Canadian Natural Resources Q2 2026 Earnings Report

Canadian Natural Resources EPS Results

• Actual EPS: $1.58
• Consensus EPS: $1.43
• Beat/Miss: Beat by +$0.15
• One Year Ago EPS: N/A

Canadian Natural Resources Revenue Results

• Actual Revenue: $14.74 billion
• Expected Revenue: $9.40 billion
• Beat/Miss: Beat by +$5.34 billion
• YoY Revenue Growth: N/A

Canadian Natural Resources Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 6, 2026
• Conference Call Time: 11:00AM ET

Canadian Natural Resources (NYSE:CNQ) (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. Canadian Natural is known for large-scale oil sands mining and bitumen upgrading projects as well as steam-assisted gravity drainage (SAGD) in-situ developments. In addition to its Canadian portfolio, the company maintains international producing and exploration interests, supporting a diversified operational footprint and a range of production types across multiple basins.

Canadian Natural’s business model covers the full upstream cycle from exploration and reservoir development to production, processing and sales, supported by technical and operations teams focused on cost control and long-life inventory. The company is publicly traded and reports under Canadian regulatory standards; corporate governance and executive leadership are disclosed in its annual and regulatory filings. Its combination of oil sands assets, conventional production and international interests positions it as one of Canada’s larger independent energy producers.

Canadian Natural Resources Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record operational performance: Q2 production reached approximately 1.677 million BOE per day, including record oil sands mining and upgrading output of about 625,000 barrels per day and upgrader utilization of 106%. Annual production guidance was raised for the second time to 1.637–1.682 million BOE per day.
• Positive Sentiment: Strong financial results and shareholder returns: Adjusted net earnings totaled CAD 4.6 billion and adjusted funds flow reached CAD 6.9 billion, both company records. The company returned approximately CAD 4 billion in Q2 through dividends, share repurchases, and debt reduction, while raising its quarterly dividend to CAD 0.525 per share.
• Positive Sentiment: Balance sheet continues to strengthen: Net debt declined by approximately CAD 1.6 billion in the quarter to about CAD 14.5 billion, with management targeting CAD 13 billion based on current pricing. Reaching that target would allow the company to direct 100% of free cash flow toward share repurchases.
• Positive Sentiment: Acquisition and asset synergies are contributing: Peace River acquisitions are already integrated and are expected to generate scale benefits, including targeted operating-cost reductions of 10% or more, higher liquids production, and potential drilling and infrastructure efficiencies.
• Negative Sentiment: Growth projects remain on hold: Development of the Jackfish 30,000-barrel-per-day project, Pike 2, and longer-term mining expansions will not proceed until definitive agreements related to the trilateral MOU provide sufficient regulatory, fiscal, emissions, and egress clarity.

Presentation

[Operator]

Good morning. We would like to welcome everyone to Canadian Natural's 2026 second quarter earnings conference call and webcast. After the presentation, we will conduct a question and answer session. Instructions will be given at that time. Please note that this call is being recorded today, August 6, 2026 at 9:00 A.M. Mountain Time. I would now like to turn the meeting over to your host for today's call, Lance Casson, Manager of Investor Relations.

[Lance Casson, Manager of Investor Relations at Canadian Natural]

Good morning, everyone, and thank you for joining Canadian Natural's 2026 second quarter results conference call. Before we begin, I'd like to remind you of our forward-looking statements. It should be noted that in our reporting disclosures, everything is in Canadian dollars unless otherwise stated, and we report reserves and production before royalties. Also, I would suggest you review the advisory section in our financial statements that include comments on non-GAAP disclosures. Speaking on today's call will be Scott Stauth, our President, and Victor Darel, our Chief Financial Officer. As usual, also in the room with us this morning is Robin Zabek, CEO of E&P, Jay Froc, COO of Oil Sands, and Ron Laing, Chief Commercial Officer. Scott will begin by going through our numerous operational records and leading operating costs as our teams continue to execute in the quarter.

[Lance Casson, Manager of Investor Relations at Canadian Natural]

Victor will then go through our strong financial results, significant returns to shareholders, and material net debt reduction. To close, Scott will summarize prior to opening up the line for questions. With that over to you Scott.

