Cowen analyst asked about the Peace River strategy. Stauth said scale and infrastructure synergies in Charlie Lake support targeted operating-cost reductions of 10% or more and lower drilling and completion costs. Oil Sands Mining and Upgrading production reached a record 624,754 barrels per day, with upgrader utilization at 106%. Operating costs averaged C$22.19 per barrel, down 16% year over year. An ATB Cormark analyst asked whether sustained utilization above 100% justified rerating upgrader capacity. President Scott Stauth said that would be premature, emphasizing incremental optimization and creep barrels. A CIBC analyst also pressed on Kirby South solvent deployment. The president said first-quarter 2027 diluent injection remains a small pilot designed to test full-cycle economics before broader application. Stauth said medium- and long-term projects will remain on hold until definitive agreements tied to the trilateral MOU are finalized, targeted for November 2026. That includes the 30,000-barrel-per-day Jackfish project, the 70,000-barrel-per-day Pike 2 project and larger mining expansions at Albian and Horizon. Responding to ATB Cormark and Goldman Sachs, the president stressed that fiscal and regulatory terms must align with the MOU. He also said future growth cannot compromise shareholder returns or crowd overlapping projects into the capital program. The second quarter benefited from an average SCO premium to WTI of US$8.37 per barrel, helping produce the company’s highest quarterly Oil Sands Mining and Upgrading netback at about C$78 per barrel. A TD Cowen analyst asked how sustainable that premium was. The president pointed to strong diesel production and framed the rest of 2026 around SCO trading near WTI or only a few dollars above it. Stauth emphasized the significance of producing roughly 600,000 barrels per day of SCO even if pricing is at WTI parity, rather than depending on a premium. CFO Victor Darel said second-quarter net debt declined by about C$1.6 billion to C$14.526 billion, bringing the company closer to its C$13 billion target. In response to Goldman Sachs, Darel said the company now targets reaching that level in early 2027 based on pricing to date. The president added that the third-quarter and early fourth-quarter turnaround should be kept in view. At or below C$13 billion of net debt, CNQ’s policy shifts to allocating 100% of free cash flow to share repurchases. Second-quarter direct shareholder returns totaled C$2.4 billion. Across the call, president Scott Stauth emphasized continuous improvement, capital efficiency and growth only under the right conditions, while keeping larger projects conditional on definitive MOU terms and shareholder returns. CFO Victor Darel likewise emphasized balance-sheet strength and shareholder returns. The company’s stated posture remains to fund operations and selected growth without sacrificing its return framework. Stauth continued to condition expansion on strong returns, while Darel kept the balance sheet and shareholder returns central to capital allocation. CNQ currently carries a Zacks Rank #3 (Hold), alongside a Value Score of B, Growth Score of C, Momentum Score of F and VGM Score of C. Under the Style Scores framework, the Value grade is comparatively favorable, while Growth and VGM are middle-tier and Momentum is the weakest score. The combination is mixed rather than one of the top Zacks Rank #1 (Strong Buy) or 2 (Buy) plus A- or B-score setups highlighted by Zacks. The Zacks Rank can change as earnings estimates are revised after the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Adjusted Net Earnings: $4.6 billion, or $2.20 per share, a record high for the company. Adjusted Funds Flow: $6.9 billion, or approximately $3.30 per share, also a record. Total Corporate Production: Record quarterly production of approximately 1,677,000 BOEs per day, up 18% year-over-year. Oil Sands Mining and Upgrading Production: Record quarterly production of approximately 625,000 barrels per day, up 35% from Q2 2025, with upgrader utilization of 106%. Total Liquids Production: Record of approximately 1,249,000 barrels per day, up 23% year-over-year. North American Conventional E&P Liquids Production: Record of approximately 338,000 barrels per day, up 25% from Q2 2025. Oil Sands Mining and Upgrading Operating Cost: Industry-leading low cost of $22.19 per barrel. Oil Sands Mining and Upgrading Netback: Record per barrel netback of approximately $78. SCO Premium to WTI: Averaged USD $8.37 per barrel in the quarter. Shareholder Returns: Totaled approximately $4 billion in Q2, including $2.4 billion in direct returns ($1.3 billion dividends and $1.1 billion share repurchases) and $1.6 billion in net debt reduction. Dividend: Quarterly dividend of $0.625 per common share approved, marking the 26th consecutive year of dividend increases. Annual Production Guidance: Increased to between 1.637 million and 1.682 million BOEs per day. Capital Program: Operating capital remains unchanged at approximately $6 billion before net acquisition costs. Warning! GuruFocus has detected 8 Warning Signs with NREF. Is CNQ fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly production of approximately 1,677,000 BOEs per day, up 18% year-over-year, driven by strong performance across all asset classes. Oil Sands Mining and Upgrading achieved record production of ~625,000 bbl/d with 106% upgrader utilization and industry-leading operating costs of $22.19/bbl, resulting in a record netback of ~$78/bbl. Record adjusted net earnings of $4.6 billion and adjusted funds flow of $6.9 billion, the strongest in company history, supported by robust SCO pricing and sulfur revenue. Significant shareholder returns of ~$4 billion in Q2, including $2.4 billion in direct returns (dividends and buybacks) and $1.6 billion in net debt reduction, with a 26th consecutive year of dividend increases. Successful integration of Peace River acquisitions, contributing to record North American conventional E&P liquids production and a 20,000 BOE/d increase in annual production guidance. Strong operational resilience in challenging weather conditions, with teams