Canadian Natural Resources Limited (CNQ): Business Model Canvas [Jan-2025 Mis à jour]

Canadian Natural Resources Limited (CNQ) est une puissance stratégique dans le secteur de l'énergie, transformant l'exploration complexe d'hydrocarbures en un modèle commercial méticuleusement conçu qui équilibre l'innovation technologique, la responsabilité environnementale et une performance financière robuste. En tirant parti de vastes actifs canadiens occidentaux, des partenariats stratégiques et des technologies d'extraction de pointe, CNQ s'est positionné comme un acteur dynamique sur les marchés mondiaux de l'énergie, offrant une production fiable tout en maintenant une approche avant-gardiste du développement durable des ressources.

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques avec des sociétés pétrolières et gazières internationales

Canadian Natural Resources Limited a établi des coentreprises stratégiques avec les partenaires internationaux suivants:

Entreprise partenaire	Valeur d'investissement	Focus de partenariat
Paramount Resources Ltd.	285 millions de dollars	Développement d'actifs de Montney
Énergie de cenovus	1,2 milliard de dollars	Collaboration des infrastructures de sable de pétrole
Chevron Corporation	620 millions de dollars	Projet Horizon Oil Sands

Partenariats avec des communautés autochtones dans les régions des ressources canadiennes

Accords de partenariat autochtones:

• Mikisew Cree Première nation: accord de surveillance environnementale collaborative
• Première nation Athabasca Chipewyan: participation économique au développement des ressources
• Fort McKay Première nation: Programmes de développement et de formation de la main-d'œuvre

Communauté autochtone	Avantage économique annuel	Possibilités d'emploi
Première nation Mikisew Cree	42,5 millions de dollars	125 emplois directs
Première nation Athabasca Chipewyan	67,3 millions de dollars	210 emplois directs

Collaboration avec les entreprises technologiques pour des méthodes d'extraction améliorées

Investissements en partenariat technologique:

Partenaire technologique	Montant d'investissement	Focus technologique
Calgary Scientific Inc.	18,7 millions de dollars	Simulation avancée du réservoir
Schlumberger Canada	45,2 millions de dollars	Digitalisation des processus d'extraction

Accords d'approvisionnement avec des fournisseurs d'infrastructures de pipeline et de transport

Partenariats clés du transport:

• TC Energy Corporation: accord de transport à long terme des pipelines
• Enbridge Inc.: Contrat de transport du pétrole brut

Partenaire d'infrastructure	Valeur du contrat	Capacité de transport annuelle
TC Energy Corporation	672 millions de dollars	350 000 barils par jour
Enbridge Inc.	524 millions de dollars	275 000 barils par jour

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: Activités clés

Exploration et production de pétrole brut et de gaz naturel

Le portefeuille d'exploration et de production de Canadian Natural Resources Limited comprend:

Catégorie d'actifs	Volume de production (2023)	Emplacement géographique
Huile brute	1 253 270 barils par jour	Alberta, Saskatchewan, Colombie-Britannique
Gaz naturel	1 456 millions de pieds cubes par jour	Ouest canadien
Liquides au gaz naturel	136 908 barils par jour	Alberta

Opérations avancées de forage et de fracturation hydraulique

Les capacités opérationnelles comprennent:

• Puits de forage total en 2023: 324
• Pourcentage de forage horizontal: 87%
• Profondeur de forage moyenne: 3 200 mètres

Initiatives de durabilité environnementale et de réduction du carbone

Cible de réduction du carbone	Année de base	Pourcentage de réduction
Émissions de la portée 1 et 2	2020	30% d'ici 2030

Améliorations d'optimisation des actifs et d'efficacité opérationnelle

Métriques d'efficacité clés:

• Coût de fonctionnement par baril: 14,28 $
• Taux d'efficacité de la production: 92,5%
• Investissement en capital annuel dans l'efficacité: 1,2 milliard de dollars

Investissement continu dans l'innovation technologique

Catégorie d'innovation	Montant d'investissement (2023)	Domaine de mise au point
Technologies numériques	87 millions de dollars	Analyse avancée, exploration dirigée par l'IA
Technologie de capture de carbone	156 millions de dollars	Technologies de réduction des émissions

