CNQ FINANCIAL STATEMENTS

Canadian Natural Resources Ltd — balance sheet, income statement and cash flow trends

CNQCanadian Natural Resources Ltd

🇨🇦 Canada · TO · Energy · Oil & Gas E&P

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue39.6 B C$-11.6%

Gross Profit12.4 B C$+1.9%

Operating Income10.9 B C$-3.1%

EBITDA22.5 B C$+27.9%

Net Income9.7 B C$+28.2%

Peer Comparison· Oil & Gas E&P

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CNQ	-11.6%	31.4%	56.7%	24.5%
EOG	0.4%	71.3%	51.9%	23.4%
COP	1.8%	29.2%	42.0%	12.6%
OXY	-16.3%	26.2%	49.5%	20.3%
FANG	18.3%	41.8%	35.7%	2.7%
EQT	58.4%	64.0%	76.0%	33.4%
Industry median	-1.0%	38.9%	51.0%	12.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity44.6 B C$47%
Current Liabilities9.5 B C$10%
Long-term Liabilities39.9 B C$42%

Key Figures

YoY change

Total Assets94 B C$+10.9%

Total Liabilities49.4 B C$+11.4%

Total Equity44.6 B C$+10.4%

Cash & ST Investments808 M C$+768.8%

Total Debt20 B C$+6.3%

Net Debt19.2 B C$+2.5%

Peer Comparison· Oil & Gas E&P

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CNQ	0.98	44.8%	0.86	47.5%
EOG	1.93	26.9%	0.37	57.9%
COP	1.29	36.1%	0.69	52.6%
OXY	1.21	40.3%	1.03	48.4%
FANG	0.56	38.1%	2.53	52.0%
EQT	0.66	22.8%	0.71	60.2%
Industry median	0.83	38.1%	1.03	52.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow14.1 B C$-4.7%

Capital Expenditures7.6 B C$+36.7%

Free Cash Flow6.5 B C$-29.6%

Dividends Paid-4.9 B C$-208.2%

Peer Comparison· Oil & Gas E&P

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CNQ	35.6%	16.5%	19.1%	145.3%
EOG	45.7%	17.4%	28.3%	195.0%
COP	30.8%	26.4%	27.3%	245.5%
OXY	41.7%	15.4%	26.3%	205.3%
FANG	54.2%	10.5%	43.7%	2,042.4%
EQT	64.2%	40.5%	23.7%	192.2%
Industry median	49.1%	15.4%	36.0%	195.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.