Canadian Natural Resources Ltd (CNQ) — Free Cash Flow Generation Index
Canadian Natural Resources Ltd (CNQ) has a Free Cash Flow Generation Index of 0.46x as of September 2025. Free cash flow of CA$1.82 Billion represents 0% of operating cash flow (CA$3.94 Billion). Explore CNQ capital reinvestment ratio to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Canadian Natural Resources Ltd Free Cash Flow Generation Index (1993–2024)
Historical FCF Generation Index trend for Canadian Natural Resources Ltd across 32 annual periods. For the full cash flow conversion analysis, see Canadian Natural Resources Ltd cash conversion from operations.
Annual Free Cash Flow Generation for Canadian Natural Resources Ltd (1993–2024)
Year-by-year Free Cash Flow Generation Index for Canadian Natural Resources Ltd. Check CNQ cash reinvestment to operating cash ratio to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (CAD) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2024 | 0.60x | CA$8.00 Billion | CA$13.39 Billion | CA$5.38 Billion | ▼ -0.8% |
| 2023 | 0.60x | CA$7.44 Billion | CA$12.35 Billion | CA$4.91 Billion | ▼ -18.2% |
| 2022 | 0.74x | CA$14.29 Billion | CA$19.39 Billion | CA$5.10 Billion | ▲ +6.8% |
| 2021 | 0.69x | CA$9.99 Billion | CA$14.48 Billion | CA$4.49 Billion | ▲ +50.6% |
| 2020 | 0.46x | CA$2.16 Billion | CA$4.71 Billion | CA$2.56 Billion | ▼ -23.6% |
| 2019 | 0.60x | CA$5.29 Billion | CA$8.83 Billion | CA$3.54 Billion | ▲ +2.1% |
| 2018 | 0.59x | CA$5.95 Billion | CA$10.12 Billion | CA$4.17 Billion | ▲ +58.7% |
| 2017 | 0.37x | CA$2.69 Billion | CA$7.26 Billion | CA$4.57 Billion | ▲ +464.0% |
| 2016 | -0.10x | CA$-351.00 Million | CA$3.45 Billion | CA$3.80 Billion | ▼ -161.7% |
| 2015 | 0.16x | CA$928.00 Million | CA$5.63 Billion | CA$4.70 Billion | ▲ +179.7% |
| 2014 | -0.21x | CA$-1.75 Billion | CA$8.46 Billion | CA$10.21 Billion | ▼ -21420.1% |
| 2013 | 0.00x | CA$7.00 Million | CA$7.22 Billion | CA$7.21 Billion | ▼ -94.3% |
| 2012 | 0.02x | CA$105.00 Million | CA$6.21 Billion | CA$6.10 Billion | ▲ +151.4% |
| 2011 | 0.01x | CA$42.00 Million | CA$6.24 Billion | CA$6.20 Billion | ▼ -95.5% |
| 2010 | 0.15x | CA$949.00 Million | CA$6.28 Billion | CA$5.33 Billion | ▼ -69.0% |
| 2009 | 0.49x | CA$2.83 Billion | CA$5.81 Billion | CA$2.98 Billion | ▲ +593.8% |
| 2008 | -0.10x | CA$-666.59 Million | CA$6.77 Billion | CA$7.43 Billion | ▲ +11.2% |
| 2007 | -0.11x | CA$-645.55 Million | CA$5.82 Billion | CA$6.46 Billion | ▲ +85.0% |
| 2006 | -0.74x | CA$-3.09 Billion | CA$4.18 Billion | CA$7.27 Billion | ▼ -553.4% |
| 2005 | -0.11x | CA$-543.09 Million | CA$4.80 Billion | CA$5.34 Billion | ▲ +53.2% |
| 2004 | -0.24x | CA$-892.73 Million | CA$3.69 Billion | CA$4.58 Billion | ▼ -225.1% |
| 2003 | 0.19x | CA$605.44 Million | CA$3.13 Billion | CA$2.53 Billion | ▲ +44.4% |
| 2002 | 0.13x | CA$270.70 Million | CA$2.02 Billion | CA$1.75 Billion | ▲ +517.8% |
| 2001 | -0.03x | CA$-60.49 Million | CA$1.89 Billion | CA$1.95 Billion | ▼ -110.9% |
| 2000 | 0.29x | CA$536.89 Million | CA$1.83 Billion | CA$1.30 Billion | ▲ +115.7% |
| 1999 | -1.87x | CA$-1.25 Billion | CA$668.40 Million | CA$1.92 Billion | ▼ -84.5% |
| 1998 | -1.01x | CA$-373.07 Million | CA$368.42 Million | CA$741.49 Million | ▲ +16.8% |
| 1997 | -1.22x | CA$-633.31 Million | CA$520.37 Million | CA$1.15 Billion | ▲ +46.6% |
| 1996 | -2.28x | CA$-844.00 Million | CA$370.60 Million | CA$1.21 Billion | ▼ -235.5% |
| 1995 | -0.68x | CA$-100.40 Million | CA$147.90 Million | CA$248.30 Million | ▲ +51.3% |
| 1994 | -1.39x | CA$-210.50 Million | CA$150.90 Million | CA$361.40 Million | ▲ +34.4% |
| 1993 | -2.13x | CA$-191.40 Million | CA$90.00 Million | CA$281.40 Million | — |