[Scott Stauth, President at Canadian Natural]

Thank you, Lance, and good morning, everyone. Q2 2026 was a very strong quarter, reflecting our continued focus on operational excellence, capital efficiency, and continuous improvement, which drove eight new operational and financial records across our asset base. An example of this performance was achieved in our world-class oil sands mining and upgrading operations, where we experienced challenging weather elements like other oil sands operations. However, our teams successfully managed those challenges, allowing the company to not only exceed our budget, but we also achieved the highest quarterly production in the company's history, averaging approximately 625,000 barrels per day Q2 with high upgrader utilization of 106%.

[Scott Stauth, President at Canadian Natural]

Oil sands mining and upgrading production in the quarter represents an increase of approximately 161,000 barrels per day or 35% compared to Q2 2025 levels, reflecting strong operational performance, the additional working interest in the AOSP mines acquired in Q4 of 2025, and the turnaround at AOSP completed last year. These world-class assets provide high-value synthetic crude oil, which captured robust pricing in Q2 with the SCO premium to WTI averaging $8.37 per barrel in the quarter. When combined with industry-leading low operating cost of CAD 22.19 per barrel, resulted in the highest oil sands mining and upgrading per-barrel net back ever achieved by the company during the quarter at approximately CAD 78 per barrel. Cash flow generation from our oil sands mining and upgrading assets was significant, and operations delivered strong results.

[Scott Stauth, President at Canadian Natural]

In addition to record oil sands mining and upgrading production, we also achieved record quarterly total corporate production of approximately 1,677,000 BOEs per day in Q2, resulting in year-over-year growth of approximately 256,000 BOEs per day or 18% from Q2 2025 levels. Other Q2 2026 production records include record total liquids production of approximately 1,249,000 barrels per day, an increase of 230,000 barrels per day or 23% from Q2 2025 levels. Importantly, two-thirds of our total liquids production in Q2 is high-value SCO, light crude oil, and NGLs, generating significant cash flow. We also achieved record North American conventional E&P liquids production of approximately 338,000 barrels per day, representing an increase of 67,000 barrels per day or 25% from Q2 2025 levels. Included in this record, North American light crude oil and NGLs production of approximately 205,000 barrels per day.

[Scott Stauth, President at Canadian Natural]

This production is up approximately 64,000 barrels per day or 45% from Q2 2025, primarily reflecting accretive acquisitions and strong drilling results. Thermal in-situ production was strong as well, with record production at Jackfish of approximately 136,000 barrels per day, exceeding our facility namesake capacity of 120,000 barrels per day. Strong production at Jackfish was supported by the two new SAGD pads at Pike 1, which are currently averaging approximately 46,000 barrels per day with an SOR of 1.8. The resource at Pike is top-tier, with results continuing to exceed our expectations. In addition to production records achieved this quarter, we also set some record financial results, including adjusted net earnings and adjusted funds flow, with which Victor will provide more details on later in the call.

[Scott Stauth, President at Canadian Natural]

Our financial results include the benefit from our material sulfur production as we produce approximately 30% of Canada's sulfur supply, which generated significant net revenue of approximately CAD 450 million in the first two quarters of this year. With record production and strong performance across our asset base, along with an accretive acquisition completed in Q2, we are increasing our annual production guidance range for the second time this year. Annual production is now targeted to be between 1.637 million BOEs per day and 1.682 million BOEs per day, a 20,000 BOE per day increase at the midpoint from the previous guidance range. We remain focused on executing our prudent and efficient 2026 capital program as our operating capital remains unchanged at approximately CAD 6 billion before net acquisition cost.

[Scott Stauth, President at Canadian Natural]

Our ability to effectively allocate capital across our large and diverse asset base provides us with a unique competitive advantage, and when combined with accretive acquisitions, continues to create significant long-term value for our shareholders. With that, I will pass it over to Victor for our Q2 financial review.

[Victor Darel, CFO at Canadian Natural]

Thank you, good morning, everyone. As Scott already noted, the second quarter was marked by impressive performance with the company setting a number of quarterly records. Adjusted net earnings of CAD 4.6 billion or CAD 2.20 per share, adjusted funds flow of CAD 6.9 billion or approximately CAD 3.30 per share were the strongest in the history of the company and reflected excellent operational performance and the strong pricing we received for our products in the quarter. The Peace River area acquisitions were completed in the first and second quarters and are already well integrated into our operations and are contributing meaningfully to our already strong returns.

