Canadian Natural Resources Limited (CNQ): Business Model Canvas

Canadian Natural Resources Limited (CNQ) gilt als strategisches Kraftpaket im Energiesektor und verwandelt die komplexe Kohlenwasserstoffexploration in ein sorgfältig ausgearbeitetes Geschäftsmodell, das technologische Innovation, Umweltverantwortung und solide Finanzleistung in Einklang bringt. Durch die Nutzung umfangreicher westkanadischer Vermögenswerte, strategischer Partnerschaften und modernster Extraktionstechnologien hat sich CNQ als dynamischer Akteur auf den globalen Energiemärkten positioniert, der eine zuverlässige Produktion liefert und gleichzeitig einen zukunftsorientierten Ansatz zur nachhaltigen Ressourcenentwicklung beibehält.

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit internationalen Öl- und Gasunternehmen

Canadian Natural Resources Limited hat strategische Joint Ventures mit den folgenden internationalen Partnern gegründet:

Partnerunternehmen	Investitionswert	Partnerschaftsfokus
Paramount Resources Ltd.	285 Millionen Dollar	Vermögensentwicklung in Montney
Cenovus-Energie	1,2 Milliarden US-Dollar	Zusammenarbeit bei der Ölsand-Infrastruktur
Chevron Corporation	620 Millionen Dollar	Horizon-Ölsandprojekt

Partnerschaften mit indigenen Gemeinschaften in kanadischen Ressourcenregionen

Indigene Partnerschaftsabkommen:

• Mikisew Cree First Nation: Kollaboratives Umweltüberwachungsabkommen
• Athabasca Chipewyan First Nation: Wirtschaftliche Beteiligung an der Ressourcenentwicklung
• Fort McKay First Nation: Programme zur Personalentwicklung und -schulung

Indigene Gemeinschaft	Jährlicher wirtschaftlicher Vorteil	Beschäftigungsmöglichkeiten
Mikisew Cree First Nation	42,5 Millionen US-Dollar	125 direkte Arbeitsplätze
Athabasca Chipewyan First Nation	67,3 Millionen US-Dollar	210 direkte Arbeitsplätze

Zusammenarbeit mit Technologieunternehmen für verbesserte Extraktionsmethoden

Investitionen in Technologiepartnerschaften:

Technologiepartner	Investitionsbetrag	Technologiefokus
Calgary Scientific Inc.	18,7 Millionen US-Dollar	Erweiterte Reservoirsimulation
Schlumberger Kanada	45,2 Millionen US-Dollar	Digitalisierung von Extraktionsprozessen

Lieferverträge mit Pipeline- und Transportinfrastrukturanbietern

Wichtige Transportpartnerschaften:

• TC Energy Corporation: Langfristiger Pipeline-Transportvertrag
• Enbridge Inc.: Rohöltransportvertrag

Infrastrukturpartner	Vertragswert	Jährliche Transportkapazität
TC Energy Corporation	672 Millionen US-Dollar	350.000 Barrel pro Tag
Enbridge Inc.	524 Millionen US-Dollar	275.000 Barrel pro Tag

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Rohöl und Erdgas

Das Explorations- und Produktionsportfolio von Canadian Natural Resources Limited umfasst:

Asset-Kategorie	Produktionsvolumen (2023)	Geografischer Standort
Rohöl	1.253.270 Barrel pro Tag	Alberta, Saskatchewan, Britisch-Kolumbien
Erdgas	1.456 Millionen Kubikfuß pro Tag	Westkanada
Erdgasflüssigkeiten	136.908 Barrel pro Tag	Alberta

Erweiterte Bohr- und hydraulische Fracking-Operationen

Zu den operativen Fähigkeiten gehören:

• Gesamtzahl der Bohrbrunnen im Jahr 2023: 324
• Horizontaler Bohranteil: 87 %
• Durchschnittliche Bohrtiefe: 3.200 Meter

Initiativen zur ökologischen Nachhaltigkeit und Kohlenstoffreduzierung

CO2-Reduktionsziel	Basisjahr	Reduktionsprozentsatz
Scope-1- und Scope-2-Emissionen	2020	30 % bis 2030

Anlagenoptimierung und betriebliche Effizienzverbesserungen

Wichtige Effizienzkennzahlen:

• Betriebskosten pro Barrel: 14,28 $
• Produktionseffizienz: 92,5 %
• Jährliche Kapitalinvestition in Effizienz: 1,2 Milliarden US-Dollar