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: Ressources clés

Droits terrestres et minéraux

Canadian Natural Resources Limited tient 181,105 acres nets des terres dans l'ouest du Canada, avec des concentrations importantes en Alberta. La rupture spécifique des actifs comprend:

Type d'actif	Acres totaux	Valeur estimée
Baux de sable d'huile	83 500 acres	12,4 milliards de dollars
Terres conventionnelles	97 605 acres	6,8 milliards de dollars

Technologies d'extraction et de production

CNQ utilise des technologies avancées à travers ses opérations, notamment:

• Technologie de drainage de gravité à la vapeur (SAGD)
• Techniques de forage horizontal
• Systèmes avancés de recyclage de l'eau

Capacités de main-d'œuvre

Depuis 2023, CNQ emploie 8 285 employés à temps plein, avec une distribution spécialisée de la main-d'œuvre:

Catégorie professionnelle	Nombre d'employés
Professionnels de l'ingénierie	1,642
Spécialistes techniques	2,356
Personnel opérationnel	4,287

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actifs totaux: 75,2 milliards de dollars
• Equivalents en espèces et en espèces: 2,3 milliards de dollars
• Investissement en capital annuel: 5,6 milliards de dollars

Portefeuille d'actifs

Le portefeuille de production diversifié comprend:

Type d'actif	Production quotidienne	Réserves estimées
Huile brute	232 000 barils / jour	1,2 milliard de barils
Gaz naturel	1,45 milliard de pieds cubes / jour	6,8 billions de pieds cubes
Liquides au gaz naturel	45 000 barils / jour	380 millions de barils

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: propositions de valeur

Production d'énergie fiable et cohérente

Canadian Natural Resources Limited (CNQ) a démontré une production totale de 1 355 107 barils d'huile équivalent par jour (BOEPD) au troisième trimestre 2023, avec une panne comme suit:

Type de production	Volume quotidien (BOEPD)
Huile lourde	214,137
Huile légère et huile moyenne	117,425
Liquides au gaz naturel	95,545
Gaz naturel	928,000

Engagement envers la responsabilité de l'environnement

Les objectifs environnementaux de CNQ comprennent:

• Réduire l'intensité des émissions de gaz à effet de serre de 30% d'ici 2030
• Target net zéro émissions d'ici 2050
• A investi 394 millions de dollars dans les innovations environnementales et technologiques en 2022

Capacités de production à faible coût dans le secteur des sables bitumineux

Coûts de production dans les opérations des sables horizon::

Année	Coût de production par baril
2022	$22.36
2023	$21.87

Solides performances opérationnelles et efficacité

Mesures opérationnelles clés pour 2022:

• Dépenses d'exploitation: 5,87 milliards de dollars
• Netback de fonctionnement: 37,04 $ par baril
• Dépenses en capital: 5,1 milliards de dollars

Portfolio d'énergie diversifié Équilibrer le risque et le retour

Composition d'actifs à partir de 2023:

Type d'actif	Pourcentage de portefeuille
Sabots à l'huile	42%
Huile conventionnelle	28%
Gaz naturel	30%

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les grossistes énergétiques

Canadian Natural Resources Limited maintient des contrats stratégiques à long terme avec des grossistes énergétiques majeurs. En 2023, la Société a obtenu des contrats avec:

Grossiste	Valeur du contrat	Durée
Énergie solaire	1,2 milliard de dollars	Trimestre de 5 ans
Huile impériale	850 millions de dollars	Trimestre de 3 ans
Énergie de cenovus	650 millions de dollars	Trimestre de 4 ans

Engagement direct avec les consommateurs d'énergie industrielle

La stratégie d'engagement client direct de CNQ se concentre sur les principaux segments industriels:

• Fabricants pétrochimiques
• Entreprises de production d'électricité
• Entreprises de fabrication à grande échelle
• Sociétés de transport et de logistique

Rapports transparents sur les performances environnementales

Métriques de rapport environnemental pour 2023:

Métrique	Valeur
Réduction des émissions de carbone	12.4%
Taux de recyclage de l'eau	68%
Investissement d'énergie renouvelable	325 millions de dollars

