Adjusted earnings from operations, excluding non-operated losses, currency fluctuations and other items, were C$1.65 a share, compared with the C$1.47 mean estimate from analysts polled by FactSet.

Product sales climbed to C$15.64 billion from C$11.07 billion in the same period of 2025. Crude oil and natural gas liquids sales rose 36% to C$14.27 billion. Production before royalties averaged about 1.65 million barrels of oil equivalent a day, up from 1.62 million a year earlier but below the 1.68 million recorded in the second quarter of 2026. Analysts had forecast 1.63 million barrels of oil equivalent a day.

The Calgary-based company said its average realized price for oil and natural gas liquids increased 32% from a year earlier, while its realized natural gas price rose 40%. Global crude benchmarks fell in the quarter as concerns about supply disruptions eased and global demand weakened.

Geopolitical tensions in the Middle East have prompted many countries to seek stable oil and gas supplies. Canada is also seeking to diversify trade away from reliance on the U.S. Ottawa is fast-tracking a proposed pipeline, Pacific Link, planned to carry an additional 1 million barrels of oil a day to the west coast for shipment to Asian markets. It would complement the existing Trans Mountain pipeline, which has capacity of 890,000 barrels a day. Canadian Natural said it was pleased the federal government had designated Pacific Link a project of national interest.