Canadian Natural Resources Limited (CNQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Canadian Natural Resources Limited (CNQ) se erige como una potencia estratégica en el sector energético, transformando la exploración compleja de hidrocarburos en un modelo de negocio meticulosamente elaborado que equilibra la innovación tecnológica, la responsabilidad ambiental y el desempeño financiero sólido. Al aprovechar los extensos activos occidentales de Canadá, las asociaciones estratégicas y las tecnologías de extracción de vanguardia, CNQ se ha posicionado como un jugador dinámico en los mercados mundiales de energía, ofreciendo una producción confiable al tiempo que mantiene un enfoque de pensamiento a futuro para el desarrollo de recursos sostenibles.

Canadian Natural Resources Limited (CNQ) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con compañías internacionales de petróleo y gas

Canadian Natural Resources Limited ha establecido empresas conjuntas estratégicas con los siguientes socios internacionales:

Empresa asociada	Valor de inversión	Enfoque de asociación
Paramount Resources Ltd.	$ 285 millones	Desarrollo de activos de Montney
Energía de Cenovus	$ 1.2 mil millones	Colaboración de infraestructura de arenas petrolíferas
Corporación Chevron	$ 620 millones	Proyecto Horizon Oil Sands

Asociaciones con comunidades indígenas en regiones de recursos canadienses

Acuerdos de asociación indígena:

• Mikisew Cree First Nation: Acuerdo de monitoreo ambiental colaborativo
• Athabasca Chipewyan Primera Nación: participación económica en el desarrollo de recursos
• Fort McKay First Nation: Programas de desarrollo y capacitación de la fuerza laboral

Comunidad indígena	Beneficio económico anual	Oportunidades de empleo
Mikisew Cree First Nation	$ 42.5 millones	125 trabajos directos
Athabasca Chipewyan Primera Nación	$ 67.3 millones	210 trabajos directos

Colaboración con empresas tecnológicas para métodos de extracción mejorados

Inversiones de asociación tecnológica:

Socio tecnológico	Monto de la inversión	Enfoque tecnológico
Calgary Scientific Inc.	$ 18.7 millones	Simulación de yacimientos avanzados
Schlumberger Canadá	$ 45.2 millones	Digitalización de procesos de extracción

Acuerdos de suministro con proveedores de infraestructura de tuberías y transporte

Asociaciones clave de transporte:

• TC Energy Corporation: acuerdo de transporte de tuberías a largo plazo
• Enbridge Inc.: Contrato de transporte de petróleo crudo

Socio de infraestructura	Valor de contrato	Capacidad de transporte anual
TC Energy Corporation	$ 672 millones	350,000 barriles por día
Enbridge Inc.	$ 524 millones	275,000 barriles por día

Canadian Natural Recursos Limited (CNQ) - Modelo de negocio: actividades clave

Exploración y producción de petróleo crudo y gas natural

La cartera de exploración y producción de Canadian Natural Resources Limited incluye:

Categoría de activos	Volumen de producción (2023)	Ubicación geográfica
Petróleo crudo	1,253,270 barriles por día	Alberta, Saskatchewan, Columbia Británica
Gas natural	1,456 millones de pies cúbicos por día	Canadá occidental
Líquidos de gas natural	136,908 barriles por día	Alberta

Operaciones avanzadas de perforación y fractura hidráulica

Las capacidades operativas incluyen:

• Pozos de perforación total en 2023: 324
• Porcentaje de perforación horizontal: 87%
• Profundidad promedio de perforación: 3,200 metros

Iniciativas de sostenibilidad ambiental y reducción de carbono

Objetivo de reducción de carbono	Año basal	Porcentaje de reducción
Alcance 1 y 2 emisiones	2020	30% para 2030

Optimización de activos y mejoras de eficiencia operativa

Métricas de eficiencia clave:

• Costo operativo por barril: $ 14.28
• Tasa de eficiencia de producción: 92.5%
• Inversión anual de capital en eficiencia: $ 1.2 mil millones

Inversión continua en innovación tecnológica

Categoría de innovación	Monto de inversión (2023)	Área de enfoque
Tecnologías digitales	$ 87 millones	Análisis avanzado, exploración impulsada por IA
Tecnología de captura de carbono	$ 156 millones	Tecnologías de reducción de emisiones

