Reported Earnings • May 11
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: CA$0.65 (down from CA$1.17 in 1Q 2025). Revenue: CA$10.8b (down 1.2% from 1Q 2025). Net income: CA$1.35b (down 45% from 1Q 2025). Profit margin: 13% (down from 23% in 1Q 2025). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 29
Independent Lead Director recently sold US$1.2m worth of stock On the 24th of March, Gordon Giffin sold around 25k shares on-market at roughly US$49.83 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$24m. Insiders have been net sellers, collectively disposing of US$29m more than they bought in the last 12 months. Announcement • Mar 27
Canadian Natural Resources Limited to Report Q1, 2026 Results on May 07, 2026 Canadian Natural Resources Limited announced that they will report Q1, 2026 results Pre-Market on May 07, 2026 Recent Insider Transactions • Mar 16
Executive Chairman recently sold US$24m worth of stock On the 13th of March, Norman Edwards sold around 500k shares on-market at roughly US$48.18 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Norman's only on-market trade for the last 12 months. Declared Dividend • Mar 08
Fourth quarter dividend of CA$0.63 announced Shareholders will receive a dividend of CA$0.63. Ex-date: 20th March 2026 Payment date: 7th April 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 22% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range. New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$2.1m sold). Announcement • Feb 24
Canadian Natural Resources Limited, Annual General Meeting, May 07, 2026 Canadian Natural Resources Limited, Annual General Meeting, May 07, 2026. Location: alberta, calgary Canada Announcement • Feb 06
Canadian Natural Resources Limited to Report Q4, 2025 Results on Mar 05, 2026 Canadian Natural Resources Limited announced that they will report Q4, 2025 results on Mar 05, 2026 Recent Insider Transactions • Feb 02
Insider recently sold US$757k worth of stock On the 29th of January, Troy J. Andersen sold around 20k shares on-market at roughly US$37.83 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.2m more than they bought in the last 12 months. New Risk • Jan 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.6m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Significant insider selling over the past 3 months (US$1.6m sold). Announcement • Jan 14
Canadian Natural Resources Reportedly Set to Acquire Tourmaline’s Natural Gas Business Canadian Natural Resources Limited (TSX:CNQ) is poised to purchase a $1-billion-plus portfolio of Alberta natural gas properties from Tourmaline Oil Corp. (TSX:TOU). Canadian Natural filed the paperwork for federal Competition Bureau approval of a transaction with Tourmaline on Dec. 30, according to a recent notification published by the bureau. However, the regulator and the Calgary-based companies did not disclose details of the potential deal. Canadian Natural is in talks to acquire a natural gas business in Alberta’s Peace River region that Tourmaline put up for sale in November, according to two sources familiar with the negotiations. The Globe is not naming the sources because they are not authorized to speak publicly about the talks. Last year, analysts estimated the portfolio could fetch up to $1.4-billion. Canadian Natural also owns gas wells and energy infrastructure in the area. Tourmaline’s Peace River operations include 2,428 horizontal wells, 34 gas plants and 15,500 kilometres of pipelines. Canadian Natural is seeking preliminary regulatory feedback on a potential acquisition of the Tourmaline assets prior to announcing a purchase, the sources said. Tourmaline said it would not comment on the sale process of its Peace River assets before its first-quarter report, which is slated for March 4. Canadian Natural also declined to comment on the regulatory filing. The application to the federal competition watchdog suggests that the scale of Canadian Natural’s potential acquisition requires regulatory approval, a relatively common development when companies in mature sectors such as energy buy businesses from peers. Tourmaline’s sale of its Peace River assets is expected to lower its operational expenses this year by roughly 7%, ATB Financial said in its 2026 oil and gas outlook. Upcoming Dividend • Dec 05
Upcoming dividend of CA$0.59 per share Eligible shareholders must have bought the stock before 12 December 2025. Payment date: 06 January 2026. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.0%). Declared Dividend • Nov 09
Third quarter dividend of CA$0.59 announced Shareholders will receive a dividend of CA$0.59. Ex-date: 12th December 2025 Payment date: 6th January 2026 Dividend yield will be 5.9%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 08