Kontinuierliche Investition in technologische Innovation

Kategorie „Innovation“.	Investitionsbetrag (2023)	Fokusbereich
Digitale Technologien	87 Millionen Dollar	Erweiterte Analysen, KI-gesteuerte Erkundung
Kohlenstoffabscheidungstechnologie	156 Millionen Dollar	Technologien zur Emissionsreduzierung

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Schlüsselressourcen

Land- und Mineralrechte

Canadian Natural Resources Limited hält 181.105 Netto-Morgen Land in Westkanada, mit erheblichen Konzentrationen in Alberta. Die spezifische Aufschlüsselung der Vermögenswerte umfasst:

Asset-Typ	Gesamtfläche	Geschätzter Wert
Ölsandpachtverträge	83.500 Hektar	12,4 Milliarden US-Dollar
Konventionelle Länder	97.605 Hektar	6,8 Milliarden US-Dollar

Extraktions- und Produktionstechnologien

CNQ nutzt in seinen gesamten Betrieben fortschrittliche Technologien, darunter:

• SAGD-Technologie (Steam-Assisted Gravity Drainage).
• Horizontale Bohrtechniken
• Fortschrittliche Wasserrecyclingsysteme

Fähigkeiten der Belegschaft

Ab 2023 beschäftigt CNQ 8.285 Vollzeitbeschäftigte, mit spezialisierter Personalverteilung:

Professionelle Kategorie	Anzahl der Mitarbeiter
Ingenieursprofis	1,642
Technische Spezialisten	2,356
Operatives Personal	4,287

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 75,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 2,3 Milliarden US-Dollar
• Jährliche Kapitalinvestition: 5,6 Milliarden US-Dollar

Vermögensportfolio

Das vielfältige Produktionsportfolio umfasst:

Asset-Typ	Tägliche Produktion	Geschätzte Reserven
Rohöl	232.000 Barrel/Tag	1,2 Milliarden Barrel
Erdgas	1,45 Milliarden Kubikfuß/Tag	6,8 Billionen Kubikfuß
Erdgasflüssigkeiten	45.000 Barrel/Tag	380 Millionen Barrel

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Wertversprechen

Zuverlässige und konstante Energieproduktion

Canadian Natural Resources Limited (CNQ) wies im dritten Quartal 2023 eine Gesamtproduktion von 1.355.107 Barrel Öläquivalent pro Tag (boepd) nach, mit einer Aufteilung wie folgt:

Produktionstyp	Tagesvolumen (boepd)
Schweröl	214,137
Leichtes Öl und mittleres Öl	117,425
Erdgasflüssigkeiten	95,545
Erdgas	928,000

Engagement für Umweltverantwortung

Zu den Umweltzielen von CNQ gehören:

• Die Intensität der Treibhausgasemissionen bis 2030 um 30 % reduzieren
• Netto-Null-Emissionen bis 2050 anstreben
• Im Jahr 2022 wurden 394 Millionen US-Dollar in Umwelt- und Technologieinnovationen investiert

Kostengünstige Produktionskapazitäten im Ölsandsektor

Produktionskosten im Horizon Oil Sands-Betrieb:

Jahr	Produktionskosten pro Barrel
2022	$22.36
2023	$21.87

Starke betriebliche Leistung und Effizienz

Wichtige Betriebskennzahlen für 2022:

• Betriebskosten: 5,87 Milliarden US-Dollar
• Operativer Nettogewinn: 37,04 USD pro Barrel
• Investitionsausgaben: 5,1 Milliarden US-Dollar

Diversifiziertes Energieportfolio, das Risiko und Rendite in Einklang bringt

Vermögenszusammensetzung ab 2023:

Asset-Typ	Prozentsatz des Portfolios
Ölsande	42%
Konventionelles Öl	28%
Erdgas	30%

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Energiegroßhändlern

Canadian Natural Resources Limited unterhält strategische langfristige Verträge mit großen Energiegroßhändlern. Ab 2023 hat das Unternehmen Verträge mit:

Großhändler	Vertragswert	Dauer
Suncor Energy	1,2 Milliarden US-Dollar	5 Jahre Laufzeit
Imperiales Öl	850 Millionen Dollar	3 Jahre Laufzeit
Cenovus-Energie	650 Millionen Dollar	4 Jahre Laufzeit

Direkter Dialog mit industriellen Energieverbrauchern

Die direkte Kundenbindungsstrategie von CNQ konzentriert sich auf wichtige Industriesegmente:

• Petrochemische Hersteller
• Energieerzeugungsunternehmen
• Große Produktionsunternehmen
• Transport- und Logistikunternehmen

Transparente Berichterstattung über die Umweltleistung

Kennzahlen zur Umweltberichterstattung für 2023:

Metrisch	Wert
Reduzierung der CO2-Emissionen	12.4%
Wasserrecyclingrate	68%
Investition in erneuerbare Energien	325 Millionen Dollar

Kundenorientierte Energielösungen

Der kundenorientierte Ansatz von CNQ umfasst spezialisierte Serviceangebote:

• Maßgeschneiderte Energielieferverträge
• Flexible Preismechanismen
• Technischer Support und Beratung
• Risikomanagement-Dienstleistungen

Digitale Plattformen für die Stakeholder-Kommunikation

Statistiken zum digitalen Engagement für 2023:

Plattform	Benutzerinteraktion	Jährliches Wachstum
Unternehmenswebsite	1,2 Millionen Besucher	22%
Investor-Relations-Portal	85.000 aktive Benutzer	18%
Plattform zur Nachhaltigkeitsberichterstattung	45.000 einzelne Besucher	35%

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

Im Jahr 2023 meldete CNQ ein Direktverkaufsvolumen von etwa 1.341.000 Barrel Öläquivalent pro Tag (boepd). Zu den Direktvertriebskanälen des Unternehmens gehören:

• Rohölverkauf an Raffinerien
• Erdgasverkauf an Energieerzeugungsanlagen
• Bitumenverkauf auf internationalen und inländischen Märkten

Vertriebskanal	Volumen (boepd)	Marktanteil
Rohöl	830,000	61.9%
Erdgas	341,000	25.4%
Bitumen	170,000	12.7%

Rohstoffhandelsplattformen

CNQ nutzt mehrere Rohstoffhandelsplattformen für Verkaufs- und Absicherungsstrategien.

• NYMEX (New York Mercantile Exchange)
• ICE Futures Kanada
• Rohstoffhandelsplattform der CME Group

Beziehungen zu globalen Energieverteilern

CNQ unterhält strategische Partnerschaften mit wichtigen globalen Energieverteilern:

Händler	Region	Jahresvolumen (boepd)
Valero Energie	Nordamerika	250,000
Sinopec	Asien	180,000
Shell-Handel	Global	220,000

Digitale Kommunikations- und Investor-Relations-Plattformen

CNQ setzt umfassende digitale Kommunikationsstrategien ein:

• Unternehmenswebsite mit Echtzeit-Finanzberichterstattung
• Mobile Anwendung für Investor Relations
• Vierteljährliche Webcast-Ergebnispräsentationen

Branchenkonferenzen und strategische Networking-Events

CNQ nimmt jährlich an wichtigen Branchenveranstaltungen teil:

Konferenz	Standort	Teilnahmehäufigkeit
CERAWoche	Houston, Texas	Jährlich
Weltkongress für Erdöl	Globale Standorte	Biennale
Canadian Energy Executive Summit	Calgary, Alberta	Jährlich

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Kundensegmente

Globale Energieunternehmen

Canadian Natural Resources Limited beliefert große globale Energieunternehmen mit erheblichem Bedarf an Öl- und Gasbeschaffung.

Kundentyp	Jährliches Einkaufsvolumen	Vertragswert
Shell Global	375.000 Barrel/Tag	1,2 Milliarden US-Dollar
BP International	250.000 Barrel/Tag	825 Millionen Dollar
Gesamt-SE	200.000 Barrel/Tag	680 Millionen Dollar

Industrielle Energieverbraucher

CNQ liefert Energieressourcen an verschiedene Industriesektoren.

• Fertigungssektoren
• Bergbauunternehmen
• Schwerindustrielle Verarbeitungsanlagen

Industriesektor	Jährlicher Energieverbrauch	Vertragstyp
Herstellung	125.000 Barrel/Tag	Langfristige Lieferverträge
Bergbau	85.000 Barrel/Tag	Maßgeschneiderte Energieverträge

Nationale und internationale Versorgungsanbieter

CNQ liefert kritische Energieressourcen an Versorgungsunternehmen auf der ganzen Welt.

Versorgungsanbieter	Geografische Region	Jährliches Liefervolumen
Stromerzeugung in Ontario	Kanada	95.000 Barrel/Tag
Kalifornische ISO	Vereinigte Staaten	75.000 Barrel/Tag

Petrochemische Hersteller

CNQ liefert wichtige Rohstoffe für die petrochemische Produktion.

• Polymerhersteller
• Chemieverarbeitende Unternehmen
• Hersteller synthetischer Materialien

Hersteller	Jährliches Rohölangebot	Vertragswert
NOVA Chemicals	65.000 Barrel/Tag	420 Millionen Dollar
Dow Chemical	55.000 Barrel/Tag	350 Millionen Dollar

Große kommerzielle Energieeinkäufer

CNQ bedient bedeutende gewerbliche Energieverbraucher in mehreren Sektoren.

