CNQ on NYSE

Canadian Natural Resources

Logo: Copied from http://www.cnrl.com/client/media/1474/1475/cnr_ar2006.pdf , intellectual property owned by Canadian Natural Resources Limited ., Non-free logo, via Wikipedia4

Canadian hydrocarbon exploration company

Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon. The company, which is headquartered in Calgary, Alberta, has the largest undeveloped base in the Western Canadian Sedimentary Basin.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 16, 2026.

Overview

38.8BRevenue, fiscal 20255
10.8BNet income, fiscal 20255
1973Founded1

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  • TickerCNQ on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersCalgary1
  • Founded inCalgary1
  • Websitewww.cnrl.com
  • Legal formbusiness corporation1
  • Listed onNew York Stock Exchange (CNQ), Toronto Stock Exchange (CNQ)1
  • Incorporated inAlberta, Canada6
  • Business address400 4 Avenue Sw, Calgary, T2P 0J46

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Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CAD, the currency the company reports in.

Key numbers, fiscal 2025

27.9%Net margin5
8.7%Revenue growth, 20255
24.4%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Total Segments, After Intersegment Eliminations brought in 51% of the revenue Canadian Natural Resources broke down this way in fiscal 2025.

  1. Total Segments, After Intersegment Eliminations38.8B CAD551%up 9% from 2024
  2. North America - Exploration And Production19.0B CAD525%up 10% from 2024
  3. Oil Sands Mining And Upgrading17.4B CAD523%up 7% from 2024
  4. Midstream And Refining761.0M CAD51%down 15% from 2024
  5. North Sea - Exploration And Production337.0M CAD50%down 29% from 2024
  6. Offshore Africa - Exploration And Production187.0M CAD50%down 59% from 2024
Business segments by year
Business segments202320242025
Total Segments, After Intersegment Eliminations36.0B CAD35.7B CAD38.8B CAD
North America - Exploration And Production17.3B CAD17.3B CAD19.0B CAD
Oil Sands Mining And Upgrading16.3B CAD16.3B CAD17.4B CAD
Midstream And Refining1.0B CAD895.0M CAD761.0M CAD
North Sea - Exploration And Production441.0M CAD477.0M CAD337.0M CAD
Offshore Africa - Exploration And Production580.0M CAD456.0M CAD187.0M CAD

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs72¢27.9B CAD
  • Profit28¢10.8B CAD

Out of 38.8B CAD in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢15.1B CAD

Out of 15.1B CAD of cash from operations.5

Financial statements

Revenue7891011538.8B CAD in 2025+84% since 2018
020.0B CAD40.0B CAD60.0B CAD2018: 21.0B CAD21.0B CAD20182019: 22.9B CAD22.9B CAD2019+9%2020: 16.9B CAD16.9B CAD2020−26%2021: 30.1B CAD30.1B CAD2021+78%2022: 42.3B CAD42.3B CAD2022+41%2023: 36.0B CAD36.0B CAD2023−15%2024: 35.7B CAD35.7B CAD2024−1%2025: 38.8B CAD38.8B CAD2025+9%
Net income7891011510.8B CAD in 2025+318% since 2018
-5.0B CAD05.0B CAD10.0B CAD15.0B CAD2018: 2.6B CAD2.6B CAD20182019: 5.4B CAD5.4B CAD2019+109%2020: -435.0M CAD-435.0M CAD20202021: 7.7B CAD7.7B CAD20212022: 10.9B CAD10.9B CAD2022+43%2023: 8.2B CAD8.2B CAD2023−25%2024: 6.1B CAD6.1B CAD2024−26%2025: 10.8B CAD10.8B CAD2025+77%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-312023-12-31
Product sales44.2B CAD41.5B CAD40.8B CAD
Less: royalties-5.4B CAD-5.9B CAD-4.9B CAD
Revenue38.8B CAD35.7B CAD36.0B CAD
Production9.2B CAD8.1B CAD8.5B CAD
Blending and feedstock8.1B CAD7.9B CAD7.7B CAD
Transportation2.8B CAD2.1B CAD1.6B CAD
Depletion, depreciation and amortization9.4B CAD6.7B CAD6.4B CAD
Administration615.0M CAD503.0M CAD452.0M CAD
Share-based compensation180.0M CAD279.0M CAD491.0M CAD
Asset retirement obligation accretion380.0M CAD389.0M CAD366.0M CAD
Interest and other financing expense834.0M CAD592.0M CAD636.0M CAD
Risk management (gain) loss-18.0M CAD177.0M CAD-2.0M CAD
Foreign exchange (gain) loss-762.0M CAD955.0M CAD-279.0M CAD
Gain on acquisitions, disposition, and remeasurement5.1B CAD0 CAD0 CAD
Gain from investment0 CAD-56.0M CAD-56.0M CAD
Total expenses25.5B CAD27.6B CAD25.8B CAD
Earnings before taxes13.2B CAD8.1B CAD10.2B CAD
Current income tax expense1.9B CAD1.5B CAD1.9B CAD
Deferred income tax expense510.0M CAD422.0M CAD53.0M CAD
Net earnings10.8B CAD6.1B CAD8.2B CAD
Basic (in CAD per share)5.17 CAD2.87 CAD3.77 CAD
Diluted (in CAD per share)5.16 CAD2.85 CAD3.74 CAD

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How it started

History

The company was founded on 7 November 1973, as AEX Minerals Corporation and adopted the present name in 1975.In 1998, the company sold land to Remington Energy for C$127.5 million. In 1999, the company and Penn West Petroleum (now Obsidian Energy) acquired the Canadian assets of BP Amoco. In 2000, the company acquired Ranger Oil for C$1.08 billion. In 2002, the company acquired Rio Alto for $2.4 billion.

In February 2004, the company acquired Petrovera Resources, a joint venture between Encana and ConocoPhillips. In September 2006, the company acquired the Canadian operations of Anadarko Petroleum for US$4.1 billion. In April 2014, the company acquired the conventional assets in Canada of Devon Energy for C$3.125 billion. In 2017, the company acquired the Canadian oil sands assets of Royal Dutch Shell, including a 70% working interest in the Athabasca Oil Sands Project, for $5.3 billion in cash plus 97,560,975 shares. The shares were sold in 2018. In August 2018, the company acquired the idled Joslyn oil sands project from Total S.A. and its partners. In September 2018, the company acquired Laricina Energy for $46 million. In June 2019, the company acquired the remaining assets in Canada of Devon Energy.

Horizon tank farm collapse fatalities

In 2007, a tank that was under construction collapsed, killing two workers and seriously injuring two others.

Primrose oil seeps

From Wikipedia’s article on Canadian Natural Resources, shared under CC BY-SA 4.0.3

Products and brands

  • petroleum

Listed on Wikidata.1

Timeline

  1. 1973Founded Founded in Calgary1

Recent filings

  1. Aug 12, 2026SCHEDULE 13G/A
  2. Aug 6, 20266-K
  3. Aug 6, 20266-K
  4. Jun 23, 2026SD
  5. May 12, 20266-K
  6. May 11, 20266-K
  7. May 7, 20266-K
  8. May 7, 20266-K
  9. Mar 27, 2026144
  10. Mar 26, 202640-F
  11. Mar 26, 20266-K
  12. Mar 16, 20266-K
  13. Mar 6, 20266-K
  14. Mar 6, 20266-K
  15. Feb 12, 2026SCHEDULE 13G/A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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