Canadian Natural Resources Limited Declares Quarterly Cash Dividend, Payable on January 6, 2026 Canadian Natural Resources Limited announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.5875 per share. The dividend will be payable on January 6, 2026 to shareholders of record at the close of business on December 12, 2025. Reported Earnings • Nov 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CA$0.29 (down from CA$1.07 in 3Q 2024). Revenue: CA$9.52b (up 7.0% from 3Q 2024). Net income: CA$600.0m (down 74% from 3Q 2024). Profit margin: 6.3% (down from 26% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 63%. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 04
Canadian Natural Resources Limited Updates Production Guidance for the Year 2025 Canadian Natural Resources Limited updated production guidance for the year 2025. For the year, the company expects to update
2025 production guidance with the addition of the 31,000 bbl/d from the swap transaction, included effective November 1, 2025, which results in current production volumes of approximately 1,670 MBOE/d. Annual 2025 production guidance is now targeted to be between 1,560 MBOE/d and 1,580 MBOE/d and represents production growth in 2025 of approximately 207 MBOE/d or 15% over 2024 production levels, based on the mid-point of the updated guidance. New Risk • Oct 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk High level of debt (41% net debt to equity). Announcement • Oct 03
Canadian Natural Resources Limited to Report Q3, 2025 Results on Nov 06, 2025 Canadian Natural Resources Limited announced that they will report Q3, 2025 results on Nov 06, 2025 Upcoming Dividend • Sep 12
Upcoming dividend of CA$0.59 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 03 October 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.0%). New Risk • Aug 15
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk High level of debt (41% net debt to equity). Declared Dividend • Aug 10
Second quarter dividend of CA$0.59 announced Shareholders will receive a dividend of CA$0.59. Ex-date: 19th September 2025 Payment date: 3rd October 2025 Dividend yield will be 6.0%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CA$1.17 (up from CA$0.80 in 2Q 2024). Revenue: CA$8.70b (down 3.9% from 2Q 2024). Net income: CA$2.46b (up 43% from 2Q 2024). Profit margin: 28% (up from 19% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 81%. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Aug 08
Canadian Natural Resources Limited to Report Q2, 2025 Results on Aug 07, 2025 Canadian Natural Resources Limited announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. Minor Risk High level of debt (43% net debt to equity). Upcoming Dividend • Jun 06
Upcoming dividend of CA$0.59 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 03 July 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.2%). Declared Dividend • May 11
First quarter dividend of CA$0.59 announced Shareholders will receive a dividend of CA$0.59. Ex-date: 13th June 2025 Payment date: 3rd July 2025 Dividend yield will be 5.8%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CA$1.17 (up from CA$0.46 in 1Q 2024). Revenue: CA$10.9b (up 33% from 1Q 2024). Net income: CA$2.46b (up 149% from 1Q 2024). Profit margin: 23% (up from 12% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • May 09
Canadian Natural Resources Limited Declares Quarterly Cash Dividend, Payable on July 3, 2025 Canadian Natural Resources Limited declared a quarterly cash dividend on its common shares of CAD 0.5875 per common share. The quarterly dividend will be payable on July 3, 2025 to shareholders of record at the close of business on June 13, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$25.14, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 8.5% over the past three years. Announcement • Apr 07
Canadian Natural Resources Limited to Report Q1, 2025 Results on May 08, 2025 Canadian Natural Resources Limited announced that they will report Q1, 2025 results Pre-Market on May 08, 2025 Declared Dividend • Mar 09
Fourth quarter dividend of CA$0.59 announced Shareholders will receive a dividend of CA$0.59. Ex-date: 21st March 2025 Payment date: 4th April 2025 Dividend yield will be 6.2%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 08
Canadian Natural Resources Limited Announces Quarterly Cash Dividend, Payable on April 4, 2025 Canadian Natural Resources Limited announces that its Board of Directors approved a 4% increase to its quarterly cash dividend on its common shares to CAD 0.5875 (fifty-eight and three quarter cents) per common share, up from the previous quarterly cash dividend of CAD 0.5625 (fifty-six and one quarter cents) per common share. The dividend will be payable on April 4, 2025 to shareholders of record at the close of business on March 21, 2025. Reported Earnings • Mar 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CA$2.87 (down from CA$3.77 in FY 2023). Revenue: CA$35.7b (flat on FY 2023). Net income: CA$6.11b (down 26% from FY 2023). Profit margin: 17% (down from 23% in FY 2023). Combined production Oil equivalent production: 426.382 MMboe (424.065 MMboe in FY 2023) Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Feb 25
Canadian Natural Resources Limited, Annual General Meeting, May 08, 2025 Canadian Natural Resources Limited, Annual General Meeting, May 08, 2025. Location: alberta, calgary Canada Announcement • Jan 30