Solutions énergétiques centrées sur le client

L'approche centrée sur le client de CNQ comprend des offres de services spécialisées:

• Accords d'alimentation énergétique personnalisés
• Mécanismes de tarification flexibles
• Soutien technique et consultation
• Services de gestion des risques

Plateformes numériques pour la communication des parties prenantes

Statistiques d'engagement numérique pour 2023:

Plate-forme	Engagement des utilisateurs	Croissance annuelle
Site Web de l'entreprise	1,2 million de visiteurs	22%
Portail des relations avec les investisseurs	85 000 utilisateurs actifs	18%
Plateforme de rapports sur la durabilité	45 000 visiteurs uniques	35%

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie

En 2023, CNQ a déclaré un volume de ventes direct d'environ 1 341 000 barils d'équivalent pétrolier par jour (BOEPD). Les canaux de vente directs de l'entreprise comprennent:

• Ventes de pétrole brut aux raffineries
• Ventes de gaz naturel aux installations de production d'électricité
• Ventes de bitume sur les marchés internationaux et nationaux

Canal de vente	Volume (BOEPD)	Part de marché
Huile brute	830,000	61.9%
Gaz naturel	341,000	25.4%
Bitume	170,000	12.7%

Plateformes de trading de matières premières

CNQ utilise plusieurs plateformes de trading de produits de base contre des stratégies de vente et de couverture.

• Nymex (New York Mercantile Exchange)
• Ice Futures Canada
• Plateforme de trading de marchandises du groupe CME

Relations avec les distributeurs mondiaux d'énergie

CNQ maintient des partenariats stratégiques avec les principaux distributeurs mondiaux d'énergie:

Distributeur	Région	Volume annuel (BOEPD)
Valero Energy	Amérique du Nord	250,000
Sinopec	Asie	180,000
Trading de coquilles	Mondial	220,000

Plateformes de communication numérique et de relations avec les investisseurs

CNQ utilise des stratégies de communication numérique complètes:

• Site Web d'entreprise avec rapport financier en temps réel
• Application mobile des relations avec les investisseurs
• Présentations trimestrielles sur les bénéfices de la webdiffusion

Conférences de l'industrie et événements de réseautage stratégique

CNQ participe à des événements clés de l'industrie chaque année:

Conférence	Emplacement	Fréquence de participation
Ceraweek	Houston, Texas	Annuel
Congrès mondial de pétrole	Emplacements mondiaux	Biennal
Summit pour l'exécutif de l'énergie canadienne	Calgary, Alberta	Annuel

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: segments de clientèle

Sociétés d'énergie mondiales

Canadian Natural Resources Limited dessert les grandes sociétés énergétiques mondiales ayant des besoins en matière d'approvisionnement en pétrole et en gaz.

Type de client	Volume d'achat annuel	Valeur du contrat
Shell Global	375 000 barils / jour	1,2 milliard de dollars
BP International	250 000 barils / jour	825 millions de dollars
Total SE	200 000 barils / jour	680 millions de dollars

Consommateurs d'énergie industrielle

CNQ fournit des ressources énergétiques à divers secteurs industriels.

• Secteurs manufacturiers
• Sociétés minières
• Usines de transformation industrielle lourdes

Secteur industriel	Consommation d'énergie annuelle	Type de contrat
Fabrication	125 000 barils / jour	Accords d'approvisionnement à long terme
Exploitation minière	85 000 barils / jour	Contrats énergétiques personnalisés

Fournisseurs de services publics nationaux et internationaux

CNQ fournit des ressources énergétiques critiques aux entreprises de services publics dans le monde.

Fournisseur de services publics	Région géographique	Volume de l'offre annuelle
Génération de puissance de l'Ontario	Canada	95 000 barils / jour
Californie ISO	États-Unis	75 000 barils / jour

Fabricants pétrochimiques

CNQ fournit des matières premières critiques pour la production pétrochimique.

