Earnings call transcript: Canadian Natural Resources beats Q3 2025 EPS forecast

Canadian Natural Resources Limited (CNQ) reported its third-quarter 2025 earnings, surpassing expectations with an earnings per share (EPS) of $0.86, compared to the forecasted $0.79, marking an 8.86% surprise. The company’s revenue fell short of expectations, reaching $9.39 billion against a forecast of $9.64 billion, a 2.59% miss. Despite the revenue shortfall, CNQ’s stock showed resilience in pre-market trading, rising by 0.88% to $32.16. According to InvestingPro data, CNQ trades at a P/E ratio of 11.28, which is relatively low compared to its near-term earnings growth potential.

Key Takeaways

• CNQ’s EPS exceeded expectations by 8.86%, although revenue was below forecast.
• The stock price increased 0.88% in pre-market trading, reflecting investor optimism.
• Record corporate production and strategic asset acquisitions were highlighted.
• CNQ maintained its strong dividend growth, marking 25 consecutive years of increases.
• The company reported significant shareholder returns and robust liquidity.

Company Performance

Canadian Natural Resources demonstrated solid overall performance in Q3 2025, driven by record production levels and strategic acquisitions. The company achieved a corporate production record of 1.62 million barrels of oil equivalent (BOE) per day. The completion of the AOSP swap with Shell Canada, making CNQ the sole owner of the Albion Oil Sands mines, was a significant milestone that bolstered its asset portfolio. The company continues to focus on capital allocation towards high-return projects, leveraging its diverse asset base.

Financial Highlights

• Revenue: $9.39 billion, below the forecast of $9.64 billion.
• Earnings per share: $0.86, surpassing the forecast of $0.79.
• Adjusted funds flow: CAD 3.9 billion.
• Adjusted net earnings: CAD 1.8 billion.
• Shareholder returns: CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases.
• Liquidity: Over CAD 4.3 billion at quarter-end.

Earnings vs. Forecast

CNQ’s EPS of $0.86 exceeded analyst expectations by 8.86%, showcasing the company’s operational efficiency and strategic asset management. However, revenue fell short of the anticipated $9.64 billion, with an actual figure of $9.39 billion, marking a 2.59% miss. This mixed performance reflects the challenges in the broader energy market and the company’s ability to manage costs effectively.

Market Reaction

Following the earnings release, CNQ’s stock rose by 0.88% in pre-market trading to $32.16, despite a previous close at $31.88. This positive movement suggests investor confidence in the company’s strategic direction and its ability to deliver shareholder value. The stock remains within its 52-week range, with a high of $35.03 and a low of $24.65, indicating stability amidst market fluctuations.

Outlook & Guidance

Looking ahead, CNQ has increased its 2025 production guidance to between 1,560,000 and 1,580,000 BOEs per day. The company targets a 16% growth in production per share for 2025, emphasizing operational efficiency and cost management. CNQ remains focused on exploring egress opportunities for its oil and gas products, aligning with market demands.

Executive Commentary

Scott Stauth, President of CNQ, commented, "Our unique and diverse asset base provides us with a competitive advantage. We allocate capital to the highest return projects without being reliant on any one commodity." Stauth also highlighted the strategic importance of moving more gas out of the basin, reflecting the company’s commitment to optimizing its operations.

Risks and Challenges

• Volatile oil prices could impact revenue and profitability.
• Regulatory changes may affect operational costs and project timelines.
• Global economic uncertainties could influence demand for energy products.
• Supply chain disruptions may pose operational challenges.
• Environmental concerns and climate policies could impact long-term strategies.

Q&A

During the earnings call, analysts inquired about potential operational synergies from recent asset acquisitions and the company’s approach to pipeline egress opportunities. CNQ’s management expressed optimism about ongoing dialogues with the federal government on industry pathways, indicating a proactive stance towards regulatory engagement and future growth opportunities.

Full transcript - Canadian Natural Resources Ltd (CNQ) Q3 2025:

Conference Operator: Good morning. We would like to welcome everyone to Canadian Natural Resources 2025 Third 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, November 6th, 2025, 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. Please go ahead.

