Tuesday, October 27, 2026
HH: $3.03 +0.3%
All For Energy
Est. 2024 • Canadian Energy Authority
Oil August 22, 2026

Canadian Natural Printed a Record Oil Sands Mining Quarter. Weather Did Not Stop It

CNQ's August 6 Q2 release said oil sands mining averaged about 625,000 barrels a day, 106 percent upgrader utilization, and the highest mining netback the company has posted in a quarter. Eight operational and financial records, by their count.

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The weather was bad. The mine still ran

Canadian Natural Resources (TSX: CNQ) reported second-quarter 2026 results on August 6. President Scott Stauth said the company set eight operational and financial records. The one that belongs on this desk is oil sands mining and upgrading: about 625,000 barrels a day of synthetic crude, 106 percent upgrader utilization, and a quarterly mining netback around $78 a barrel. Operating costs on that barrel were $22.19, or US$16.03. SCO's premium to WTI averaged US$8.37 a barrel in the quarter.

Stauth said weather was a problem, the same as at other oil sands sites, and that the team still beat the budgeted mining volume. That is a company claim in its own release. The production number is the checkable part.

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