[Victor Darel, CFO at Canadian Natural]

Robust cash flow generation continues to provide significant returns to shareholders, totaling approximately CAD 4 billion in the second quarter, including direct returns of CAD 2.4 billion, comprised of CAD 1.3 billion in dividends and CAD 1.1 billion in share repurchases, indirect returns of CAD 1.6 billion through net debt reduction in the quarter, further enhancing long-term shareholder value. Total direct returns to shareholders for the year to date now exceed CAD 5.7 billion. The significant level of returns and net debt reduction, even when completing an accretive acquisition in the quarter, is a clear demonstration of the cash-generating capability of our diverse, long life, low-decline asset base, supported by industry-leading cost performance across our operations. Our leading dividend continues with the board approving a quarterly dividend of CAD 0.525 per common share.

[Victor Darel, CFO at Canadian Natural]

Following the dividend increase earlier this year, 2026 is the 26th consecutive year of dividend increases and reflects the sustainability of our business model, the strength of our balance sheet, and the durability of our asset base. The dividend is payable on October 2nd, 2026, to shareholders of record at the close of business on September 11th, 2026. Our share buyback program, which currently targets to return 75% of free cash flow and is calculated as funds flow after dividends, capital, abandonment expenditures, continues to be very strong. The program is forward-looking with the strong pricing environment, continues to be robust. Our capital expenditure program is disciplined, balanced and effective, the balance sheet is ever stronger.

[Victor Darel, CFO at Canadian Natural]

Liquidity is equally strong, with approximately CAD 8 billion of availability supported by internally generated cash flow and undrawn credit facilities, and providing us with ongoing financial flexibility to drive resource value growth and deliver on strategic growth opportunities as demonstrated by the accretive acquisitions this year. Overall, the record results achieved in the second quarter further demonstrate the quality of our assets and the strength of our execution. Combined with a strong balance sheet and a disciplined approach to capital allocation, we remain well-positioned to continue delivering meaningful value to our shareholders. With that, Scott, I will turn it back to you.

[Scott Stauth, President at Canadian Natural]

Thanks, Victor. In summary, our relentless focus on continuous improvement combined with effective and efficient operations from our world-class assets has driven strong performance, low operating cost, high netbacks, and significant free cash flow generation so far in 2026. Our ability to effectively allocate capital across our strong asset base provides us with a competitive advantage. This ability, combined with shareholder alignment and accretive acquisitions, creates significant long-term value for our shareholders. Before I turn it over for questions, I wanted to comment on the recent trilateral MoU between the Oil Sands Alliance, Government of Alberta, and the federal government. The trilateral MoU outlines a potential regulatory and fiscal framework intended to support long-term competitiveness of Canada's energy industry and establishes a positive first step for future economic production growth in Canada when associated with additional egress opportunities and a clear pathway to reduce greenhouse gas emissions.

[Scott Stauth, President at Canadian Natural]

In turn, this will benefit all of Canada by providing more jobs combined with social and economic benefits to our country. We look forward to working with both levels of government on the definitive agreements targeted for the completion this fall, which will provide clarity on assessing potential growth projects. Until we have completed these definitive agreements, development of our medium and long-term projects remain on hold, which will include our 30,000 barrel-a-day Jackfish project and our 70,000 barrel-per-day Pike 2 project, as well as our longer-term oil sands mining and growth projects at both Albian and Horizon. I also want to remind everyone that in addition to our future growth and capital allocation being dependent upon the finalization of the definitive agreements, our shareholder returns will not be sacrificed, and if growth projects proceed, they will generate strong returns at mid-cycle pricing.

[Scott Stauth, President at Canadian Natural]

With that, I will turn it over for questions.

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two, and if you're using a speakerphone, please remember to lift the handset first before pressing any keys. We have our first question from Dennis Fong with CIBC.