Lance Casson, Manager of Investor Relations, Canadian Natural Resources: Thank you, Operator. Good morning. Thanks for joining Canadian Natural Resources 2025 Third Quarter Earnings Conference Call. As always, I’d like to remind you of our forward-looking statements, and it should be noted that in our reporting disclosures, everything is in CAD unless otherwise stated, and we report our reserves and production before royalties. Also, I would suggest you review the advisory section in our financial statements that includes comments on non-GAAP disclosure. Speaking on today’s call will be Scott Stauth, our President, and Victor Durell, our Chief Financial Officer. Additionally, in the room with us this morning are Robin Zabek, CEO of E&P, and Jay Froc, CEO of Oil Sands. Scott will begin by running through our strong operational performance that includes numerous production records in the quarter and our leading operating costs.

Victor will then summarize our strong financial results and our significant returns to shareholders so far this year. To close, Scott will summarize prior to you opening the line for questions. With that, over to you, Scott.

Scott Stauth, President, Canadian Natural Resources: Thank you, Lance, and good morning, everyone. Canadian Natural achieved record quarterly corporate production during the quarter, both in liquids and natural gas production. This is the second time this year where we have achieved quarterly production records on strong performance by our teams as we executed both organic growth and accretive acquisitions. Our production totals approximately 1.62 million BOEs per day, which, as mentioned, includes records for both liquids and natural gas at approximately 1.18 million barrels per day and approximately 2.7 BCF per day, respectively. The increase in production from Q3 2024 levels is very significant, totaling approximately 257,000 BOEs per day, or up 19%. Our world-class oil sands mining and upgrading assets continue to achieve strong operational performance as Q3 2025 production averaged approximately 581,000 barrels of SCO with strong utilization of 104% and industry-leading operating costs of approximately $21 per barrel.

On November 1st, we closed the AOSP swap with Shell Canada Limited. Canadian Natural now owns and operates 100% of the Albion Oil Sands mines and associated reserves and retains a non-operated 80% working interest in the Scotford upgrader and Quest facilities. This transaction adds approximately 31,000 barrels per day of annual zero-decline bitumen production to our portfolio, providing additional cash flow driving long-term value creation for our shareholders. This swap also enhances our ability to integrate equipment and services across our mining operations, unlocking additional value through continuous improvement initiatives. Subsequent to the close of the swap transaction, we increased our 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day, while our operating capital forecast remained unchanged at approximately CAD 5.9 billion, despite executing on additional activity on our larger asset base, reflecting acquisitions this year.

I will now run through a third quarter area operating results, starting with oil sands mining and upgrading. During the quarter, our world-class oil sands mining and upgrading production was strong, averaging 581,136 barrels per day of SCO, an increase of approximately 83,500 barrels per day, or 17% from Q3 2024 levels, reflecting the additional interest in the AOSP acquired in December 2024, combined with our effective and efficient operations with stronger utilization of approximately 104% in the quarter. Additionally, Canadian Natural’s oil sands mining and upgrading operating costs continued to be industry-leading, averaging CAD 21.29 per barrel of SCO in Q3 of 2025. In our thermal in situ operations, we achieved strong thermal production in the quarter, averaging 274,752 barrels per day Q3, up slightly from Q3 2024 levels.

Thermal in situ operating costs remained strong, averaging CAD 10.35 per barrel in Q3, a decrease of 2% from the same quarter last year. We continue to progress our pad development plans across our thermal assets. At Primrose, we began drilling a CSS pad in Q3 of 2025 with production targeted to come on in the second half of 2026. At Jackfish, we brought a SAGD pad on production in July 2025 as planned. At Kirby, we brought on a five-oil pair SAGD on production in late October as planned. Lastly, at Pike, the company tied in the two recently drilled SAGD pads into the Jackfish facilities. These two SAGD pads are targeted to keep the Jackfish facilities at full capacity, with the first pad targeted to come on production in January 2026, the second pad in Q2 of 2026.

At the commercial scale solvent SAGD pad in Kirby North, current SOR reductions and solvent recoveries are meeting expectations following recent workovers and optimization. On the conventional side of the business, Canadian Natural’s highly successful multilateral heavy crude oil drilling program continues to unlock opportunities on our approximately 3 million net acres of high-quality land throughout our primary heavy oil crude oil assets. Primary heavy crude oil production averaged 87,705 barrels during the quarter, an increase of 14% from Q3 2024 levels, reflecting strong drilling results on our multilateral wells. Operating costs in our primary heavy oil crude oil operations averaged CAD 16.46 per barrel in Q3, a decrease of 12% from Q3 of 2024, primarily reflecting higher production volumes and the increasing proportion of lower operating costs from multilateral production.