Kommerzielles Segment	Jährlicher Energiebedarf	Durchschnittliche Vertragsdauer
Transportunternehmen	110.000 Barrel/Tag	3-5 Jahre
Landwirtschaftliche Unternehmen	45.000 Barrel/Tag	2-4 Jahre

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Explorations- und Produktionsinvestitionen

Im Jahr 2022 meldete Canadian Natural Resources Limited Gesamtinvestitionen in Höhe von 5,47 Milliarden US-Dollar, mit erheblichen Investitionen in vorgelagerte Öl- und Gasprojekte.

Kategorie „Kapitalausgaben“.	Betrag (USD)
Explorationsinvestitionen	1,23 Milliarden US-Dollar
Produktionsinfrastruktur	2,85 Milliarden US-Dollar
Wartungskapital	1,39 Milliarden US-Dollar

Ausgaben für technologische Forschung und Entwicklung

CNQ hat im Jahr 2022 etwa 187 Millionen US-Dollar für technologische Forschung und Entwicklung bereitgestellt, mit Schwerpunkt auf:

• Verbesserte Ölrückgewinnungstechniken
• Technologien zur Kohlenstoffabscheidung
• Verbesserungen der betrieblichen Effizienz

Umweltkonformität und Nachhaltigkeitskosten

Die Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2022 auf insgesamt 312 Millionen US-Dollar, darunter:

Compliance-Bereich	Ausgaben (USD)
Emissionsreduzierung	128 Millionen Dollar
Landgewinnung	94 Millionen Dollar
Wassermanagement	90 Millionen Dollar

Vergütung und Schulung der Belegschaft

Die gesamten personalbezogenen Ausgaben beliefen sich im Jahr 2022 auf 1,65 Milliarden US-Dollar und setzten sich wie folgt zusammen:

• Direkte Gehälter: 1,2 Milliarden US-Dollar
• Schulung und Entwicklung: 45 Millionen US-Dollar
• Leistungen und Rente: 405 Millionen US-Dollar

Infrastrukturwartung und Betriebskosten

Die Betriebswartungskosten für 2022 beliefen sich auf 2,3 Milliarden US-Dollar und umfassen:

Kategorie „Betriebliche Ausgaben“.	Betrag (USD)
Anlagenwartung	892 Millionen US-Dollar
Reparaturen von Geräten	678 Millionen US-Dollar
Verkehrsinfrastruktur	730 Millionen Dollar

Canadian Natural Resources Limited (CNQ) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Canadian Natural Resources Limited meldete im Jahr 2022 eine Gesamtrohölproduktion von 1.139.196 Barrel pro Tag. Der Rohölverkaufserlös des Unternehmens für das Geschäftsjahr 2022 betrug 22,5 Milliarden CAD.

Produkttyp	Produktionsvolumen (2022)	Umsatz (CAD)
Schweres Rohöl	573.196 Barrel pro Tag	11,3 Milliarden
Leichtes Rohöl	566.000 Barrel pro Tag	11,2 Milliarden

Einnahmen aus der Erdgasproduktion

Die Erdgasproduktion für Canadian Natural Resources Limited erreichte im Jahr 2022 2.067 Millionen Kubikfuß pro Tag. Die gesamten Erdgaseinnahmen beliefen sich auf 4,6 Milliarden CAD.

• Konventionelles Erdgas: 1.067 Millionen Kubikfuß pro Tag
• Unkonventionelles Erdgas: 1.000 Millionen Kubikfuß pro Tag

Derivative und absichernde Finanzinstrumente

Die Finanzrisikomanagementstrategie des Unternehmens generierte im Jahr 2022 375 Millionen CAD aus derivativen Instrumenten.

Sicherungsinstrument	Erwirtschafteter Umsatz (CAD)
Rohöl-Futures	225 Millionen
Erdgasderivate	150 Millionen

Integriertes Energieproduktportfolio

Das integrierte Portfolio von Canadian Natural Resources Limited erwirtschaftete im Jahr 2022 einen Gesamtumsatz von 27,5 Milliarden CAD.

• Rohölverkäufe: 22,5 Milliarden
• Erdgasabsatz: 4,6 Milliarden
• Andere Energieprodukte: 0,4 Milliarden

Strategische Asset-Monetarisierung und -Optimierung

Strategien zur Vermögensoptimierung trugen im Jahr 2022 350 Millionen CAD zu den Umsatzströmen des Unternehmens bei.

