Canadian Natural Resources boosts shareholder returns after debt falls below CAD 16 billion, triggering higher payout ratios.
Canadian Natural Resources reported Q1 2026 adjusted net earnings of CAD 2.4 billion, driven by production averaging 1.643 million barrels of oil equivalent per day. Liquids output hit 1.198 million barrels per day, with synthetic crude oil accounting for 66% of the total.
Adjusted funds flow reached CAD 4.4 billion, enabling CAD 1.5 billion in shareholder returns via dividends and buybacks. The company raised its annualized dividend to CAD 2.50 per share, extending a 26-year growth streak. Net debt dropped below CAD 16 billion, prompting a shift to return 75% of free cash flow to shareholders.
Management said it is nearing a CAD 13 billion net debt target, which would increase the payout ratio to 100% of free cash flow. Record production across multiple operations supported the strong financial performance.