Canadian Natural Recursos Limited (CNQ) - Modelo de negocio: recursos clave

Derechos de tierras y minerales

Recursos naturales canadienses Limited posee 181,105 acres netos de tierra en el oeste de Canadá, con concentraciones significativas en Alberta. El desglose de activos específico incluye:

Tipo de activo	Total de acres	Valor estimado
Arrendamientos de arenas de aceite	83,500 acres	$ 12.4 mil millones
Tierras convencionales	97,605 acres	$ 6.8 mil millones

Tecnologías de extracción y producción

CNQ utiliza tecnologías avanzadas en sus operaciones, que incluyen:

• Tecnología de drenaje de gravedad asistida por vapor (SAGD)
• Técnicas de perforación horizontal
• Sistemas avanzados de reciclaje de agua

Capacidades de la fuerza laboral

A partir de 2023, CNQ emplea 8,285 empleados a tiempo completo, con distribución especializada de la fuerza laboral:

Categoría profesional	Número de empleados
Profesionales de ingeniería	1,642
Especialistas técnicos	2,356
Personal operativo	4,287

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 75.2 mil millones
• Equivalentes de efectivo y efectivo: $ 2.3 mil millones
• Inversión de capital anual: $ 5.6 mil millones

Cartera de activos

La cartera de producción diversa incluye:

Tipo de activo	Producción diaria	Reservas estimadas
Petróleo crudo	232,000 barriles/día	1.200 millones de barriles
Gas natural	1.45 mil millones de pies cúbicos/día	6.8 billones de pies cúbicos
Líquidos de gas natural	45,000 barriles/día	380 millones de barriles

Canadian Natural Recursos Limited (CNQ) - Modelo de negocio: propuestas de valor

Producción de energía confiable y consistente

Canadian Natural Resources Limited (CNQ) demostró una producción total de 1,355,107 barriles de aceite equivalente por día (BOEPD) en el tercer trimestre de 2023, con un desglose de la siguiente manera:

Tipo de producción	Volumen diario (boepd)
Petróleo pesado	214,137
Aceite ligero y aceite medio	117,425
Líquidos de gas natural	95,545
Gas natural	928,000

Compromiso con la responsabilidad ambiental

Los objetivos ambientales de CNQ incluyen:

• Reducir la intensidad de las emisiones de gases de efecto invernadero en un 30% para 2030
• Target Net cero emisiones para 2050
• Invirtió $ 394 millones en innovaciones ambientales y tecnológicas en 2022

Capacidades de producción de bajo costo en el sector de arenas petrolíferas

Costos de producción en Operaciones de arenas petrolíferas de Horizon:

Año	Costo de producción por barril
2022	$22.36
2023	$21.87

Fuerte rendimiento operativo y eficiencia

Métricas operativas clave para 2022:

• Gastos operativos: $ 5.87 mil millones
• Netback operativo: $ 37.04 por barril
• Gasto de capital: $ 5.1 mil millones

Riesgo y retorno de equilibrio de cartera de energía diversificada

Composición de activos a partir de 2023:

Tipo de activo	Porcentaje de cartera
Arena de aceite	42%
Aceite convencional	28%
Gas natural	30%

Canadian Natural Resources Limited (CNQ) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con mayoristas de energía

Canadian Natural Resources Limited mantiene contratos estratégicos a largo plazo con grandes mayoristas de energía. A partir de 2023, la compañía ha asegurado contratos con:

Mayorista	Valor de contrato	Duración
Suncor Energy	$ 1.2 mil millones	Plazo de 5 años
Aceite imperial	$ 850 millones	Plazo de 3 años
Energía de Cenovus	$ 650 millones	Plazo de 4 años

Compromiso directo con los consumidores de energía industrial

La estrategia directa de participación del cliente de CNQ se centra en segmentos industriales clave:

• Fabricantes petroquímicos
• Empresas de generación de energía
• Empresas de fabricación a gran escala
• Empresas de transporte y logística

Informes transparentes sobre el desempeño ambiental

Métricas de informes ambientales para 2023:

Métrico	Valor
Reducción de emisiones de carbono	12.4%
Tasa de reciclaje de agua	68%
Inversión de energía renovable	$ 325 millones