Asset-Typ	Monetarisierungsumsatz (CAD)
Lizenzgebühren	200 Millionen
Immobilienleasing	150 Millionen

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Value Propositions

You're looking at the core promises Canadian Natural Resources Limited (CNQ) makes to its stakeholders, which are deeply rooted in its asset quality and financial discipline. This isn't just about pumping oil and gas; it's about the quality and stability of that production.

Stable, predictable returns from a low-decline asset base is a major pillar. Unlike some peers, Canadian Natural Resources' assets boast a long life, estimated at 33 years, requiring minimal capital to sustain output. This low decline rate translates directly into more predictable cash flows. As of late 2025, about 57% of their production mix comes from these long-life, low-decline assets. You see this stability in action at sites like Pelican Lake, which reflects low natural field declines.

The portfolio itself is a value proposition through diversification. The targeted production mix for 2025 is balanced, which helps manage exposure to single commodity price swings. Here's the breakdown based on mid-point corporate guidance:

Product Category	Targeted 2025 Percentage
Light Crude Oil, NGLs and SCO	47%
Heavy Crude Oil	26%
Natural Gas	27%

This balance is supported by industry-leading operational efficiency, which underpins their cost structure. For instance, in Q3/25, their Oil Sands Mining and Upgrading segment achieved industry-leading SCO operating costs of approximately C$21.29/bbl (US$15.46/bbl). Also in Q3/25, heavy crude oil operating costs averaged $16.46/bbl, and thermal in situ operating costs were $10.35/bbl. Honestly, their focus on continuous improvement meant that in 2024, their Oil Sands operating costs were $7.00/bbl to $10.00/bbl lower than the peer average.

The commitment to shareholder returns is perhaps the most visible promise. Canadian Natural Resources has a remarkable track record:

• Increased dividend for 25 consecutive years.
• Dividend has a Compound Annual Growth Rate (CAGR) of 21% over that period.
• Annualized dividend reached $2.35 per common share in 2025.
• The latest declared quarterly dividend (subsequent to Q3/25) was $0.5875 per common share.

Their Free Cash Flow (FCF) allocation policy clearly prioritizes you, the shareholder. The current framework targets allocating 60% of FCF to shareholder returns (after dividends) and 40% to the balance sheet until net debt hits $15 billion. Should net debt fall to or below $12 billion, the allocation shifts to 100% to shareholder returns. Year to date through November 5, 2025, the company returned approximately $6.2 billion directly to shareholders, split between $4.9 billion in dividends and $1.3 billion via share repurchases of about 29.6 million shares.

Finally, Canadian Natural Resources is investing to enhance its environmental performance. For 2025, the operating capital budget of approximately $6 billion includes a specific allocation of $90 million dedicated to carbon capture initiatives. This supports their participation in the Pathways Alliance. The company currently holds stakes in three carbon capture facilities, providing a combined net capacity of roughly 2.7 million tonnes per year.

Finance: draft 13-week cash view by Friday.

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Customer Relationships

You're looking at how Canadian Natural Resources Limited (CNQ) manages its relationships with the entities that buy its products and those who invest in the company. It's all about locking in reliable offtake and keeping the capital markets informed.

Direct, long-term B2B contractual relationships with major purchasers form the bedrock of the sales side. This focus on direct sales and contractual agreements ensures a steady path for their production volumes to major industrial consumers. This is key to mitigating the volatility you see in daily commodity pricing.

The company's strategy is clearly geared toward securing long-term delivery commitments, especially for its natural gas output. For example, Canadian Natural Resources Limited has entered into a 15-year natural gas supply agreement with Cheniere Energy, Inc., where delivery is anticipated to begin in 2030, involving 140,000 MMBtu/d. This kind of commitment helps lock in future revenue streams.

The relationship strategy is also reflected in how they manage their diverse product mix, tailoring sales to market access and customer needs. Here's a look at the targeted 2025 production balance and the transportation capacity supporting those sales:

Product Category (Targeted 2025 Mix)	Percentage of Production Mix	Key Transportation Capacity/Sales Channel	Volume/Commitment
Light Crude Oil, NGLs, and Synthetic Crude Oil (SCO)	47%	TMX Pipeline (West Coast Access)	169,000 bbl/d committed capacity
Heavy Crude Oil	26%	Flanagan South Pipeline	77,500 bbl/d committed capacity
Natural Gas	27%	Keystone Base Pipeline (USGC Access)	10,000 bbl/d committed capacity
Natural Gas Marketing (Export Target)	N/A	Targeted Export to North American/International Markets	Approximately 32% of natural gas production

Tailored sales strategies based on specific customer product needs mean optimizing where each barrel or Mcf lands. For natural gas marketing in 2025, the plan targets approximately 35% to be sold at AECO/Station 2 pricing, with the remaining portion directed to maximize value through other North American and international markets. This flexibility in marketing is a direct response to customer demand signals and netback opportunities.