Pelican Lake production averaged approximately 42,100 barrels per day, a decrease of 7% from Q3 of 2024, reflecting planned maintenance that took place in Q3 of 2025 and the low nature of field declines from this long-life low-decline asset. Low operating costs of Pelican averaged CAD 9 per barrel in the quarter. North American light crude oil and natural gas production averaged 180,100 barrels per day during the quarter, an increase of 69% or approximately 74,000 barrels per day from Q3 of 2024, primarily reflecting production volumes from the acquisition of the liquid-rich Duvernay assets in December of 2024 and light crude oil from the Palliser Block assets in Q2 of this year, as well as liquid-rich Montney assets in the Grand Prairie area during the third quarter. Operating costs of the company’s North American light crude oil and NGL operations averaged CAD 12.91 per barrel, a decrease of 6%.

From Q3 of 2024, primarily reflecting higher production volumes. On the natural gas side, North American production averaged approximately 2.66 BCF for the quarter, an increase of 30% from Q3 2024 levels, primarily reflecting the Duvernay and Montney acquisitions and strong drilling results in our liquid-rich natural gas assets. North American natural gas operating costs averaged CAD 1.14 per MCF in Q3, a decrease of 7% from Q3 of 2024 levels of CAD 1.23 per MCF, reflecting higher production volumes and cost efficiencies. Our unique and diverse asset base provides us with a competitive advantage. We allocate capital to the highest return projects without being reliant on any one commodity. Our consistent and top-tier results are driven by safe and reliable operations.

Our commitment to continuous improvement is supported by a strong team culture in all areas of our company that focuses on improving our costs, driving execution of growth opportunities, and increasing value to shareholders. Now, I will turn it over to Victor for our third quarter financial review.

Victor Durell, Chief Financial Officer, Canadian Natural Resources: Thanks, Scott, and good morning, everyone. In the third quarter of 2025, we achieved several production records as a result of strong operational performance and the accretive acquisition over the past year. Contributing to the strong results this quarter, our teams demonstrated excellent execution, evidenced through our strong operating cost performance. Our results, including strategic acquisitions completed in the last 12 months, supported strong quarterly adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion. Returns to shareholders in the quarter were CAD 1.5 billion, including CAD 1.2 billion of dividends and CAD 300 million of share repurchases. Dividend payments and share repurchases in 2025, up to and including November 5th, bring total year-to-date shareholder returns to approximately CAD 6.2 billion and contributing significant production growth per share in 2025, targeted at 16% compared to 2024, demonstrating very significant value creation this year.

As a reminder, Canadian Natural has increased its dividend for 25 consecutive years, with a CAGR of 21%, a truly impressive track record that is unique amongst our peer group. Subsequent to quarter-end, the board has approved a quarterly dividend of CAD 58.75 per common share, payable on January 6th, 2026, to shareholders of record at the close of business on December 12th, 2025. Our balance sheet remains strong, with quarter-end debt to EBITDA of 0.9 times and debt to book capital coming in at 29.8%. Quarter-end liquidity was also strong at over CAD 4.3 billion, reflecting undrawn revolving bank facility cash on hand at period end. Additionally, during Q3, the company repaid $600 million of US dollar debt securities and received a new long-term investment-grade credit rating of BBB plus from Fitch Ratings.

Our third quarter results reflect the impact of accretive acquisitions, which have immediately contributed to incremental production and additional free cash flow generation. Our robust quarterly funds flow and strong balance sheet demonstrate our industry-leading cost structure, large reserve base of high-quality, long-life, low-decline assets, and our commitment to continuous improvement and reliable execution. These factors, along with the company’s track record of delivering strong shareholder returns, support significant long-term value creation for Canadian Natural and our shareholders. With that, I’ll turn it back to you, Scott.

