Canadian Natural Resources: Rising Shareholder Returns Support Further Upside

Canadian Natural Resources remains a buy, driven by production growth, disciplined capital returns, and resilient low-cost operations. Q1 2026 saw 4% production growth, stable costs, and strong cash generation, despite lower realized oil prices early in the quarter. CNQ's revised shareholder return policy accelerates capital returns as net debt falls, with a 4.0% dividend yield and aggressive buybacks.