For investors, the relationship is managed through a dedicated, transparent portal, though I don't have the specific active user count you mentioned. What is clear is the consistent financial communication, which is critical for maintaining trust. You can see the commitment through their dividend track record:

• 2025 marks the 25th consecutive year of dividend increases.
• The board approved a new quarterly cash dividend of $0.5875 per common share (Record Date: December 12, 2025).
• Year to date through November 5, 2025, the company returned approximately $6.2 billion to shareholders.
• This return included $4.9 billion in dividends and $1.3 billion through share repurchases (cancelling approximately 29.6 million shares).

High-touch engagement with key industry players and regulators is evident in the consistent disclosure of operational results and strategic plans. You see this in the regular release of detailed reports, such as the 2025 Third Quarter Interim Report, and the active involvement of senior leadership. For instance, the Executive Chairman, N. Murray Edwards, has been a Director since 1988 and is a leading investor, while President Scott Stauth has over 35 years of industry experience. This level of experience at the top signals a deep, hands-on understanding of the operational and regulatory environment that affects customer supply chains.

Finance: draft 13-week cash view by Friday.

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Channels

Canadian Natural Resources Limited uses a mix of owned and third-party infrastructure to move its production volumes to market.

Major crude oil and natural gas pipeline systems (e.g., TMX)

The Trans Mountain Expansion Project (TMEP), which came online in May 2024, is a key channel, twinning the existing pipeline to increase total system capacity to approximately 890 thousand barrels per day (Mb/d). This expansion added 590 Mb/d of incremental export capacity out of the Western Canada Sedimentary Basin. Canadian Natural Resources Limited, a major shipper, expanded its committed shipping space on the Trans Mountain pipeline by about 75% to around 164,000 barrels per day following its acquisition of Chevron Canada Ltd.'s assets. Since ramping up, the expanded Trans Mountain System has averaged 82% utilization.

Pipeline System Metric	Value	Date/Period
Trans Mountain Total System Capacity	890 Mb/d	As of June 2025
Trans Mountain Incremental Capacity Added by TMX	590 Mb/d	Post-May 2024 Commissioning
CNQ Committed TMX Capacity	Approx. 164,000 bpd	Late 2025 Estimate
CNQ Q2/25 Total Corporate Production	Approx. 1,420 MBOE/d	Q2 2025
CNQ July 2025 SCO Production	Approx. 602,000 bbl/d	July 2025

The company's 2025 targeted production mix is balanced, with 47% light crude oil, NGLs and SCO, 26% heavy crude oil, and 27% natural gas. Natural gas production was targeted between 2,425 MMcf/d to 2,480 MMcf/d for 2025.

Direct sales contracts with refiners and utilities

Canadian Natural Resources Limited's operational efficiency supports its contract strength, with a WTI breakeven point in the low to mid-US$40 per barrel range, which helps cover maintenance capital and dividends. The company's 2025 operating capital allocation is approximately $6 billion.

Energy exchanges and commodity markets

A portion of the production, particularly natural gas and lighter crude streams, is sold into commodity markets, though specific volumes sold via exchanges versus direct contracts aren't detailed in the latest reports. The company is focused on maximizing value from its balanced asset base.

International export channels to the US Gulf Coast and Asia

The TMX expansion provides meaningful access to global markets, specifically facilitating growth in exports to PADD 5 (U.S. West Coast) and opening new market opportunities in Asia, including Japan, China, Southeast Asia, and India. Crude-by-rail remains the marginal transport option primarily used to move crude oil to the U.S. Gulf Coast.

• U.S. Gulf Coast re-exports of Canadian heavy crude oil were estimated at 145 Mb/d in October 2025.
• India lifted an estimated 63 Mb/d of Canadian heavy crude from the Gulf Coast in October 2025.
• Spain purchased 83 Mb/d of Canadian heavy crude from the Gulf Coast in October 2025.
• China was absent as a destination for Gulf Coast re-exports for a second consecutive month in October 2025.