Scott Stauth, President, Canadian Natural Resources: Thanks, Victor. In summary, here at Canadian Natural, our culture of continuous improvement and ownership alignment with shareholders drives our teams to create significant value across all of the areas of the company. Once again, we achieved record production levels, strong financial results through our effective and efficient operations, driving strong returns on capital and value creation for our shareholders. Lastly, just a reminder that we will be hosting our open house tomorrow morning, starting at 8:30 A.M. Eastern Standard Time, where we will go over our strategy and unparalleled dependability and provide details on our assets and value creation opportunities. You’re also invited to listen to the management presentation and view the presentation slides via webcast. You can look for our website for further details. With that, I will turn it over for questions.

Conference Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star one on your touchstone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star two. If you’re using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Dennis Fong of CIBC World Markets. Your line is already open.

Hi, good morning, and thank you for taking my questions. The first one is related to your recent closing of the asset swap for the Albion Oil Sands. Now that you control two mining assets in very close proximity to each other, can you talk to some of the potential upsider opportunities that exist? I know you’ve already addressed consolidating inventory and lowering kind of spare parts required in kind of various storerooms, but can you talk towards maybe operational benefits beyond that, again, given the proximity of the two assets?

Scott Stauth, President, Canadian Natural Resources: Yeah, thanks, Dennis. In addition to what you had mentioned, there is also the utilization of equipment, so that would include the large haul trucks and the support equipment such as dozers, graders, and other assets of that nature. Dennis, I would suggest that it would be worthwhile listening for more details tomorrow during an open house, and we can get into some more detail in terms of the cost savings that we are working on and working to achieve there. I think that is probably the best way to explain it, to be a part of our open house tomorrow.

Perfect. I’ll have to wait and see, I guess, on that basis. I suspect the second question may have a similar answer, but I mean, given the continued development and the tying of the wells at Pike, I was just kind of looking through, and it seems like Grouse, in close proximity to your Kirby assets, has a similar, I guess, opportunity there. Can you maybe outline maybe some of the efficiencies that you could see via developing kind of proximal resource to your two other central processing facilities?

Yeah, for sure, Dennis. I think you were bang on when you suggested it’s probably going to be a similar answer. For sure, we’ll walk you through tomorrow the assets that are adjacent to the Jackfish and Kirby assets. We’ll be able to give you a good rundown tomorrow of how we would look at development plans given the opportunities that are presented in those areas. Looking forward to that discussion tomorrow.

Sounds good, Scott. Thanks. I’ll turn it back.

Thanks, Dennis.

Conference Operator: Your next question comes from Manav Gupta of UBS. Your line is already open.

Manav Gupta, Analyst, UBS: Good morning. Congrats on a very strong quarter again. I wanted to ask you about an announcement yesterday from Energy Transfer that they are looking to FID their South Illinois connector pipeline, looking to get more Canadian crude into Illinois and to Gulf Coast. I just wanted to understand, would you be open to participating in any such project or any other major projects out there which give you more incremental egress capacity towards the Midcontinent or the Gulf Coast refiners where your crude is highly valued?

Scott Stauth, President, Canadian Natural Resources: Yeah, thanks for the question. Certainly, we review those opportunities for egress when able. I can just tell you that there are a number of opportunities, whether it be Enbridge, TMX, or others. Certainly going to look at those to see if we would participate in volumes commitments on those or otherwise. The good news is for the basin and the egress opportunities that companies have been talking about bode very well for strong differentials. Ultimately, that’s the most important part of the aspect. Whether your barrels are locked up or whether they’re sold in the hardest-to-admit-to areas, it’s a positive for Canadian crude. Looking forward to those opportunities as they come about, and we’ll see where that goes.

Manav Gupta, Analyst, UBS: Thank you. I’ll turn it over.

Conference Operator: Your next question comes from Doug Leggate of Wolfe Research. Your line is already open.

Hey, good morning, team. This is Carlos, actually, on for Doug, who, by the way, is on his way to your Analyst Day. He sends his apologies. Just to be real quick with this and respectful of my peers’ time. Number one, I wonder what your perception is today of the need to further consolidate West Canada gas in the context of weak AECO pricing and despite the ramp in LNG, perhaps similar to how your US peers have been doing in the recent past.

