CANADIAN NATURAL RESOURCES Ltd (CNQ)

Canadian Natural Resources Limited is a Calgary, Alberta-based oil and natural gas company. It explores for, develops and produces crude oil, natural gas and natural gas liquids, and mines and upgrades bitumen into synthetic crude oil. The company was incorporated in British Columbia in 1973 as AEX Minerals Corporation (N.P.L.), took its current name in 1975, and has been continued under Alberta corporate legislation since the 1980s. It has grown in part through amalgamations with acquired companies, including EOG Resources Canada, Laricina Energy, Painted Pony Energy and Storm Resources. Its common shares trade on the Toronto Stock Exchange and the New York Stock Exchange.

Its product mix includes light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, thermal bitumen, mining bitumen, synthetic crude oil, natural gas and NGLs. The Oil Sands Mining and Upgrading segment includes the Horizon Oil Sands operation and the Athabasca Oil Sands Project (AOSP), and in 2025 the company acquired the remaining 10% interest in the AOSP mines. Thermal in situ operations include the Primrose, Kirby, Jackfish and Pike projects, and the company also holds a stake in the North West Redwater bitumen upgrader and refinery. Recent developments include the Pike 1 SAGD project, where two pads were drilled in 2025 and tied into the Jackfish facilities (the first began production in late 2025, and the second is targeted for the second quarter of 2026), and the Naphtha Recovery Unit Tailings Treatment project at Horizon (about $357 million of capital, expected to be mechanically complete in the third quarter of 2027). The company also operates the Quest carbon capture and storage project.

The company operates in North America and International, with the International segment covering offshore assets. Its operating subsidiaries are located in Alberta, Delaware, England and Côte d'Ivoire, and it holds its Montney assets through the CNR Montney Partnership. The company relies on pipelines and other transportation, including the TMX pipeline, to bring its bitumen, crude oil, natural gas and NGLs to market. It is exposed to commodity prices, currency and interest rates, trade policy and tariffs, and environmental and climate regulation. Reserves are evaluated by independent evaluators Sproule ERCE and GLJ Ltd.

Canadian Natural describes its strategy as developing long-life, low-decline and low-capital-exposure assets. It operates under a free cash flow allocation policy that balances capital investment, debt repayment, dividends and share repurchases. It has a $2,425 million revolving syndicated credit facility maturing in June 2027, and it split its common shares two for one in June 2024. The head office is at 855 - 2nd Street S.W., Calgary, and the company plans to move it to 400 - 4th Avenue S.W. in June 2026.