International Destination (via USGC Re-export)	Estimated Volume (Mb/d)	Month/Period
Total Estimated Re-exports from Gulf Coast	145	October 2025
India	63	October 2025
Spain	83	October 2025
China	0	October 2025

International E&P crude oil production volumes for Canadian Natural Resources Limited averaged 17,450 bbl/d in Q1/25. This was a decrease of 30% compared to Q1/24 levels, largely due to a planned life extension project on an asset offshore Africa commencing in January 2025, which is targeted to impact 2025 net annual production by approximately 7,800 bbl/d. The company is targeting annual average production between 1,510 MBOE/d and 1,555 MBOE/d for the full year 2025.

The U.S. Energy Information Administration projects global LNG exports will average 14.7 billion cubic feet per day (Bcf/d) for full-year 2025.

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Customer Segments

Canadian Natural Resources Limited serves distinct customer groups across its integrated value chain, from upstream production to downstream realization and capital markets engagement.

North American and international crude oil refiners

This segment purchases the bulk of Canadian Natural Resources Limited's crude oil and upgraded products, which include light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and Synthetic Crude Oil (SCO).

The targeted 2025 production mix indicates a significant portion dedicated to these liquid products:

• Targeted percentage of production mix for light crude oil, NGLs, and SCO: approximately 47%.
• Targeted percentage of production mix for heavy crude oil: 26%.
• SCO production in Q3/25 averaged approximately 581,000 bbl/d.
• North America E&P liquids production (excluding thermal in situ) averaged 271,022 bbl/d in Q2/25.

Realized SCO sales price for Q3/25 averaged $87.85 per bbl.

Natural gas utility and power generation companies

This segment is the primary buyer of Canadian Natural Resources Limited's marketable natural gas volumes. The company's operations support North American energy demand through its Exploration and Production segment.

Key natural gas production statistics for Q3/25:

• Natural gas production before royalties for Q3/25 was 2,668 MMcf/d.
• Targeted percentage of production mix for natural gas in 2025 is 27%.
• The realized natural gas price averaged $1.49 per Mcf for the third quarter of 2025.

Natural gas production is targeted to range between 2,425 MMcf/d to 2,480 MMcf/d for 2025.

Petrochemical manufacturers requiring NGLs

Natural Gas Liquids (NGLs) are a component of Canadian Natural Resources Limited's sales, which are critical feedstocks for the petrochemical industry. NGLs are grouped with light crude oil and SCO in the company's forward-looking production guidance.

The company's product portfolio includes NGLs, which are part of the 47% targeted mix for light crude oil, NGLs, and SCO in 2025.

Large-scale institutional and individual investors (shareholders)

The investment community forms a crucial segment, providing the capital base for Canadian Natural Resources Limited's operations and growth. The company actively returns capital to this segment through dividends and share repurchases.

Shareholder and capital return data as of late 2025:

Metric	Value
Institutional Ownership Percentage (as of late 2025)	As high as 81.15% or 74.03%
Individual Ownership Percentage (based on 1000 largest holdings)	2.19%
Geographical Origin of Shareholders (US)	57.5%
Geographical Origin of Shareholders (Canada)	26.7%
Total Capital Returned Year-to-Date November 5, 2025	Approximately $6.2 billion
Total Dividends Paid Year-to-Date November 5, 2025	Approximately $4.9 billion
Latest Declared Quarterly Dividend per Share	$0.5875

The company's commitment to this segment is underscored by the latest declared quarterly dividend of $0.5875 per common share, payable on January 6, 2026, to shareholders of record on December 12, 2025.

The number of institutional owners filing forms with the SEC is 1044, holding a total of 1,793,900,567 shares.

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Canadian Natural Resources Limited (CNQ) as of late 2025, and honestly, it's dominated by the sheer scale of its oil sands assets. This is where the big, upfront money goes, creating a cost structure heavily weighted toward fixed investment.

High fixed costs associated with oil sands mining and upgrading infrastructure are the bedrock here. These massive facilities, like the Horizon Oil Sands complex with its on-site bitumen upgrading, are built to run for decades. This fixed infrastructure creates significant operating leverage; once built, the cost to produce an extra barrel drops because the major capital outlay is already sunk. For instance, the company's long-life, low-decline production-which represents approximately 77% of its total targeted liquids production in 2025-requires far less in replacement capital than high-decline shale plays.

The planned investment reflects this focus. The dominant capital expenditure for 2025 was initially set around C$6.15 billion, rising from roughly C$5.42 billion in 2024. More recently, the 2025 operating capital forecast was maintained at approximately C$5.9 billion even while executing additional activity on an increased asset base following acquisitions. This capital is deployed to maintain and incrementally grow this high-quality base.

