Canadian Natural Resources Limited (CNQ) is a senior independent energy company engaged in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs). The company operates a diversified portfolio of energy products, including synthetic crude oil, natural gas, bitumen, and various grades of crude oil. CNQ's operations span North America, the United Kingdom, and Offshore Africa, supported by extensive infrastructure and a focus on sustainable development.
- Oil Sands Mining and Upgrading - Produces synthetic crude oil (SCO) through bitumen mining and upgrading operations at Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP).
- Natural Gas - Extracts natural gas primarily in Alberta, British Columbia, and Saskatchewan, contributing significantly to the company's energy portfolio.
- Light and Medium Crude Oil and NGLs - Produces light and medium crude oil and natural gas liquids in Canada, the North Sea, and Offshore Africa.
- Bitumen (Thermal Oil) - Develops and produces bitumen in Alberta and Saskatchewan, leveraging thermal recovery methods.
- Primary Heavy Crude Oil - Extracts heavy crude oil in Alberta and Saskatchewan, focusing on cost-effective production.
- Pelican Lake Heavy Crude Oil - Produces a unique medium-quality heavy crude oil with lower production expenses and royalty rates.
- Midstream and Refining - Operates pipeline systems, cogeneration plants, and holds a 50% equity interest in the North West Redwater Partnership (NWRP) for upgrading and refining bitumen.
You might also like
-
Given the continued weakness in natural gas prices and the deferral of production from newly drilled wells, how confident are you that LNG Canada's commissioning will significantly improve AECO pricing, and what contingencies do you have if prices remain low longer than anticipated?
-
With net debt currently below your $10 billion target and ample liquidity, are you considering increasing shareholder returns beyond 100% of free cash flow, or is there a strategic reason for maintaining debt levels above $9 billion?
-
The timeline for finalizing the financial framework for the Pathways project has been extended due to ongoing negotiations with the government; how is this delay impacting your investment decisions, and what risks do you foresee if an agreement isn't reached in the near term?
-
Considering the early positive results from your solvent injection pilots showing around 20% reduction, but acknowledging the uncertainties, what are the key technical and economic challenges that could prevent you from scaling up this technology across your thermal assets?
-
With the significant resource potential in your heavy oil assets, including Mannville and Clearwater, and current oil prices remaining strong, what factors are limiting you from increasing heavy oil production back towards historical levels of approximately 145,000 barrels per day, and how does this fit into your longer-term growth strategy?
Research analysts who have asked questions during CANADIAN NATURAL RESOURCES earnings calls.
Dennis Fong
CIBC World Markets
7 questions for CNQ
Greg Pardy
RBC Capital Markets
7 questions for CNQ
Manav Gupta
UBS Group
7 questions for CNQ
Menno Hulshof
TD Cowen
6 questions for CNQ
Neil Mehta
Goldman Sachs
5 questions for CNQ
Patrick O'Rourke
ATB Capital Markets
5 questions for CNQ
John Royall
JPMorgan Chase & Co.
4 questions for CNQ
Alexa Petrick
Goldman Sachs
2 questions for CNQ
Carlos Escalante
Wolfe Research
2 questions for CNQ
Doug Leggate
Wolfe Research
1 question for CNQ
Erik Boeslinger
UER
1 question for CNQ
Menno Hilsoff
TD Cowen
1 question for CNQ
Roger Read
Wells Fargo & Company
1 question for CNQ
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Chevron | 2024 | US$6.5 billion cash deal where Canadian Natural increased its interest in the Athabasca Oil Sands Project (AOSP) to 90% and secured a 70% operated interest in Duvernay play assets, expected to add around 122,500 BOE/d. The acquisition, effective September 1, 2024, funded partly by a $4 billion term loan, is aimed at boosting immediate free cash flow and long-term shareholder value. |
Chevron Canada Limited | 2024 | US$6.5 billion cash acquisition that obtained Chevron's 20% stake in AOSP and its 70% operating interest in Alberta’s Duvernay assets, delivering similar production enhancements to approximately 122,500 BOE/d. The deal, with an effective date of September 1, 2024 and closing on December 6, 2024, fits strategically by leveraging operational synergies for enhanced cash flow and long-term value creation. |
Recent press releases and 8-K filings for CNQ.
- Canadian Natural Resources Limited (CNQ) has declared a quarterly cash dividend of C$0.5875 per common share.
- The dividend is scheduled to be paid on January 6, 2026, to shareholders of record at the close of business on December 12, 2025.
- This declaration marks the 25th consecutive year of dividend increases for the company, reflecting a compound annual growth rate of 21% over that period.
- Canadian Natural Resources Ltd. reported adjusted net earnings of $1.8 billion or $0.86 per share and adjusted funds flow of $3.9 billion or $1.88 per share for Q3 2025.
- The company achieved record quarterly production volumes totaling approximately 1,620 MBOE/d, representing a 19% increase from Q3 2024 levels.