Canadian Natural Resources Limited to Report Q4, 2024 Results on Mar 06, 2025 Canadian Natural Resources Limited announced that they will report Q4, 2024 results on Mar 06, 2025 Announcement • Jan 10
Canadian Natural Resources Limited Provides Production Guidance for the Year 2025 Canadian Natural Resources Limited provided production guidance for the year 2025. For the period, the company's production guidance range is approximately 1.510 million to 1.555 million BOEs per day with a breakdown of 2.425 to 2.480 Bcf per day of natural gas and total liquids of 1.106 to 1.142 million barrels per day. This represents growth of approximately 170,000 BOEs per day or 12% from the 2024 based on midpoint of guidance. Upcoming Dividend • Dec 06
Upcoming dividend of CA$0.56 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 03 January 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (3.9%). Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: CA$1.07 (down from CA$1.08 in 3Q 2023). Revenue: CA$8.89b (down 10% from 3Q 2023). Net income: CA$2.27b (down 3.3% from 3Q 2023). Profit margin: 26% (up from 24% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Oct 09
Dividend of CA$0.53 announced Shareholders will receive a dividend of CA$0.53. Ex-date: 13th December 2024 Payment date: 3rd January 2025 Dividend yield will be 5.7%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 07
Canadian Natural Resources Limited Declares Quarterly Cash Dividend, Payable on January 3, 2025 Canadian Natural Resources Limited have agreed to increase the quarterly cash dividend by 7% to $0.5625 per common share, up from the previous quarterly cash dividend of $0.525 per common share. The dividend will be payable on January 3, 2025 to shareholders of record at the close of business on December 13, 2024. Announcement • Oct 01
Canadian Natural Resources Limited to Report Q3, 2024 Results on Oct 31, 2024 Canadian Natural Resources Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Upcoming Dividend • Sep 06
Upcoming dividend of CA$0.53 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 04 October 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.1%). Declared Dividend • Aug 04
Second quarter dividend of CA$0.53 announced Shareholders will receive a dividend of CA$0.53. Ex-date: 13th September 2024 Payment date: 4th October 2024 Dividend yield will be 7.3%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: CA$0.80 (up from CA$0.67 in 2Q 2023). Revenue: CA$9.05b (up 15% from 2Q 2023). Net income: CA$1.72b (up 17% from 2Q 2023). Profit margin: 19% (in line with 2Q 2023). Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 04
Canadian Natural Resources Limited to Report Q2, 2024 Results on Aug 01, 2024 Canadian Natural Resources Limited announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jun 10
Upcoming dividend of CA$0.53 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (4.1%). Declared Dividend • May 05
First quarter dividend of CA$1.05 announced Shareholders will receive a dividend of CA$1.05. Ex-date: 17th June 2024 Payment date: 5th July 2024 Dividend yield will be 4.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 03
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: CA$0.92 (down from CA$1.64 in 1Q 2023). Revenue: CA$8.24b (down 4.5% from 1Q 2023). Net income: CA$987.0m (down 45% from 1Q 2023). Profit margin: 12% (down from 21% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 02
Canadian Natural Resources Limited to Report Q1, 2024 Results on May 02, 2024 Canadian Natural Resources Limited announced that they will report Q1, 2024 results on May 02, 2024 Recent Insider Transactions • Mar 18
Executive Chairman recently sold US$18m worth of stock On the 13th of March, Norman Edwards sold around 252k shares on-market at roughly US$73.09 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$31m. Norman has been a net seller over the last 12 months, reducing personal holdings by US$62m. Upcoming Dividend • Mar 07
Upcoming dividend of CA$1.05 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 05 April 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (4.3%). Declared Dividend • Mar 04
Fourth quarter dividend of CA$1.05 announced Shareholders will receive a dividend of CA$1.05. Ex-date: 14th March 2024 Payment date: 5th April 2024 Dividend yield will be 4.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: CA$7.54 (down from CA$9.64 in FY 2022). Revenue: CA$36.0b (down 15% from FY 2022). Net income: CA$8.23b (down 25% from FY 2022). Profit margin: 23% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 32% per year. Announcement • Mar 01
Canadian Natural Resources Limited Declares Cash Dividend, Payable on April 5, 2024 Canadian Natural Resources Limited announces that its Board of Directors approved a 5% increase to its quarterly cash dividend on its common shares to CAD 1.05 (One dollar and five cents) per common share. The dividend will be payable on April 5, 2024 to shareholders of record at the close of business on March 15, 2024. Announcement • Feb 18