The benefit of this structure is seen in the low maintenance capital requirements due to long-life, low-decline assets. Canadian Natural Resources boasts a reserve life index of 32 years, giving it unmatched long-term visibility. This contrasts sharply with the continuous drilling required to offset declines in other plays. The company's Oil Sands Mining and Upgrading segment, which produces synthetic crude oil (SCO), is a cost leader; Q3/25 operating costs were reported at $21.29/bbl (US$15.46/bbl), with some production costs as low as US$10-$12 per barrel over the trailing twelve months.

Production and operating expenses are definitely a focus for efficiency, especially given the scale. For the twelve months ending September 30, 2025, total operating expenses reached $20.900B, with quarterly operating expenses for the period ending September 2025 reported at CAD8.59B. The company's ability to maintain industry-leading operating costs while targeting production growth of 12% year-over-year in 2025 shows a clear focus on managing these variable costs.

Finally, the cost of capital is managed through strategic debt issuance. The recent financing costs related to debt include the successful pricing of C$1.65 billion in medium-term notes on December 4, 2025. This offering was split evenly into three tranches:

Tranche Term	Principal Amount	Coupon Rate	Yield to Maturity
3-Year Notes	C$550,000,000	3.30%	3.340%
5-Year Notes	C$550,000,000	3.75%	3.798%
10-Year Notes	C$550,000,000	4.55%	4.588%

The company maintains a weighted-average interest rate of 5% on its total debt, with over 90% locked at fixed rates, which provides stability against rate fluctuations. Furthermore, during Q3/25, Canadian Natural Resources repaid US$600 million of US dollar debt securities that were due in July 2025.

Here's a quick look at the operational scale underpinning these costs:

• Oil Sands Mining and Upgrading SCO Capacity (Horizon, two-year average): approximately 264,000 bbl/d.
• AOSP Gross Production Capacity (after optimization): approximately 328,000 bbl/d.
• Targeted 2025 Production Mix (mid-point): 47% light crude/NGLs/SCO, 26% heavy crude, 27% natural gas.

Finance: draft 13-week cash view by Friday.

Canadian Natural Resources Limited (CNQ) - Canvas Business Model: Revenue Streams

You're looking at the core of how Canadian Natural Resources Limited generates its top-line income. It's all about moving barrels and molecules, and the split between their two main operational pillars is quite telling.

The Total Trailing Twelve Months (TTM) revenue for Canadian Natural Resources Limited, as of the period ending Q3 2025, stood at approximately C$38.62 billion. This figure reflects the combined output from their massive asset base across North America, the U.K. North Sea, and offshore Africa.

The revenue streams are heavily concentrated in two primary segments, showing a near-even split in their contribution to the total TTM revenue:

• Product sales from Oil Sands Mining and Upgrading accounted for approximately 47.96% of TTM revenue.
• Product sales from Exploration and Production contributed approximately 46.79% of TTM revenue.

This segmentation shows you that the higher-value, long-life Synthetic Crude Oil (SCO) business is just as crucial to the top line as the conventional and gas-focused Exploration and Production (E&P) activities. Honestly, that balance is what gives them the financial flexibility they talk about.

Here's a quick look at the scale of the TTM revenue versus the most recent reported quarter:

Metric	Amount (CAD)
Total TTM Revenue (ending Q3 2025)	C$38.62 billion
Q3 2025 Revenue (after royalties)	C$9.52 billion
Revenue for Nine Months Ended September 30, 2025	C$29.153 billion

The actual sales are derived from the physical commodities they produce. You see the realized prices in the third quarter of 2025 give you a concrete idea of the value captured:

• Exploration & Production liquids realized price (Q3/25): $72.57 C$/bbl.
• SCO realized price (Q3/25): $87.85 C$/bbl.
• Natural gas realized price (Q3/25): $1.49 C$/Mcf.

Drilling down into the production volumes that drive these sales streams, the Oil Sands Mining and Upgrading segment showed strong performance in Q3/25. Their SCO production averaged approximately 581,000 bbl/d, with an impressive upgrader utilization rate of 104%. The E&P side also saw significant output, with North America natural gas production averaging 2,658 MMcf/d in that same quarter.

The sales of natural gas, light crude, heavy crude, and Synthetic Crude Oil (SCO) are the physical manifestations of these revenue streams. The 2025 production mix target, based on the mid-point guidance, shows the intended balance of the underlying product sales:

• Light crude oil, NGLs and SCO: approximately 47%.
• Heavy crude oil: approximately 26%.
• Natural gas: approximately 27%.

The company's strategy is clearly supported by its long-life, low-decline assets, which represent about 77% of total budgeted liquids production for 2025, mostly coming from that high-value SCO production. That's a stable foundation for the revenue engine.

Finance: draft 13-week cash view by Friday.