managing spring runoff and heavy rain to exceed budget and set production records. Progress on the trilateral MOU, which could unlock future growth projects and egress opportunities, positioning the company for long-term value creation. Future growth projects, including Jackfish, Pike Two, and Oil Sands Mining expansions, remain on hold pending finalization of definitive agreements under the trilateral MOU, creating uncertainty. SCO pricing volatility remains a risk, with the premium to WTI fluctuating significantly, though management expects it to stay at par or slightly above. The company faces higher operating costs in the second quarter due to adverse weather conditions, which could impact margins in future periods if such events recur. Net debt reduction is progressing but remains a focus, with the target of reaching $13 billion not expected until early 2027, limiting the potential to increase share buybacks to 100% of free cash flow until then. Solvent deployment at Kirby South is still in pilot phase, with significant costs and uncertain full-cycle economics, delaying potential GHG reduction and cost benefits. The company's ability to capitalize on growth opportunities is dependent on regulatory and fiscal frameworks, which are not yet finalized, adding strategic and financial uncertainty. Upgrader capacity is being pushed beyond nameplate, but management is cautious about re-rating capacity, indicating potential limitations on further incremental gains. Q: What is the significance of the trilateral MOU between the Oil Sands Alliance, the Government of Alberta, and the federal government, and what are the next steps for Canadian Natural? A: Scott Stauth, President and CEO, described the MOU as "transformative" for Canada and the Oil Sands industry, highlighting the potential for egress to the West Coast, a broader customer base, and stronger differential pricing. He emphasized that the definitive agreements, targeted for completion this fall, are critical for assessing future growth projects. Until those are finalized, development of medium and long-term projects, including the 30,000 bbl/d Jackfish project, the 70,000 bbl/d Pike Two project, and longer-term mining growth at Albian and Horizon, remain on hold. He stressed that shareholder returns will not be sacrificed and any growth projects must generate strong returns at mid-cycle pricing. Q: How did Canadian Natural manage to achieve record Oil Sands Mining and Upgrading production despite challenging weather conditions in Q2 2026? A: Scott Stauth, President and CEO, attributed the success to years of preparation and focus on managing spring runoff and heavy rain. Key factors include proactive management of haul roads, having materials ready for adverse conditions, ensuring ore availability, and the ability of the on-ground team to make minute-by-minute judgment calls and navigate challenges on a prepared basis, anticipating future forecasts. Q: What is the company's outlook for SCO (synthetic crude oil) pricing relative to WTI for the rest of the year? A: Scott Stauth, President and CEO, noted that the premium is dependent on the draw for diesel production, which remains strong across North America. He expects SCO pricing to remain at par or slightly better than WTI by a few dollars per barrel. He highlighted the resilience of SCO pricing, noting it has historically averaged on par with WTI, and that having 600,000 barrels of this production is significant for the company. Q: What is the company's strategy regarding the solvent rollout at Kirby South, and what are the expected benefits? A: Scott Stauth, President and CEO, explained that the deployment of diluent as a solvent at Kirby South is part of an ongoing strategy to evaluate returns and reduce greenhouse gas emissions. He noted that solvent costs are significant, so using a lower-cost product like diluent is key. This is a small pilot using wells drilled off existing pads, with diluent introduction expected by Q1 2027. The goal is to take time to understand full-cycle economics and applicability before broader deployment. Q: What is the company's path to reaching its net debt target, and what will that unlock? A: Victor Darel, CFO, stated that with strong pricing, net debt has come down significantly, with a $1.6 billion reduction in Q2 alone. He targets reaching the $13 billion net debt goal in early 2027 based on current pricing. Once achieved, the company will increase its share buyback program to return 100% of free cash flow, up from the current 75% target. Q: What are the key drivers and synergies behind the recent Peace River area acquisitions, and are there more consolidation opportunities? A: Scott Stauth, President and CEO, explained that the acquisitions increase their position in the Charlie Lake, capturing synergies of size and infrastructure to reduce operating costs by 10% or more. The focus is on maximizing liquids production and utilizing existing team knowledge to reduce drilling and completion costs. He noted there are opportunities for multi-let drilling, which has been sparse in the area, and that these acquisitions add value through size, scale, and optimized performance. Q: Given the consistent above-100% upgrader utilization, is the company considering re-rating the capacity of these assets? A: Scott Stauth, President and CEO, stated that it is premature to reassess or re-rate capacity. The teams remain focused on continuous improvement and optimizing capacity, including incremental "creep" barrels through the facilities, such as the NRUTT project. He emphasized that the key is maximizing total SCO production volume, and whether utilization is at 100% or 105% is an outcome of pushing the facilities to their maximum. Q: What were the key financial highlights for Q2 2026, and how are shareholder returns being managed? A: Victor Darel, CFO, reported record adjusted net earnings of $4.6 billion ($2.20 per share) and record adjusted funds flow of $6.9 billion (~$3.30 per share). The company returned approximately $4 billion to shareholders in Q2, including $2.4 billion in direct returns ($1.3 billion dividends, $1.1 billion buybacks) and $1.6 billion in net debt reduction. Year-to-date direct returns exceed $5.7 billion. The Board approved a quarterly dividend of $0.625 per share, marking the 26th consecutive year of dividend increases. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Canadian Natural Resources (CNQ) came out with quarterly earnings of $1.58 per share, beating the Zacks Consensus Estimate of $1.43 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +10.49%. A quarter ago, it was expected that this oil and natural gas company would post earnings of $0.74 per share when it actually produced earnings of $0.85, delivering a surprise of +14.86%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Canadian Natural Resources, which belongs to the Zacks Oil and Gas - Exploration and Production - Canadian industry, posted revenues of $10.65 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 15.11%. This compares to year-ago revenues of $6.29 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Canadian Natural Resources shares have added about 32.2% since the beginning of the year versus the S&P 500's gain of 12.8%. While Canadian Natural Resources has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Canadian Natural Resources was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.75 on $7.19 billion in revenues for the coming quarter and $3.82 on $31.83 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - Canadian is currently in the bottom 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, INPLAY OIL CP (IPOOF), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +700%. The consensus EPS estimate for the quarter has been revised 11.1% lower over the last 30 days to the current level. INPLAY OIL CP's revenues are expected to be $68.03 million, up 2.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report INPLAY OIL CP (IPOOF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Array Technologies, Inc. (ARRY) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +118.18%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced earnings of $0.06, delivering a surprise of +200%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Array Technologies, which belongs to the Zacks Solar industry, posted revenues of $342.07 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.63%. This compares to year-ago revenues of $362.24 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Array Technologies shares have lost about 34.8% since the beginning of the year versus the S&P 500's gain of 13%. While Array Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Array Technologies was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.28 on $460.4 million in revenues for the coming quarter and $0.73 on $1.45 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Oils-Energy sector, Canadian Natural Resources (CNQ), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This oil and natural gas company is expected to post quarterly earnings of $1.43 per share in its upcoming report, which represents a year-over-year change of +180.4%. The consensus EPS estimate for the quarter has been revised 14.4% lower over the last 30 days to the current level. Canadian Natural Resources' revenues are expected to be $9.25 billion, up 47.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Array Technologies, Inc. (ARRY) : Free Stock Analysis Report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Canadian Natural Resources (CNQ) reported $10.65 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 69.4%. EPS of $1.58 for the same period compares to $0.51 a year ago. The reported revenue represents a surprise of +15.11% over the Zacks Consensus Estimate of $9.25 billion. With the consensus EPS estimate being $1.43, the EPS surprise was +10.49%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Canadian Natural Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Production Volumes, before royalties - Total Natural Gas: 2567 millions of cubic feet compared to the 2604.62 millions of cubic feet average estimate based on three analysts. Production Volumes, before royalties - Total Equivalent Production: 1,676,754.00 BOE/D versus 1,655,104.00 BOE/D estimated by three analysts on average. Production Volumes, before royalties - Total crude oil and NGL: 1,248,889.00 BBL/D compared to the 1,221,002.00 BBL/D average estimate based on three analysts. Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Thermal In Situ: 275.61 thousands of barrels of oil versus 279.8 thousands of barrels of oil estimated by two analysts on average. Production Volumes, before royalties - Crude Oil and NGLs - Oil Sands Mining and Upgrading: 624.75 thousands of barrels of oil versus the two-analyst average estimate of 603.18 thousands of barrels of oil. Crude Oil and NGLs Sales Volumes - North America - NGLs: 120.62 thousands of barrels of oil versus the two-analyst average estimate of 118.24 thousands of barrels of oil. Production Volumes, before royalties - Crude Oil and NGLs - International - North Sea: 6.59 thousands of barrels of oil versus the two-analyst average estimate of 6.25 thousands of barrels of oil. Production Volumes, before royalties - Crude Oil and NGLs - International - Offshore Africa: 3.8 thousands of barrels of oil compared to the 4 thousands of barrels of oil average estimate based on two analysts. Production Volumes, before royalties - Natural Gas - North America: 2,563.00 Mcf/D versus the two-analyst average estimate of 2,602.40 Mcf/D. Production Volumes, before royalties - Natural Gas - International - Offshore Africa: 2.00 Mcf/D versus the two-analyst average estimate of 6.96 Mcf/D. Production Volumes, before royalties - Natural Gas - International - North Sea: 2.00 Mcf/D versus the two-analyst average estimate of 2.19 Mcf/D. Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Total North America E&P crude oil and NGLs: 613.75 thousands of barrels of oil compared to the 607.1 thousands of barrels of oil average estimate based on two analysts. View all Key Company Metrics for Canadian Natural Resources here>>> Shares of Canadian Natural Resources have returned +5.5% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research