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Earnings transcript
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CNQ
Canadian Natural Resources Limited
$51.4
0.37
(0.73%)
| Exchange: | NYSE |
| Market Cap: | 107.205B |
| Shares Outstanding: | 1.829B |
Delayed data
About The Company
| Sector: | Energy | |||||
| Industry: | Oil & Gas Exploration & Production | |||||
| CEO: | Norman Murray Edwards | |||||
| Full Time Employees: | 10750 | |||||
| Address: |
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| Website: | https://www.cnrl.com |
Canadian Natural Resources Limited (CNQ) is an integrated energy enterprise engaged across the full spectrum of upstream and downstream activities related to crude oil, natural gas, and natural gas liquids (NGLs), encompassing acquisition, exploration, development, production, marketing, and sales. Its diverse portfolio of hydrocarbon products encompasses synthetic crude oil (SCO), light and medium crude, bitumen (also known as thermal oil), along with both primary heavy crude oil and specialized Pelican Lake heavy crude. Beyond exploration and production, the company holds midstream and refining assets, notably comprising two crude oil pipeline networks and a half-interest (50% working interest) in an 84-megawatt cogeneration facility situated at Primrose. As of December 31, 2020, CNQ reported substantial reserves. Its proved crude oil, bitumen, and NGLs reserves amounted to 10,528 million barrels (MMbbl), escalating to 13,271 MMbbl when probable reserves are included. Proved synthetic crude oil (SCO) reserves stood at 6,998 MMbbl, with total proved plus probable SCO reserves reaching 7,535 MMbbl. Furthermore, the company’s proved natural gas reserves were recorded at 12,168 billion cubic feet (Bcf), expanding to 20,249 Bcf on a proved plus probable basis. Geographically, its operations are concentrated in key regions, including Western Canada, the United Kingdom’s North Sea sector, and offshore West Africa. The entity, incorporated in 1973, was originally known as AEX Minerals Corporation before adopting the name Canadian Natural Resources Limited in December 1975. Its corporate headquarters are located in Calgary, Canada.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 40,835,000 | 35,656,000 | 44,167,000 |
| Gross Profit | 11,773,000 | 17,579,000 | 9,401,000 |
| EBITDA | 17,269,000 | 16,266,000 | 21,887,000 |
| Operating Income | 10,464,000 | 16,797,000 | 8,226,000 |
| Net Income | 8,233,000 | 6,106,000 | 10,820,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 75,955,000 | 85,359,000 | 91,755,165 |
| Total Liabilities | 36,123,000 | 45,891,000 | 47,425,320 |
| Total Stockholders Equity | 39,832,000 | 39,468,000 | 44,329,845 |
| Total Debt | 12,354,000 | 20,283,000 | 19,706,927 |
| Cash and Cash Equivalents | 877,000 | 131,000 | 672,452 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 12,353,000 | 13,386,000 | 15,093,689.606 |
| Capital Expenditure | -4,909,000 | -5,291,000 | -6,670,559.500 |
| Free Cash Flow | 7,444,000 | 8,095,000 | 8,423,130.106 |
| Net Income | 8,233,000 | 6,106,000 | 10,811,182.414 |
| Net Change in Cash | -43,000 | -746,000 | 547,543.948 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 31,819,778.882 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 35,865,485.087 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 33,821,002.600 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 14,712,272.494 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 16,582,855.327 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 15,637,563.294 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 7,430,111.725 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 8,681,848.320 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 8,049,287.702 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 728,170.879 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 820,753.717 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 773,967.326 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 3.840 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 4.140 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 3.540 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 2 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 4 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: Canadian Natural reported strong financial results in the 2024 fourth quarter and year-end earnings call, with key metrics such as revenue, net income, and operating cash flow showing positive trends. This indicates a solid operational foundation and effective cost management.
- High Return Metrics: The company demonstrates strong return on equity (ROE) and return on invested capital (ROIC) as per the latest TTM key metrics, reflecting efficient use of capital and profitability that likely outperforms industry averages.
- Strategic Capital Allocation: As highlighted in the earnings call transcript, CNQ's focus on disciplined capital allocation and continuous improvement enhances shareholder value creation, positioning the company as a leader in operational efficiency within the energy sector.
- Strong Free Cash Flow Yield: The free cash flow yield (TTM) indicates a healthy cash generation capacity, providing flexibility for dividends, debt reduction, and reinvestment into growth initiatives.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates CNQ intrinsic value between $35.99 – $55.65 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about CNQ valuation
Is Canadian Natural Resources Limited (CNQ) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Canadian Natural Resources Limited (CNQ) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is CNQ a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether CNQ trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is CNQ’s P/E ratio?
You can see CNQ’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for CNQ?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is CNQ a good long-term investment?
Whether CNQ fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
CNQ
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Daily snapshot
0.73
Trading Metrics:
| Open: | 51.18 | Previous Close: | 51.03 | |
| Day Low: | 50.96 | Day High: | 51.48 | |
| Year Low: | 29.68 | Year High: | 51.48 | |
| Price Avg 50: | 44.22 | Price Avg 200: | 41.52 | |
| Volume: | 3.779M | Average Volume: | 8.614M |
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Login — it's freeCNQ full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of Canadian Natural Resources Limited, ticker CNQ, one of the heavyweights in the oil and gas sector. If you’re looking to understand whether this stock deserves a spot in your portfolio, stick around because we’re breaking down everything from financials to recent performance and long-term potential. Let’s get started! First, let’s set the stage. Canadian Natural Resources is a major player in the energy space,…