- Shareholder returns in Q3 2025 amounted to approximately $1.5 billion, consisting of $1.2 billion in dividends and $0.3 billion in share repurchases.
- Subsequent to quarter-end, the company closed the AOSP swap with Shell, which adds approximately 31,000 bbl/d of annual bitumen production, and increased its annual 2025 corporate production guidance range to 1,560 MBOE/d to 1,580 MBOE/d.
- Canadian Natural Resources achieved record quarterly corporate production of approximately 1.62 million BOEs per day in Q3 2025, marking a 19% increase from Q3 2024 levels.
- The company reported strong financial results for Q3 2025, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
- Shareholder returns in Q3 2025 totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases. Year-to-date shareholder returns reached approximately CAD 6.2 billion.
- Following the closure of the AOSP swap with Shell Canada Limited, which adds approximately 31,000 bbl per day of annual zero-decline bitumen production, Canadian Natural increased its 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day, while the operating capital forecast remained unchanged at approximately CAD 5.9 billion.
- Canadian Natural Resources achieved record quarterly corporate production in Q3 2025, totaling approximately 1.62 million BOEs per day, an increase of 19% from Q3 2024 levels. This included records for both liquids at 1.18 million barrels per day and natural gas at 2.7 BCF per day.
- The company reported strong financial results for Q3 2025, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
- Shareholder returns in Q3 2025 totaled CAD 1.5 billion, comprising CAD 1.2 billion in dividends and CAD 300 million in share repurchases. Year-to-date shareholder returns up to November 5th, 2025, reached approximately CAD 6.2 billion.
- Following the AOSP swap with Shell Canada Limited, which closed on November 1st, 2025, Canadian Natural increased its 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day, while the operating capital forecast remained unchanged at approximately CAD 5.9 billion.
- The balance sheet remains strong with quarter-end debt to EBITDA of 0.9 times and debt to book capital at 29.8%. The company also received a new long-term investment-grade credit rating of BBB plus from Fitch Ratings.
- Canadian Natural Resources achieved record quarterly corporate production of approximately 1.62 million BOEs per day in Q3 2025, representing a 19% increase from Q3 2024 levels.
- The company reported strong Q3 2025 financial results, with adjusted funds flow of approximately CAD 3.9 billion and adjusted net earnings of CAD 1.8 billion.
- Shareholder returns in Q3 2025 totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases, bringing year-to-date returns to approximately CAD 6.2 billion.
- Following the AOSP swap, which adds approximately 31,000 barrels per day of bitumen production, Canadian Natural increased its 2025 corporate production guidance to 1,560,000-1,580,000 BOEs per day.
- The balance sheet remains strong with a debt to EBITDA of 0.9 times and quarter-end liquidity over CAD 4.3 billion, and the company received a new BBB+ investment-grade credit rating from Fitch Ratings.
- Canadian Natural Resources Limited (CNQ) has closed an asset swap with Shell Canada Limited, acquiring Shell's remaining 10% interest in the Albian oil sands mines in exchange for 10% of CNQ's interest in the Scotford Upgrader and Quest facilities.
- This transaction results in CNQ owning and operating 100% of the Albian mines and retaining an 80% interest in the Scotford Upgrader and Quest facilities.
- The swap adds approximately 31,000 bbl/d of annual bitumen production, effective November 1, 2025, leading to an updated 2025 production guidance of 1,560 MBOE/d to 1,580 MBOE/d.
- Despite the larger asset base, the 2025 operating capital forecast remains unchanged at approximately $5.9 billion.
- Record performance: Achieved record Q1 2025 production averaging 1,582,348 BOE/d (including 595,116 bbl/d SCO) and net earnings of approximately $2.46 billion, supported by adjusted funds flow of about $4.5 billion .
- Dividend announcement: Declared a quarterly cash dividend of C$0.5875 per common share (following a 4% increase), continuing 25 consecutive years of dividend growth, with payment scheduled for July 3, 2025 .
- Capital & cost efficiencies: Reduced the 2025 capital budget by $100 million to $6.05 billion, recording a 14% lower drilling and completion cost in Duvernay and a 12% YoY decrease in Oil Sands operating costs to $21.88/bbl .
- Strategic outlook: Duvernay asset performance remains robust, with the anticipated Shell swap expected to close by the end of Q2 2025, potentially enhancing volume guidance .
- Canadian Natural Resources Ltd announced a Normal Course Issuer Bid to repurchase up to 178,738,237 shares (10% of its public float as of February 28, 2025) during a 12‐month period.
- The bid is scheduled to run from March 13, 2025 to March 12, 2026, with a daily purchase limit of 2,835,635 shares on the TSX; purchases may also be executed on the NYSE.
- An Automatic Share Purchase Plan (ASPP) will be implemented to facilitate acquisitions even during regulatory or self-imposed trading blackout periods.