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Here are 1-2 brief analogies to describe Canadian Natural Resources (CNQ):

• Like Canada's version of an ExxonMobil or Chevron, but singularly focused on extracting oil and natural gas from the ground. (This highlights its scale and concentration on upstream production rather than full integration like the supermajors).
• Like a BHP Billiton or Rio Tinto, but focused on extracting massive oil and natural gas resources instead of metals. (This emphasizes its large-scale, long-life resource extraction business, particularly its extensive oil sands operations).

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• Crude Oil: Various grades of conventional and heavy crude oil extracted from their properties.
• Synthetic Crude Oil (SCO): High-quality crude oil produced by upgrading bitumen from their oil sands mining and in-situ operations.
• Natural Gas: Raw natural gas processed and sold for energy consumption.
• Natural Gas Liquids (NGLs): Products like propane, butane, and condensate separated during natural gas and crude oil processing.

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Canadian Natural Resources (symbol: CNQ) sells primarily to other companies rather than directly to individuals. As a major producer of crude oil, natural gas, and natural gas liquids (NGLs), its products are commodities sold into wholesale markets.

According to Canadian Natural Resources' public filings, including their Annual Information Form (AIF), the company's sales are highly diversified. They explicitly state that they are not dependent on any single customer or a small group of customers. Therefore, specific names of major customer companies are not publicly disclosed by CNQ. Instead, their customer base comprises a broad range of entities within the following categories:

• Refiners and Processors: These companies purchase crude oil and NGLs to transform them into a wide array of petroleum products such as gasoline, diesel, jet fuel, lubricants, and petrochemical feedstocks. These can be integrated oil companies or independent refiners operating in North America and internationally.
• Commodity Marketers and Trading Houses: These firms specialize in buying and selling crude oil, natural gas, and NGLs in wholesale and global markets. They act as intermediaries, facilitating the flow of commodities from producers like CNQ to various end-users or other market participants, often leveraging logistics and market arbitrage.
• Midstream Companies and Pipeline Operators: Particularly for natural gas and NGLs, these companies often purchase products directly from producers for gathering, processing, and transportation through extensive pipeline networks. They may then sell the processed products to utilities or large industrial consumers.
• Utilities: For natural gas, CNQ sells to gas distribution utilities in Canada and the United States, which then supply natural gas to residential, commercial, and industrial end-users.

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N. Murray Edwards, Executive Chairman

Mr. Edwards is the Executive Chairman of Canadian Natural Resources Limited. He has also served as President of Edco Financial Holdings Ltd.. He is a co-owner of the Calgary Flames. He has been Chairman of Canadian Natural since April 2012.

Scott G. Stauth, President

Scott Stauth was appointed President of Canadian Natural Resources in February 2024, having joined the company in 1997. Prior to becoming President, he held roles as Vice President of Field Operations and Senior Vice President of Operations Field, Facilities & Pipelines. He has also served as Senior Vice President of North American Operations and Chief Operating Officer Oil Sands. Before his promotion to President, he was Chief Operating Officer of Oil Sands. He previously worked as a Director at Oil Sands Safety Association.

Victor C. Darel, Chief Financial Officer and Principal Accounting Officer

Victor Darel is slated to be promoted to Chief Financial Officer and Principal Accounting Officer on April 30, 2025. He is a Chartered Professional Accountant with over 20 years of finance and accounting experience in both public and private sectors. Mr. Darel has been with Canadian Natural for 11 years, with increasing responsibilities, including Senior Vice President, Finance and Principal Accounting Officer.

Jay E. Froc, Chief Operating Officer, Oil Sands

Jay E. Froc is the Chief Operating Officer for Oil Sands at Canadian Natural Resources. He also holds the title of Senior Vice President, Oil Sands Mining and Upgrading.

Robin S. Zabek, Chief Operating Officer, Exploration and Production

Robin S. Zabek serves as the Chief Operating Officer, Exploration and Production for Canadian Natural Resources. He has also held the position of Senior Vice President of Exploitation.

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1. Commodity Price Volatility: Canadian Natural Resources' profitability is heavily dependent on global oil and natural gas prices, which are highly unpredictable. This is consistently identified as the core financial risk and the most significant near-term threat to the business.
2. Regulatory and Environmental Risks: The company faces significant long-term strategic risks related to regulatory and environmental shifts, particularly Canadian climate policy and emissions caps. Due to CNQ's substantial investment in Canadian oil sands, it is particularly sensitive to potential production caps, higher carbon pricing, and the risk of stranded assets as global decarbonization efforts continue.
3. Pipeline Expansion Risks and Transportation Constraints: CNQ's growth strategy and ability to efficiently transport its products to high-value markets are reliant on pipeline projects. Delays, cancellations, or cost overruns in these projects could lead to transportation bottlenecks, increased storage expenses, and lower realized prices for its crude oil, impacting cash flow and profitability.

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The accelerated global energy transition, characterized by rapidly increasing adoption of renewable energy sources and electric vehicles, poses an emerging threat by potentially leading to a structural decline in long-term demand for fossil fuels, which are Canadian Natural Resources' primary products. This shift, driven by technological advancements, falling costs of renewables, and tightening climate policies, could fundamentally reduce the addressable market for oil and natural gas over time.

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Canadian Natural Resources (CNQ) is a major independent crude oil and natural gas producer with its primary operations in Western Canada, alongside activities in the UK North Sea and offshore Africa. The company's main products include various grades of crude oil (light, medium, heavy, bitumen, and synthetic crude oil), natural gas, and natural gas liquids (NGLs).