[Dennis Fong, Analyst at CIBC]

Hi, good morning. Thanks for taking my questions, congratulations on a very strong operational quarter. My first question, I really appreciate frankly, the color and commentary you provided in the initial remarks. When you talk towards obviously, your strong performance in the oil sands mining operations region, clearly you were able to manage through very tough environmental conditions out in the field. Can you talk towards some of the learnings you might have had, maybe some examples of what you were able to do to manage through, obviously a tough working quarter a high amount of snow melt and rain, and why some of the operating models were able to weather some of these conditions as well as you guys were able to?

[Scott Stauth, President at Canadian Natural]

Yeah. Thanks, Dennis. I think There are several factors that come into play with the spring runoff and combined with heavy rain conditions that we see typically during the second quarter. Our teams have been focused on this for years, part of that focus is just generated around how we manage our haul roads, how we have our materials ready for managing those roads in adverse weather conditions, how we have our ore availability ready to go, I think importantly, how our team on the ground is able to navigate through the challenging conditions, with manpower, operating the equipment, able to assess situations on a second-by-second, minute-by-minute basis, make judgment calls, work their way through these challenges on a very prepared basis, anticipating what's going to happen with the future forecast and those general kind of things.

[Scott Stauth, President at Canadian Natural]

I think that probably summarizes maybe in a very simplistic form Dennis, at the same time, being on top of all that is very important to our team, it's something that they take great pride in.

[Dennis Fong, Analyst at CIBC]

Great. Appreciate that color there. My second question shifts the focus towards Kirby. It looks like you are shifting now towards a solvent rollout using diluent for the first quarter of 2027. Can you talk towards the scale of that rollout and potentially the upside that could exist as you move forward with the use of solvent technology, obviously at a much more grander commercial scale?

[Scott Stauth, President at Canadian Natural]

Yeah. With the solvent deployment at Kirby South, Dennis, it's part of this ongoing strategy that we have to evaluate the returns that we would achieve by deployment of solvents, and helping reduce our greenhouse gas emissions. One of the key factors that we look at and that we've experienced is the cost side of solvents are significant, and in order to improve the returns, we need to ensure that we're using the most effective and efficient solvents. In this case, we're going to deploy the diluent, as it is a lower-cost product to be able to use for solvents. In order of magnitude, Dennis, this is another small pilot at Kirby South. These are wells that we drilled off of existing pads at Kirby South. Performance from those wells is strong.

[Scott Stauth, President at Canadian Natural]

We anticipate that by the time Q1 comes around, we'll be introducing the diluent through that pilot into those wells and then monitoring the results of that. Really what we're trying to do is take our time, understand full-cycle economics on solvents and their applicability in the areas that we can achieve the best results by deploying that solvent.

[Dennis Fong, Analyst at CIBC]

Great. Thanks for that color there, Scott. I'll turn it back.

[Scott Stauth, President at Canadian Natural]

Thanks, Dennis.

[Operator]

We have our next question from Patrick O'Rourke with ATB Cormark.

[Patrick O'Rourke, Analyst at ATB Cormark]

Hey, good morning, guys. Thanks for taking my question, congratulations again on a very strong quarter, particularly in a challenging mining environment. Just wondering and thinking about upgrader output here. For several quarters in a row, been very consistently above 100%. Where do you feel from a comfort level that, I know you've got the Naphtha addition coming up, the ability to maybe rerate these assets up a little bit in terms of capacity and, sort of what incrementally you could squeeze out there?

[Scott Stauth, President at Canadian Natural]

Yeah, Patrick, the way we look at it is we continue to take a view that we're working towards continuous improvement, optimizing the capacity of all the facilities, including the upgraders at our oil sands mining sites. I think it's premature to reassess or rerate the capacity. The teams are still focused on optimization and trying to get incremental creep barrels through the facility. One of which is what you mentioned, the NRUTT project. We continue to work on optimization outside of that as well. I think the important part is yes, it's a big number. What's really important, though is the total capacity, the volume that we're putting through there of SCO production. That's really the driving factor.

[Scott Stauth, President at Canadian Natural]

Whether we're at 100% or 105%, I think that's just an outcome of where we're at in terms of our pushing the facilities to ensure that we're maximizing the assets. I think it's just important that we continue to focus on incremental barrels, where we can achieve that through tweaking and optimizing and getting creep capacity. At some point, Patrick we'll take a look at that but I think right now it's just important to maintain our focus on optimizing the production.

