Overview

• Canadian Natural reported a second-quarter profit of C$2.46 billion, up from C$1.72 billion a year earlier, equating to C$1.17 per diluted share
• Adjusted earnings of C$0.71 per share beat the C$0.65 consensus, helping offset lower global oil prices
• Average production reached 1.42 million barrels of oil equivalent per day, up from 1.29 million boe/d a year ago
• The expanded Trans Mountain pipeline has nearly tripled Pacific Coast export capacity, narrowing the discount on Western Canadian crude
• Recent acquisitions added about 82,000 boe/d of capacity and support management’s forecast of 1.51–1.55 million boe/d in 2025