Soluciones de energía centradas en el cliente

El enfoque centrado en el cliente de CNQ incluye ofertas de servicios especializados:

• Acuerdos de suministro de energía personalizados
• Mecanismos de precios flexibles
• Soporte técnico y consulta
• Servicios de gestión de riesgos

Plataformas digitales para la comunicación de las partes interesadas

Estadísticas de participación digital para 2023:

Plataforma	Compromiso de usuario	Crecimiento anual
Sitio web corporativo	1.2 millones de visitantes	22%
Portal de relaciones con los inversores	85,000 usuarios activos	18%
Plataforma de informes de sostenibilidad	45,000 visitantes únicos	35%

Canadian Natural Recursos Limited (CNQ) - Modelo de negocios: canales

Ventas directas a los mercados de energía

En 2023, CNQ informó un volumen de ventas directas de aproximadamente 1,341,000 barriles de aceite equivalente por día (BOEPD). Los canales de ventas directos de la compañía incluyen:

• Ventas de petróleo crudo a refinerías
• Ventas de gas natural a instalaciones de generación de energía
• Ventas de betún a mercados internacionales e nacionales

Canal de ventas	Volumen (boepd)	Cuota de mercado
Petróleo crudo	830,000	61.9%
Gas natural	341,000	25.4%
Betún	170,000	12.7%

Plataformas de comercio de productos básicos

CNQ utiliza múltiples plataformas de comercio de productos básicos para estrategias de ventas y cobertura.

• NYMEX (Intercambio Mercantile de Nueva York)
• Ice Futures Canadá
• Plataforma de comercio de productos básicos de CME Group

Relaciones con distribuidores de energía globales

CNQ mantiene asociaciones estratégicas con distribuidores de energía globales clave:

Distribuidor	Región	Volumen anual (BOEPD)
Energía de Valero	América del norte	250,000
Sinopececia	Asia	180,000
Comercio de shell	Global	220,000

Plataformas de comunicación digital y relaciones con los inversores

CNQ emplea estrategias integrales de comunicación digital:

• Sitio web corporativo con información financiera en tiempo real
• Aplicación móvil de relaciones con los inversores
• Presentaciones de ganancias trimestrales de transmisión web

Conferencias de la industria y eventos de redes estratégicas

CNQ participa en eventos clave de la industria anualmente:

Conferencia	Ubicación	Frecuencia de participación
Ceraweek	Houston, Texas	Anual
Congreso de petróleo mundial	Ubicaciones globales	Bienal
Cumbre Ejecutiva de Energía Canadiense	Calgary, Alberta	Anual

Canadian Natural Resources Limited (CNQ) - Modelo de negocio: segmentos de clientes

Empresas de energía global

Canadian Natural Resources Limited atiende a las principales compañías de energía global con importantes necesidades de adquisición de petróleo y gas.

Tipo de cliente	Volumen de compra anual	Valor de contrato
Shell Global	375,000 barriles/día	$ 1.2 mil millones
BP International	250,000 barriles/día	$ 825 millones
SE total	200,000 barriles/día	$ 680 millones

Consumidores de energía industrial

CNQ suministra recursos energéticos a diversos sectores industriales.

• Sectores de fabricación
• Compañías mineras
• Plantas de procesamiento industrial pesado

Sector industrial	Consumo anual de energía	Tipo de contrato
Fabricación	125,000 barriles/día	Acuerdos de suministro a largo plazo
Minería	85,000 barriles/día	Contratos de energía personalizados

Proveedores de servicios públicos nacionales e internacionales

CNQ suministra recursos energéticos críticos a las empresas de servicios públicos a nivel mundial.

Proveedor de servicios públicos	Región geográfica	Volumen de suministro anual
Generación de energía de Ontario	Canadá	95,000 barriles/día
California ISO	Estados Unidos	75,000 barriles/día

Fabricantes petroquímicos

CNQ proporciona materias primas críticas para la producción petroquímica.