[Patrick O'Rourke, Analyst at ATB Cormark]

Okay, great. This is probably a bit of a bigger strategic question, but you referenced the trilateral MoU here. Thinking in the context, and I know it's a big if, but if it does meet your expectations for an economic and a fiscal framework, and I know there's also commodity market conditions and economic conditions out there to keep in perspective. Given the state of readiness that you've showed with the growth projects that you have in the queue here, particularly the medium and longer-term ones, if that formal agreement meets your expectations, what's the sort of path forward in terms of timeframes around FID and progressing with growth?

[Scott Stauth, President at Canadian Natural]

Yeah, Patrick. I think the focus right now on getting through the definitive agreements is really important and very strategic for us. We want to ensure that all the details in the definitive agreements are aligned with the concepts of the MoU, as those concepts that we had in the MoU are critical in terms of importance for us for looking at future growth. When you look at our projects that we have talked about at our open house and in subsequent calls, we would look to deploy that capital under the right conditions, according to our holistic view of capital allocation, to ensure that we're looking at growth, we're not sacrificing shareholder returns, and we're not laying long-term projects over top of medium-term projects in such a way that it presses hard on the capital. We're very cognizant of that and very focused on that, Patrick.

[Patrick O'Rourke, Analyst at ATB Cormark]

Okay. Thank you very much.

[Operator]

Thank you. Our next question is from Menno Hulshof with TD Cowen.

[Menno Hulshof, Analyst at TD Cowen]

Thanks. Good morning, everyone. I'll start with a question on SCO pricing. It ties a bit into what you were chatting about with Patrick. Clearly, the premium to WTI was really big in the second quarter. There does seem to be a lot of day-to-day volatility, and I always struggle with the fundamentals in terms of what I'm seeing versus how synthetic actually trades. My high-level question is, what are you currently seeing in terms of supply-demand fundamentals for SCO, and what is a reasonable expectation for that premium through the end of the year?

[Scott Stauth, President at Canadian Natural]

Menno, your view on that is probably as accurate or maybe more accurate than ours would be on that. It's really dependent upon the draw for diesel production, and we're seeing strong diesel production across North America and elsewhere. I think we're going to see at par or slightly upticked pricing, as we go forward through the rest of the year here. If you look at the forward curve for WTI, and if you apply and you think about how diesel production, the economy's still strong, lots of requirements for fuel supply, I would suggest that we'll probably be at par or slightly better than WTI, by a few dollars per barrel. I see that go forward basis. Right now, it's difficult to take the end of that.

[Scott Stauth, President at Canadian Natural]

Even at that, Menno, I think it bodes to the resilience of SCO pricing because if you look historically, SCO pricing has averaged pretty much on par with WTI. The fact that we have 600,000 barrels of that production is very significant to the company, whether it's at par to WTI or even an added benefit if it's at a premium to that. We'll see how things go as we go forward here.

[Menno Hulshof, Analyst at TD Cowen]

Okay. Thanks, Scott. That's helpful. My second question is on M&A and recent acquisitions in the Peace River, more specifically. It's a multi-part question. What is drawing you to that area? Are there unique attributes that CNQ brings to the table in terms of integration synergies on the acquired assets? Are you seeing meaningful opportunities to further consolidate in that region?

[Scott Stauth, President at Canadian Natural]

I think if you look at what we've done there thus far, increasing our position in the Charlie Lake, we are capturing the synergies of size and infrastructure in the areas with a focus on reducing the operating cost. You wouldn't have otherwise gotten that with the three producers in the area. Through the consolidation of that, we can see a focus on achieving targeted operating cost in the range of 10% or more. We're really focused on maximizing the liquids production from those assets. There's been a real significant focus on that. Of course, because we're able to utilize our teams and our knowledge in the area from what we've learned in the past, we think it'll help us reduce the drilling and completions costs as we go forward.

