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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 Wikipedia5

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 It employed 6,621 people.1 Its shares trade on NYSE under the symbol CNQ.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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
  • LEI549300T15RIMIKZC5Q384
  • StatusActive4
  • LEI statusIssued and current4
  • Registered address400 4 Ave SW, T2P 0J4 Calgary, Canada4
  • Registered withMinistry of Service Alberta, 20248212964

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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 margin8
8.7%Revenue growth, 20258
24.4%Return on equity8
0.36×Debt to equity8

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 CAD851%up 9% from 2024
  2. North America - Exploration And Production19.0B CAD825%up 10% from 2024
  3. Oil Sands Mining And Upgrading17.4B CAD823%up 7% from 2024
  4. Midstream And Refining761.0M CAD81%down 15% from 2024
  5. North Sea - Exploration And Production337.0M CAD80%down 29% from 2024
  6. Offshore Africa - Exploration And Production187.0M CAD80%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 costs63¢24.5B CAD
  • Interest3¢1.0B CAD
  • Income tax6¢2.4B CAD
  • Profit28¢10.8B CAD

Out of 38.8B CAD in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid32¢4.9B CAD
  • Share buybacks10¢1.4B CAD
  • Kept or used elsewhere58¢8.8B CAD

Out of 15.1B CAD of cash from operations.8

Financial statements

Revenue9101112838.8B CAD in 2025+69% since 2019
020.0B CAD40.0B CAD60.0B CAD2019: 22.9B CAD22.9B CAD20192020: 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 income9101112810.8B CAD in 2025+100% since 2019
-5.0B CAD05.0B CAD10.0B CAD15.0B CAD2019: 5.4B CAD5.4B CAD20192020: -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 as filed: the last 3 fiscal years, latest first.8

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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Corporate structure

Canadian Natural Resources sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Canadian Natural Resources

  • Capital Research Global Investors Filed SCHEDULE 13G/A on Canadian Natural Resources, latest Aug 12, 2026 (7 filings since Feb 11, 2022)
  • BlackRock Filed SCHEDULE 13G on Canadian Natural Resources, latest Jul 27, 2026 (4 filings since Feb 4, 2022)
  • Capital World Investors Filed SCHEDULE 13G/A on Canadian Natural Resources, latest May 13, 2025 (5 filings since Feb 10, 2022)
  • FMR LLC Filed SC 13G/A on Canadian Natural Resources, latest Feb 9, 2024 (3 filings since Feb 9, 2022)
  • Canadian Natural Resources Calgary, Alberta, Canada
    • CNR INTERNATIONAL (U.K.) LIMITED Subsidiary · Leeds, United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Canadian Natural Resources reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net77.6B CAD8 Dec 31, 202573.4B CAD8 Dec 31, 2024+5.8%
Operating-lease assets (leased space)3.0B CAD8 Dec 31, 20251.4B CAD8 Dec 31, 2024+115.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents673.0M CAD8 Dec 31, 2025131.0M CAD8 Dec 31, 2024+413.7%

Inventory

ItemLatestA year beforeChange
Inventory, total2.6B CAD8 Dec 31, 20252.8B CAD8 Dec 31, 2024−6.2%

The story

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

In June 2013, the Alberta Energy Regulator investigated reports of leaks in the company's Primrose East oil sands project. The regulator concluded that nearly a million litres of bitumen mixed with water had seeped into the ground around the site.

Slave Lake pipeline spill

In April 2014, a pipeline owned by the company spilled 70,000 litres of oil and processed water northwest of Slave Lake, Alberta.

Red Earth Creek pipeline spill

In November 2014, a pipeline owned by the company spilled almost 60,000 litres of crude oil into a muskeg region 27 kilometres from Red Earth Creek, Alberta.

From Wikipedia’s article on Canadian Natural Resources, shared under CC BY-SA 4.0.7

Products and brands

  • petroleum

Listed on Wikidata.1

As of 31 December 2018, the company had proved reserves of 9.679 billion barrels of oil equivalent (5.921×1010 GJ), of which 63% were synthetic crude. The company also owns two operated pipeline systems, an electricity cogeneration facility, and a 50% interest in the North West Redwater Partnership.

In 2018, the company averaged production of 1,079 thousand barrels of oil equivalent (6,600,000 GJ) per day, of which 76% was petroleum and natural gas liquids and 24% was natural gas. In 2018, production came as follows:

Synthetic crude from oil sands mining in Northern Alberta – 39% of production.

Natural gas, primarily produced in Alberta, British Columbia, and Saskatchewan – 24% of production

Read the full text

Light and medium crude oil and natural gas liquids – 13% of production

Bitumen – 10% of production

Primary heavy crude oil – 8% of production

Pelican Lake heavy crude oil – 6% of production

The company's largest operation is the Horizon Oil Sands project which is 75 kilometres (47 mi) north of Fort McMurray, Alberta. It includes a surface oil sands mining and bitumen extraction plant and bitumen upgrading with associated infrastructure. The company sanctioned the Horizon Oil Sands Project in February 2005 and it began production in early 2009.