Scott Stauth, President, Canadian Natural Resources: Yeah, it’s a good question. You don’t have to apologize for Doug. That’s good to see that he’ll show up tomorrow. We’re looking forward to those discussions. In terms of consolidation, certainly, we’re seeing some of that evolve. I think the most important thing to the basin is maybe a certain degree of consolidation, but the most important thing is egress opportunities. The more gas that we can move out of the basin, the better. The LNG projects that are online now, LNG Canada and others that are coming on in the future, are very much needed for the basin to fully unlock the potential. In spite of whatever M&A activity that may be going on in the basin, we look forward to more egress because ultimately, that’s what the basin requires.

Doug, thank you very much. Appreciate that. Just a real quick housekeeping item. Looks like your Palliser or Endeavor night might have contributed to your sequential oil production growth. Just wondering if you could share if that is the case, and if so, how does it set you up for your growth outlook into the first half of 2026?

Yeah, certainly, both of those areas will be part of our budgeting activities for next year. We’ve got strong production growth in the Duvernay. Having taken over the assets earlier this year in the Palliser block, we continue the capital allocation towards drilling light oil wells in that area, and it’ll be a part of our program for next year as well.

Thank you, team. Appreciate it.

Thanks.

Conference Operator: Your next question comes from Greg Pardy of RBC Capital Markets. Your line is already open.

Yeah, thanks. Good morning. Scott, I’ll apologize because I won’t be there in person tomorrow, which is probably the first time in 20-something years. In any event, I’ll have a go at you maybe ahead of tomorrow. What’s your thinking now? I mean, we’ve had a new federal government in place for a little bit of time now. There’s been a lot more dialogue with the industry. Just curious, any broad strokes on progress on things like pathways? How much easier is it maybe now to work with the federal government? Is this sort of a cautious approach? Just interested in any broad strokes there that you might have.

Scott Stauth, President, Canadian Natural Resources: We will miss you tomorrow there, Greg, but I do appreciate your question today. Certainly, we are seeing more positive signs than we have seen in the past under previous leadership. We like the discussions that are going on, Greg, but as always, there are lots of details to work through in terms of carbon competitiveness. That is going to be key to understand the impacts that may come out of that level of discussion. The details at this point are not well understood, and we will certainly be very anxious to work with the government and the government of Alberta to make sure that we have a collaborative way to move forward to address the needs for pathways and certainly for future growth opportunities to, again, unlock additional value out of the basin, whether it be oil sands or conventional. More egress is needed on both gas and oil.

The more that we can do collectively working together with the governments to help promote that growth, increase the jobs in Canada, increase, of course, taxes and royalties. Certainly, everyone’s aware on this call the importance of the industry for the GDP to Canada. I think it’s really important to continue on these discussions. Good to see what we have seen so far, but we want to get into the detailed discussions, Greg, and make sure we truly understand what carbon competitive actually means. Until we get those details, it’s a little bit early to say exactly how things will unfold, but we are encouraged by the engagement.

Okay. Okay, terrific. No, I think that’s probably as much as you can say right now. As you say, there’s a lot more water that needs to flow into the bridge. Maybe I’ll pivot just on a specific question that came in from one investor, which was just around the potential acceleration of the T block decommissioning. If we look at your financing cost in 3Q, significantly lower, I know some of that had to do with PRT and so forth. The abandonment expenditures tend to be a fairly large number. I’m just trying to get, even though you may not want to talk too much about 2026 CapEx and so forth, maybe I just want to get a sense maybe from Victor as to what the implications there could be and to the extent you can quantify it or even roughly quantify it.

That would be super helpful.

Just in terms of the impacts on the 2026 capital budget, is that the question effectively, Greg?

Yeah. I mean, so Victor, if I look at what, 2025, I think it was like, what, CAD 756 million, a good chunk of that I know is North Sea, and then there’s PRT in there, and you get cash recoveries. I’m just trying to understand, should we be directionally thinking about a bigger number than, say, CAD 750 million next year if you decide to accelerate, or would this all kind of come out in the wash?

Yeah. The way I’d look at it, Greg, is that 2025 coming into 2026, the expenditure levels do go up modestly in 2026 overall. That would be the target. We’re working through that still, and we’re trying to plan for our 2026 budget. Overall, if you look at the next five-year period, you do have to remember that the tax recoveries on that expenditure, they’re actually weighted first five years. The net increase after tax recovery is fairly modest. We’ll see about a 75% tax recovery on the next five-year expenditure.