Addressable Markets:

• Crude Oil (including Oil Sands and NGLs) - Canada: Canada is a significant global player in crude oil, holding the world's fourth-largest proven oil reserves, with approximately 163 billion barrels, of which 159 billion barrels are in oil sands. In 2024, Canada's total crude oil production and equivalents reached 298.8 million cubic meters, marking a 4.3% increase from 2023. Canadian crude oil exports averaged 4.20 million barrels per day (MMb/d) in 2024. The value of Canadian crude oil exports was approximately $139 billion in 2023. Specifically, Alberta's oil sands alone account for roughly 158.9 billion barrels of proven reserves. The development of oil sands is projected to contribute over $200 billion annually to Canada's GDP over the next two decades.
• Natural Gas - Canada: Canada is a top global producer and exporter of natural gas, ranking fifth in production and fourth in exports worldwide. The market size for natural gas distribution in Canada was valued at $16.1 billion in 2024 and is forecast to grow to $17.1 billion in 2025. In 2022, Canada's domestic natural gas sales amounted to 4.32 trillion cubic feet, with an additional 2.94 trillion cubic feet exported. Natural gas exports from Canada were valued at $13 billion in 2023. The Canadian compressed natural gas market, a segment of the broader natural gas market, generated revenues of USD 4,072.7 million in 2024 and is anticipated to reach USD 7,782.3 million by 2030, exhibiting an 11.5% compound annual growth rate from 2025 to 2030.

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Canadian Natural Resources (CNQ) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Production Volumes: The company has provided an increased 2025 production guidance, projecting between 1,560,000 and 1,580,000 barrels of oil equivalent (BOEs) per day. Recent reports also indicate record corporate production, including a 19% increase to 1.62 million boe/day in Q3 2025 and 1,582,000 barrels of oil equivalent per day in Q1 2025. This growth is supported by strong operational performance across its segments, such as record oil sands mining and upgrading production, and increased thermal in situ output.
2. Strategic Asset Acquisitions: CNQ has actively pursued accretive acquisitions that contribute to its production capacity. Notable examples include the acquisition of $6.5 billion worth of assets from Chevron, adding approximately 122,500 barrels per day of production and 1.44 billion barrels of reserves. The Palliser Block acquisition in late June 2025 also contributed an additional 50,000 barrels per day. These acquisitions bolster the company's asset base and contribute directly to higher sales volumes.
3. Favorable Commodity Price Environment: A sustained period of relatively strong crude oil and natural gas prices is a significant external driver. Analysts anticipate WTI crude prices to potentially remain in the $60-$75 range, which would support robust revenue generation and profitability for CNQ. While subject to market fluctuations, this outlook remains a key component of future revenue expectations.
4. Enhanced Operational Efficiency and Cost Management: Although not a direct revenue generator, CNQ's continuous focus on operational efficiency and cost management allows for optimized capital allocation and improved margins, which indirectly support revenue growth by enabling more competitive pricing and funding for expansion. The company consistently emphasizes these aspects in its forward guidance.
5. Exploration of Egress Opportunities: Canadian Natural Resources is actively exploring new egress opportunities for its oil and gas products. This strategy aims to improve market access and potentially secure better pricing, thereby supporting increased sales volumes and revenue aligned with market demands.

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Share Repurchases

• Canadian Natural Resources announced a Normal Course Issuer Bid (NCIB) to repurchase up to 178.7 million shares (10% of the public float) between March 13, 2025, and March 12, 2026.
• Under the previous NCIB (March 2024 - March 2025), the company purchased 52.38 million common shares at a weighted average price of $48.35 as of February 28, 2025, out of an authorized 180.46 million shares (adjusted for a 2-for-1 stock split).
• In 2023, approximately 40.1 million common shares were repurchased for cancellation at a weighted average price of $82.86 per share, totaling $3.3 billion.

Share Issuance

• The company's weighted average common shares outstanding declined by over 10% from 2,368 million at the end of 2020 to 2,103 million at the end of 2024, and further to 2.08 billion as of September 30, 2025, indicating a net reduction in shares.
• A two-for-one common share split was effective for shareholders of record as of June 3, 2024.

Outbound Investments

• In December 2024, Canadian Natural acquired Chevron's assets in Alberta for $6.5 billion, including an additional 20% working interest in the Athabasca Oil Sands Project (AOSP), bringing its total ownership to 90%, and a 70% interest in light crude oil and liquids-rich Duvernay assets.
• The AOSP acquisition added approximately 62,500 barrels per day (bbl/d) of long-life synthetic crude oil (SCO) production.
• The Duvernay assets are expected to add approximately 60,000 barrels of oil equivalent per day (BOE/d) in 2025.

Capital Expenditures

• The 2025 operating capital budget is approximately C$6 billion, targeting annual average production growth of 12% over 2024 levels (1,510 MBOE/d to 1,555 MBOE/d). This budget includes approximately C$3.2 billion for conventional exploration and production (E&P) and C$2.815 billion for thermal and oil sands mining and upgrading.
• The 2024 operating capital program was approximately $5.3 billion, which was $100 million under budget, and was strategically weighted to longer-cycle thermal development projects in the first half and shorter-cycle growth projects in the second half.
• Capital expenditures are focused on maintaining and increasing production from a diversified asset base, including drilling 361 net wells in 2025, and completing projects like the Horizon Reliability Enhancement Project in 2024 to increase capacity and improve utilization.