From Wikipedia’s article on Canadian Natural Resources, shared under CC BY-SA 4.0.7

Timeline

  1. 1973Founded Founded in Calgary1

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.62 a share, on Nov 6, 2025.14

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

113 filings to the SEC since October 2021: 5 annual reports, 19 large holders, 89 other. The latest 20:

  1. Aug 12, 2026SCHEDULE 13G/A EDGAR
  2. Aug 6, 20266-K EDGAR
  3. Aug 6, 20266-K EDGAR
  4. Jul 27, 2026SCHEDULE 13G EDGAR
  5. Jun 23, 2026SD EDGAR
  6. May 12, 20266-K EDGAR
  7. May 11, 20266-K EDGAR
  8. May 7, 20266-K EDGAR
  9. May 7, 20266-K EDGAR
  10. Mar 27, 2026144 EDGAR
  11. Mar 26, 20266-K EDGAR
  12. Mar 26, 202640-F EDGAR
  13. Mar 16, 20266-K EDGAR
  14. Mar 6, 20266-K EDGAR
  15. Mar 6, 20266-K EDGAR
  16. Feb 12, 2026SCHEDULE 13G/A EDGAR
  17. Dec 16, 20256-K EDGAR
  18. Dec 5, 20256-K EDGAR
  19. Nov 6, 20256-K EDGAR
  20. Nov 6, 20256-K EDGAR

The 113 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

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

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Capital World Investors217,960,835$8.6B1.0%+20,281,072
Royal Bank Of Canada137,606,544$5.4B0.9%+12,793,594
Capital Research Global Investors116,067,730$4.6B0.6%−48,364,929
Bank Of Montreal /can/64,790,046$2.6B0.9%+886,881
Fmr LLC64,243,259$2.5B0.1%−20,960,566
Vanguard Capital Management LLC58,776,966$2.3B0.0%+742,871
Goldman Sachs Group Inc50,811,234$2.0B0.2%+24,652,519
Canada Pension Plan Investment Board38,636,215$1.5B0.8%−1,645,100
Mackenzie Financial Corp27,195,960$1.5B1.5%−234,582
TD Asset Management Inc31,168,077$1.2B1.1%−8,772,820
Healthcare Of Ontario Pension Plan Trust Fund30,793,200$1.2B1.7%−6,664,300
Cibc World Market Inc.30,371,087$1.2B2.0%−14,515,387
1832 Asset Management L.P.28,134,122$1.1B1.4%+197,564
Manufacturers Life Insurance Company, The26,542,998$1.0B0.8%−203,246
Geode Capital Management, LLC24,141,192$983.1M0.1%+2,815,163
National Bank Of Canada /fi/19,011,978$748.7M0.7%+7,007,557
Vanguard Fiduciary Trust Co18,104,686$716.4M0.2%+129,030
CIBC Asset Management Inc16,720,694$662.9M1.5%+1,021,985
Yacktman Asset Management LP16,462,508$650.3M8.0%−79,090
Jpmorgan Chase & Co16,456,010$646.9M0.0%+375,837
TD Waterhouse Canada Inc.16,236,328$634.5M1.7%+88,990
Arrowstreet Capital, Limited Partnership15,929,234$629.4M0.3%−13,027,111
Vanguard Global Advisers, LLC15,896,121$629.0M0.3%+1,376,397
Morgan Stanley15,003,222$592.6M0.0%+4,811,193
Toronto Dominion Bank13,653,797$539.7M0.9%−19,505,681

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 23, 2025Val T. HoyleDemocratic, HouseSale$1,001 - $15,000−51.0%Report
Apr 21, 2025Bruce WestermanRepublican, HouseSale$1,001 - $15,000−37.5%Report
Mar 3, 2025Bruce WestermanRepublican, HouseBuy$1,001 - $15,000+69.1%Report
Oct 29, 2024Val T. HoyleDemocratic, HouseBuy$1,001 - $15,000+23.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Canadian Natural Resources is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCANADIAN NATURAL RESOURCES Ltd2
  • CIK0001017413
  • Incorporated inA019
  • Fiscal year endsDecember 312
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address400 4 Avenue Sw, Calgary, T2P 0J4, Alberta, Canada2
  • Phone403-517-67002
  • Shares outstanding2,081,578,000 shares as of Dec 31, 202519
  • AuditorPricewaterhouseCoopers LLP, Calgary, Canada PCAOB ID 271; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceFeb 13, 20012
  • Filings645 in all: 6-K (438), SC 13G/A (37), 40-F (25), SUPPL (20), F-X (16), F-X/A (13), EFFECT (12), SC 13G (12)2
    All 24 form types

    UPLOAD (10), F-10 (8), FWP (8), CORRESP (7), F-9 (7), F-9/A (7), F-10/A (6), ARS (4), 40-F/A (3), SCHEDULE 13G/A (3), SD (3), SCHEDULE 13G (2), 144 (1), 6-K/A (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (40-F) Mar 26, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, no par valueCNQNew York Stock Exchange

From the cover page of the 40-F filed Mar 26, 2026 (Section 12(b) of the Exchange Act).19

Sources

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