Business
Canadian Natural Resources Surpasses Q2 Expectations with Duvernay Gains

Canadian Natural Resources Ltd. exceeded analyst expectations for its second-quarter earnings, driven by significant increases in oil and gas production. The company reported total production of 1.42 million barrels of oil equivalent per day (boepd) for the three months ending June 30, 2023, marking a rise from 1.29 million boepd in the same period last year. This boost in output was largely attributed to strong performance across its asset base and successful integration of recent acquisitions, particularly in the Duvernay region.
Scott Stauth, President of Canadian Natural, highlighted the financial benefits of the Duvernay assets, stating, “We are realizing more value than we planned at the time of the acquisition.” He noted that these assets are contributing to lower capital and operating costs while enabling further organic growth.
As Canadian Natural looks to the future, it anticipates production levels in 2025 to reach between 1.51 million and 1.55 million boepd. This projection represents approximately a 12% increase from 2024 levels at the midpoint of guidance. Contributing to this anticipated growth is the long-awaited expansion of the Trans Mountain pipeline (TMX), which has dramatically increased oil export capacity from Alberta to Canada’s Pacific Coast. This expansion enhances market access to both Asia and the U.S. West Coast, thereby improving the value of Canadian crude.
Despite these positive developments, Canadian Natural faced challenges in the broader economic landscape. The average price of West Texas Intermediate (WTI) crude fell to $63.71 per barrel in the second quarter, down $7.71 from the first quarter and $16.84 year-on-year. This decline was driven by weaker global demand expectations, ongoing trade uncertainties, and unexpected output increases from OPEC+.
In light of these pressures, Canadian Natural reported an adjusted profit of 71 Canadian cents per share, surpassing analysts’ consensus forecast of 65 cents, as per data from LSEG. As Canada’s largest oil and gas producer, the company continues to leverage its scale, operational efficiency, and access to expanding export markets.
While global oil markets remain volatile, Canadian Natural appears well-positioned to capitalize on long-term demand and newly opened infrastructure routes. The company’s strategic focus and robust production capabilities suggest it is prepared to navigate the complexities of the current energy landscape effectively.
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