• Fabricantes de polímeros
• Empresas de procesamiento de productos químicos
• Productores de materiales sintéticos

Fabricante	Suministro anual de crudo	Valor de contrato
Nova Chemicals	65,000 barriles/día	$ 420 millones
Químico de dow	55,000 barriles/día	$ 350 millones

Compradores de energía comercial a gran escala

CNQ atiende a consumidores de energía comercial significativos en múltiples sectores.

Segmento comercial	Demanda de energía anual	Duración promedio del contrato
Compañías de transporte	110,000 barriles/día	3-5 años
Empresas agrícolas	45,000 barriles/día	2-4 años

Canadian Natural Resources Limited (CNQ) - Modelo de negocio: Estructura de costos

Inversiones de exploración e producción intensiva en capital

En 2022, Canadian Natural Resources Limited reportó gastos de capital totales de $ 5.47 mil millones, con importantes inversiones en proyectos de petróleo y gas aguas arriba.

Categoría de gastos de capital	Cantidad (USD)
Inversiones de exploración	$ 1.23 mil millones
Infraestructura de producción	$ 2.85 mil millones
Capital de mantenimiento	$ 1.39 mil millones

Gastos de investigación y desarrollo tecnológico

CNQ asignó aproximadamente $ 187 millones para la investigación y el desarrollo tecnológico en 2022, centrándose en:

• Técnicas mejoradas de recuperación de aceite
• Tecnologías de captura de carbono
• Mejoras de eficiencia operativa

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de cumplimiento ambiental para 2022 totalizaron $ 312 millones, que incluyen:

Área de cumplimiento	Gasto (USD)
Reducción de emisiones	$ 128 millones
Recuperación de tierras	$ 94 millones
Gestión del agua	$ 90 millones

Compensación y capacitación de la fuerza laboral

Los gastos totales relacionados con la fuerza laboral en 2022 fueron de $ 1.65 mil millones, desglosados ​​de la siguiente manera:

• Salarios directos: $ 1.2 mil millones
• Capacitación y desarrollo: $ 45 millones
• Beneficios y pensiones: $ 405 millones

Mantenimiento de infraestructura y gastos operativos

Los costos de mantenimiento operativo para 2022 alcanzaron $ 2.3 mil millones, abarcando:

Categoría de gastos operativos	Cantidad (USD)
Mantenimiento de la instalación	$ 892 millones
Reparaciones de equipos	$ 678 millones
Infraestructura de transporte	$ 730 millones

Canadian Natural Resources Limited (CNQ) - Modelo de negocio: Fleunas de ingresos

Ventas de petróleo crudo

Canadian Natural Resources Limited informó una producción total de petróleo crudo de 1.139.196 barriles por día en 2022. Los ingresos por ventas de petróleo crudo de la compañía para el año fiscal 2022 fueron CAD 22.5 mil millones.

Tipo de producto	Volumen de producción (2022)	Ingresos (CAD)
Petróleo crudo pesado	573,196 barriles por día	11.3 mil millones
Petróleo crudo ligero	566,000 barriles por día	11.2 mil millones

Ingresos de producción de gas natural

La producción de gas natural para los recursos naturales canadienses Limited alcanzó los 2,067 millones de pies cúbicos por día en 2022. Los ingresos totales de gas natural fueron CAD 4.6 mil millones.

• Gas natural convencional: 1,067 millones de pies cúbicos por día
• Gas natural no convencional: 1,000 millones de pies cúbicos por día

Derivados y cobertura de instrumentos financieros

La estrategia de gestión de riesgos financieros de la Compañía generó CAD 375 millones de instrumentos derivados en 2022.

Instrumento de cobertura	Ingresos generados (CAD)
Futuros de petróleo crudo	225 millones
Derivados de gas natural	150 millones

Cartera de productos de energía integrada

La cartera integrada de Canadian Natural Resources Limited generó ingresos totales de CAD 27.5 mil millones en 2022.

• Ventas de petróleo crudo: 22.5 mil millones
• Ventas de gas natural: 4.6 mil millones
• Otros productos energéticos: 0.4 mil millones

Monetización y optimización de activos estratégicos

Las estrategias de optimización de activos contribuyeron con CAD 350 millones a las fuentes de ingresos de la compañía en 2022.

Tipo de activo	Ingresos de monetización (CAD)
Intereses de regalías	200 millones
Arrendamiento de propiedades	150 millones

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.