[Scott Stauth, President at Canadian Natural]

There will also be some opportunities for some multi-lat drilling, which has been a bit sparse thus far in the Charlie Lake. There's upside in those acquisitions but I would argue, Menno, that those acquisitions, similar to other acquisitions that we continued to do in the past, we really look at the synergies of having the size and scale and being able to optimize the performance of the area and reduce the operating cost. That's value to our shareholders and cash flow.

[Menno Hulshof, Analyst at TD Cowen]

Okay. Thanks, Scott. I'll turn it back.

[Operator]

Thank you. Our next question is from Neil Mehta with Goldman Sachs.

[Neil Mehta, Analyst at Goldman Sachs]

Yeah, thanks, team. Congrats on a really good quarter here. One macro, one micro question. I guess the macro question is the trilateral MOU, and just your perspective about what are the sort of the gating factors to ultimately improving egress and getting pipe built in the region and just how big of a deal is this for the industry and what is the biggest risk for this to ultimately translate into improved outcomes?

[Scott Stauth, President at Canadian Natural]

Yeah. Well, Neil, I think it's transformative for Canada and certainly for the oil sands industry. When you look at the opportunity for egress to the West Coast and when you think about the opportunity to broaden that customer base and help stronger overall differential pricing, I think that is very significant in and of itself. The fact that the Pathways project would be able to capture significant greenhouse gas emissions and achieve production growth opportunities, I think is really significant for all of Canada, all Canadians. Well-paying jobs will be created, increased royalties, increased taxes. From a Canadian perspective and prosperity, it's a very important overall project. In terms of the details within the MOU, I'm sure you've read through the MOU.

[Scott Stauth, President at Canadian Natural]

We're really just looking to nail down through the definitive agreements, so we have assurances that all the things that we had in the MOU will work themselves through for signatures to be completed on the definitive agreements. With that, I think it presents a great opportunity for all oil sands players, including Canadian Natural, and certainly a very significant opportunity for Alberta and all of Canada. There's fiscal components, there's regulatory components, all of which are extremely important to ensure that we get this right and it fits the bill and really transitions Canada from a country where we've been somewhat. I'll say, at a stagnant in growth position, to a country that has a real significant opportunity here to be an energy superpower.

[Neil Mehta, Analyst at Goldman Sachs]

Well, thanks. I appreciate it. I know the industry was instrumental in helping to craft this. My follow-up is just on leverage. You made a lot of progress on long-term debt from CAD 16.2 billion down to CAD 14.5 billion. You're inching closer to the CAD 13 billion goal. As you look at the forward curves, when do you think you get there? When you get there, what does that unlock for you guys?

[Victor Darel, CFO at Canadian Natural]

This is Victor Darel. I'll jump in on this one. To your point, pricing's been very strong and of course net debt levels have come down, as you highlight there, about CAD 1.6 billion in the quarter alone. Pricing has moved around a lot as you know from day to day. The number hovers around in terms of when we'd get there. Right now, I'd say I target getting there in early 2026 based on pricing today. Or 2027, I should say. When we get there, as you know, we target to get to 100% of free cash flow under the share buyback program. That's very important to us. That's what we're looking at right now.

[Neil Mehta, Analyst at Goldman Sachs]

Okay. Thanks, guys.

[Scott Stauth, President at Canadian Natural]

We told Neil Mehta that we have our turnaround in Q3 and into early Q4 of this year as well, keep that in mind.

[Neil Mehta, Analyst at Goldman Sachs]

Okay, that's helpful. Thanks, guys.

[Operator]

Thank you. As a reminder, if you have a question, please press star then one. We have no further questions. I will now turn the call over to Lance Casson for closing remarks.

[Lance Casson, Manager of Investor Relations at Canadian Natural]

Thank you, operator, thanks for everyone for joining the call this morning. If you have any questions, please don't hesitate to call. Have a great day.

[Operator]

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

Participants

Analysts

• Lance Casson, Manager of Investor Relations at Canadian Natural
• Scott Stauth, President at Canadian Natural
• Victor Darel, CFO at Canadian Natural
• Dennis Fong, Analyst at CIBC
• Patrick O'Rourke, Analyst at ATB Cormark
• Menno Hulshof, Analyst at TD Cowen
• Neil Mehta, Analyst at Goldman Sachs