Okay. Very helpful. Thanks very much.

Thanks, Greg. Thank you.

Conference Operator: Your next question comes from Mino Hallschoff of TD Cowen. Your line is already open.

Mino Hallschoff, Analyst, TD Cowen: Good morning, everyone, and thanks for taking my question. I’m just going to put a very short-term lens on things. For my first question, now that we’re halfway through the fourth quarter, give or take, how would you describe the operational setup into the end of the year? Are there any assets that you would flag as having outperformed or underperformed quarter to date?

Scott Stauth, President, Canadian Natural Resources: Yeah, it’s a good question. At this point in the quarter, all assets are performing as expected. Optimization, utilization looks very strong. Continuance from what we’ve seen over the past couple of quarters here from that perspective of utilization. Nothing really to highlight there, just the assets are performing as we would expect them to perform.

Mino Hallschoff, Analyst, TD Cowen: Terrific. Thanks, Scott. You may or may not want to answer this one because it might cannibalize tomorrow a little bit. Second question is on maintenance. Maybe you could just remind us of which assets are scheduled for turnaround in 2026. Presumably, Horizon is one of them, but what are the others and how large are these turnarounds expected to be?

Scott Stauth, President, Canadian Natural Resources: Yeah, Horizon would certainly be the most significant. Likely in the third quarter of next year. Outside of that, it would be our normal routine ones that we’d see every one facility. Every five years, our thermal facilities go in for a turnaround. There’ll be one next year as well. Nothing too significant and nothing stands out. The only real difference from 2025 to 2026 would be Horizon.

Mino Hallschoff, Analyst, TD Cowen: Terrific. Appreciate the confirmation. I’ll turn it back.

Conference Operator: Your next question comes from Alexa Patrick of Goldman Sachs. Your line is already open.

Alexa Patrick, Analyst, Goldman Sachs: Good morning, team, and thank you for taking our question. Following the close of several creative acquisitions, we were curious, what are your updated thoughts on M&A? Can you provide any broader commentary around your capital allocation strategy, balancing dividend growth with share repurchases and potential for further M&A? Thanks.

Scott Stauth, President, Canadian Natural Resources: Yeah. Not a lot to comment, Alexa, on the M&A activity. Certainly, you made reference to some recent acquisitions that were opportunistic for us. As you probably are aware, we do look at a lot of opportunities of M&A. We execute on very few, but we certainly look at the ones that seem to be most accretive to our operations and generally in close proximity to our core areas. I think that in terms of our allocation, no significant changes there. The allocation policy is pretty straightforward. We do not have any plans to change that relative to M&A activity or not.

Alexa Patrick, Analyst, Goldman Sachs: Okay, that’s helpful. Maybe just as a follow-up, if we could dig a little more into kind of your macro outlook, how are you thinking about light-heavy differentials from here, particularly as we see OPEC add barrels into the market? Any views on mid-cycle differentials and some of the assumptions embedded in that?

Scott Stauth, President, Canadian Natural Resources: I think we expect to see, Alexa, the differentials to be, stay in that range of that $10-$13 a barrel, and it’ll go up and down depending on turner activities in the refineries in the United States. I don’t really see any of that changing in the near term. As long as we have strong egress out of Western Canada, those differentials will remain in that range. There’s still some block capacity on the TMX system, which is very supportive for pricing. We’re seeing strong demand out of Asia for our Canadian heavy crude. That’s also very supportive. We like what we’ve seen. Essentially, TMX has stabilized the entire Western market here. That’s how I would summarize it up for you.

Alexa Patrick, Analyst, Goldman Sachs: Okay, great. Thank you so much.

Scott Stauth, President, Canadian Natural Resources: Thank you.

Conference Operator: There are no further questions at this time. I would hand over the call to Lance Casson for closing remarks. Please go ahead.

Lance Casson, Manager of Investor Relations, Canadian Natural Resources: Thank you, operator. Excuse me. Thanks, everyone, for joining our call this morning. We look forward to seeing you all tomorrow at our investor open house or on the webcast. If you have any questions, please give us a call.

Conference Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation, and you may now disconnect.

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