(Calgary, Canada) – Canadian Natural Resources is shifting more cash toward share buybacks after bringing net debt below its target, reporting stronger production and roughly C$3 billion in quarterly net earnings on November 5.

The Calgary-based oil and gas producer said it intends to repurchase C$800 million of shares in each of November and December. It now targets allocating all free cash flow to buybacks, subject to market conditions, after net debt fell to C$12.1 billion at September 30, below its C$13-billion threshold.

The announcement accompanies results for the three months ended September 30. It establishes a new near-term buyback target rather than reporting that those November and December purchases have already occurred.

Reuters independently reported that Canadian Natural beat analysts’ third-quarter adjusted-profit expectations, helped by higher crude prices and increased output. The results provide another measure of how stronger petroleum prices have flowed through to Canada’s energy producers.

Prices received for the company’s exploration and production liquids averaged C$95.93 a barrel, compared with C$72.57 a year earlier, Reuters reported. That improvement accompanied a smaller increase in overall production, which rose to approximately 1.65 million barrels of oil equivalent a day from 1.62 million a year earlier.

The distinction matters: stronger prices, rather than a similarly large jump in output, were an important part of the quarter’s performance. Reuters described higher global oil prices as a favourable backdrop for Canadian oil sands producers, while noting that maintenance and operating constraints limited production growth.

Canadian Natural also disclosed an operational change at its Horizon oil sands facility. Planned maintenance finished October 6, seven days ahead of budget, which the company expects to add approximately 23,000 barrels a day to fourth-quarter synthetic crude production compared with its original plan.

That production benefit remains a company forecast. The November 5 release reports completed third-quarter financial results alongside expectations for the final months of 2026.

Sources