Overview
Canadian Natural Resources Limited is a Canadian oil and natural gas producer with a diversified portfolio of assets in Western Canada, the U.K. portion of the North Sea and Offshore Africa. Its business spans conventional oil and gas production and oil sands mining and upgrading; its products include crude oil, synthetic crude oil, natural gas liquids and natural gas.[1][2]
The company states that its mission is to develop people who work together to create shareholder value “by doing it right with fun and integrity.” [1] As an indicator of scale, it reported C$38.8 billion in revenue after royalties for 2025.[3] [3][1][2]
Products & services
Canadian Natural Resources produces and sells light and medium crude oil, heavy crude oil, oil sands bitumen, synthetic crude oil (SCO), natural gas and natural gas liquids (NGLs). Its heavy-oil products include primary heavy crude and Pelican Lake crude, a 12–17° API oil produced using recovery methods that include polymer flooding. Thermal oil sands operations produce bitumen using steam-based recovery, while mining and upgrading operations convert oil sands bitumen into SCO.[4][5][6][7][8]
In 2024, SCO accounted for 35% of reported production, thermal bitumen for 20%, primary and Pelican Lake heavy crude for a combined 9%, light and medium crude oil together with NGLs for 10%, and natural gas for 26%. Crude oil and NGL sales were C$39.1 billion, compared with C$1.6 billion for natural gas, making oil and liquids the dominant sales products.[9][10]
The company also has bitumen-processing and marketing activities. Through the North West Redwater Partnership, it has an interest in an upgrader and refinery that processes bitumen into ultra-low-sulphur diesel and other refined products; Canadian Natural’s share of refined-product output averaged 19,166 barrels of oil equivalent per day in 2024. Its marketing and midstream activities include crude blending, diluent handling and access to pipelines for moving products to market.[11][12][13] [4][5][9][10][11][12][6][7][8][13]
Geographic presence
Canadian Natural Resources’ operations are concentrated in Western Canada, with additional offshore operations in the UK sector of the North Sea and off Côte d’Ivoire. Its Canadian operations span British Columbia, Alberta, Saskatchewan and Manitoba. Major Alberta oil-sands assets include Horizon, the Athabasca Oil Sands Project, and operations in the Cold Lake, Peace River, Kirby and Jackfish areas.[2][14]
Canada accounts for the great majority of reported product sales associated with its operating segments. In 2025, North America exploration and production recorded C$21.5 billion in product sales and oil sands mining and upgrading recorded C$20.3 billion; the company identifies sales from both segments as originating in Canada. The North Sea and Offshore Africa segments recorded C$338 million and C$195 million, respectively. These are operating-segment figures, not a breakdown of consolidated sales by customer destination. The company’s head office is in Calgary, Alberta, and it has an international office in Aberdeen, Scotland.[15][16][17][18] [14][15][16][17][18][2]
Business segments
Canadian Natural Resources reports five business segments. **North America** covers exploration and production of crude oil, natural gas liquids and natural gas in Canada and the United States. **Oil Sands Mining and Upgrading** comprises the Horizon and Athabasca Oil Sands Project operations. **North Sea** covers exploration and production in the UK portion of the North Sea, while **Offshore Africa** covers operations in Côte d’Ivoire. **Midstream and Refining** includes pipeline operations and the company’s investment in the North West Redwater Partnership.[19][14][20][21]
Based on 2025 segmented revenue, North America contributed approximately **50%** of the five segments’ combined revenue, Oil Sands Mining and Upgrading **46%**, North Sea **1%**, Offshore Africa **0.5%**, and Midstream and Refining **2%**. These are approximate shares before inter-segment eliminations, rather than shares of consolidated revenue.[15][22] [19][14][20][21][15][22]
Company history
Canadian Natural Resources traces its corporate lineage to a company incorporated in 1973, but its modern business took shape in 1989 under Allan Markin and Murray Edwards. Its acquisition of Ranger Oil in 2000 expanded the company beyond Canada, and its 2006 acquisition of Anadarko Canada added to its Western Canadian operations.[23][24][25]
The company authorized the first phase of its Horizon oil sands project in 2005 and produced its first synthetic crude oil there in 2009, a milestone in its expansion into oil sands mining and upgrading. In 2017, it acquired a 70% interest in the Athabasca Oil Sands Project through transactions involving Shell and Marathon Oil. It further expanded its Canadian assets in 2019 by acquiring substantially all of Devon Canada’s assets.[26][27][28][29] [23][24][25][26][27][28][29]
Sources
- www.cnrl.com[1]
- www.cnrl.com[2]
- CANADIAN NATURAL RESOURCES LTD — Full financial report (2025 Y)
- CANADIAN NATURAL RESOURCES LTD — Full financial report (2024 Y)
- www.cnrl.com[6]
- www.cnrl.com[7]
- www.cnrl.com[8]
- www.cnrl.com[13]
- www.cnrl.com[23]
- www.theglobeandmail.com[24]
- www.cnrl.com[25]
- www.sec.gov[26]
- www.cnrl.com[27]
- www.sec.gov[28]
- www.cnrl.com[29]
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