• Fabricants de polymères
• Entreprises de traitement chimique
• Producteurs de matériaux synthétiques

Fabricant	Approvisionnement du brut annuel	Valeur du contrat
Nova Chemicals	65 000 barils / jour	420 millions de dollars
Dow chimique	55 000 barils / jour	350 millions de dollars

Acheteurs d'énergie commerciale à grande échelle

CNQ sert d'importants consommateurs d'énergie commerciale dans plusieurs secteurs.

Segment commercial	Demande d'énergie annuelle	Durée du contrat moyen
Sociétés de transport	110 000 barils / jour	3-5 ans
Entreprises agricoles	45 000 barils / jour	2-4 ans

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: Structure des coûts

Investissements d'exploration et de production à forte intensité de capital

En 2022, Canadian Natural Resources Limited a déclaré des dépenses en capital total de 5,47 milliards de dollars, avec des investissements importants dans des projets pétroliers et gaziers en amont.

Catégorie de dépenses en capital	Montant (USD)
Investissements d'exploration	1,23 milliard de dollars
Infrastructure de production	2,85 milliards de dollars
Capital d'entretien	1,39 milliard de dollars

Frais de recherche et de développement technologiques

CNQ a alloué environ 187 millions de dollars à la recherche et au développement technologiques en 2022, en se concentrant sur:

• Techniques de récupération d'huile améliorées
• Technologies de capture de carbone
• Améliorations de l'efficacité opérationnelle

Coûts de conformité environnementale et de durabilité

Les dépenses de conformité environnementale pour 2022 ont totalisé 312 millions de dollars, notamment:

Zone de conformité	Dépenses (USD)
Réduction des émissions	128 millions de dollars
Remise en état	94 millions de dollars
Gestion de l'eau	90 millions de dollars

Rémunération et formation de la main-d'œuvre

Les dépenses totales liées à la main-d'œuvre en 2022 étaient de 1,65 milliard de dollars, en panne comme suit:

• Salaires directs: 1,2 milliard de dollars
• Formation et développement: 45 millions de dollars
• Avantages et pension: 405 millions de dollars

Entretien d'infrastructure et dépenses opérationnelles

Les coûts de maintenance opérationnelle pour 2022 ont atteint 2,3 milliards de dollars, englobant:

Catégorie de dépenses opérationnelles	Montant (USD)
Entretien d'installation	892 millions de dollars
Réparations de l'équipement	678 millions de dollars
Infrastructure de transport	730 millions de dollars

Canadian Natural Resources Limited (CNQ) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

Canadian Natural Resources Limited a déclaré une production totale de pétrole brut de 1139 196 barils par jour en 2022. Le chiffre d'affaires des ventes de pétrole brut de la société pour l'exercice 2022 était de 22,5 milliards de CAD.

Type de produit	Volume de production (2022)	Revenus (CAD)
Pétrole brut lourd	573 196 barils par jour	11,3 milliards
Pétrole brut léger	566 000 barils par jour	11,2 milliards

Revenus de production de gaz naturel

La production de gaz naturel pour les ressources naturelles canadiennes Limited a atteint 2 067 millions de pieds cubes par jour en 2022. Les revenus totaux de gaz naturel étaient de 4,6 milliards de CAD.

• Gaz naturel conventionnel: 1 067 million de pieds cubes par jour
• Gaz naturel non conventionnel: 1 000 millions de pieds cubes par jour

Instruments financiers dérivés et couverture

La stratégie de gestion des risques financiers de la société a généré 375 millions de CAD à partir d'instruments dérivés en 2022.

Instrument de couverture	Revenus générés (CAD)
Futures de pétrole brut	225 millions
Dérivés de gaz naturel	150 millions

Portfolio de produits énergétiques intégrés

Le portefeuille intégré de Canadian Natural Resources Limited a généré des revenus totaux de 27,5 milliards de CAD en 2022.

• Ventes de pétrole brut: 22,5 milliards
• Ventes de gaz naturel: 4,6 milliards
• Autres produits énergétiques: 0,4 milliard

Monétisation et optimisation des actifs stratégiques

Les stratégies d'optimisation des actifs ont contribué 350 millions de CAD aux sources de revenus de l'entreprise en 2022.

Type d'actif	Revenus de monétisation (CAD)
Intérêts de redevance	200 millions
Location de biens	150 millions

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.