Canadian Natural Resources Limited, Annual General Meeting, May 02, 2024 Canadian Natural Resources Limited, Annual General Meeting, May 02, 2024. Announcement • Feb 02
Canadian Natural Resources Limited to Report Q4, 2023 Results on Feb 29, 2024 Canadian Natural Resources Limited announced that they will report Q4, 2023 results Pre-Market on Feb 29, 2024 Recent Insider Transactions • Jan 08
Executive Chairman recently sold US$31m worth of stock On the 3rd of January, Norman Edwards sold around 470k shares on-market at roughly US$66.23 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Norman has been a net seller over the last 12 months, reducing personal holdings by US$55m. Upcoming Dividend • Nov 30
Upcoming dividend of CA$1.00 per share at 4.4% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 05 January 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (4.5%). Recent Insider Transactions • Nov 13
Independent Director recently sold US$24m worth of stock On the 9th of November, Steve Laut sold around 384k shares on-market at roughly US$62.84 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$25m. Insiders have been net sellers, collectively disposing of US$95m more than they bought in the last 12 months. Announcement • Nov 05
Canadian Natural Resources Limited Declares Quarterly Dividend, Payable on January 5, 2024; Provides Dividend Guidance for the Year 2023 Canadian Natural Resources Limited announced that the Board of Directors has approved an 11% increase to quarterly dividend to $1.00 per common share, from $0.90 per common share, payable on January 5, 2024 to shareholders of record on December 8, 2023. With this increase announced on November 2, 2023, the Company has increased its dividend by 18% in 2023 to $4.00 per share annually. As a result, the Company's leading track record of dividend increases continues, as this increase will mark 2024 as the 24th consecutive year of dividend increases, with a CAGR of 21% over that time. Announcement • Nov 04
Canadian Natural Resources Limited Announces Executive Changes Tim McKay will assume the role of vice-chair and Scott Stauth, currently chief operating officer, Oil Sands, will be promoted to president of Canadian Natural Resources Limited. The change will happen at Canadian Natural's 2023 year-end board meeting on Feb. 28, 2024. The company will continue to focus on controlling costs and being financially disciplined, according to management. Stauth has been with Canadian Natural for 26 years in increasingly responsible management roles across all operations in Canada. Stauth, as chief operating officer, Oil Sands, has played an integral role in delivering top tier performance across all of the company’s oilsands operations, it said. As vice-chair, McKay will support the management transition until his retirement in summer 2024. In addition, as part of the succession plan, Jay Froc, currently senior vice-president Oil Sands Mining and Upgrading, will be promoted to chief operating officer, Oil Sands on Jan. 1, 2024. Froc has been with Canadian Natural for 10 years. Trevor Cassidy, chief operating officer, E&P, after over 23 years of contributing to the company's success will be retiring in Q4/23, at which time Robin Zabek, currently senior vice-president Exploitation E&P, will be promoted to chief operating officer, E&P. Zabek has been with Canadian Natural for 20 years. Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: CA$2.15 (down from CA$2.52 in 3Q 2022). Revenue: CA$9.90b (down 5.4% from 3Q 2022). Net income: CA$2.34b (down 17% from 3Q 2022). Profit margin: 24% (down from 27% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 02
Canadian Natural Resources Limited to Report Q3, 2023 Results on Nov 02, 2023 Canadian Natural Resources Limited announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023 Recent Insider Transactions • Oct 02
Independent Director recently sold US$25m worth of stock On the 27th of September, Steve Laut sold around 384k shares on-market at roughly US$65.83 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$88m more than they bought in the last 12 months. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.90 per share at 4.0% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (4.2%). Recent Insider Transactions • Aug 13
Independent Director recently sold US$4.8m worth of stock On the 10th of August, Steve Laut sold around 78k shares on-market at roughly US$61.44 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$53m more than they bought in the last 12 months. Announcement • Aug 05
Canadian Natural Resources Limited Declares Quarterly Cash Dividend, Payable on October 5, 2023 Canadian Natural Resources Limited announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.90 (ninety cents) per common share. The dividend will be payable on October 5, 2023 to shareholders of record at the close of business on September 15, 2023. Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: CA$1.34 (down from CA$3.04 in 2Q 2022). Revenue: CA$7.89b (down 31% from 2Q 2022). Net income: CA$1.46b (down 58% from 2Q 2022). Profit margin: 19% (down from 31% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. 
