Canadian Natural Resources Limited (CNQ): Business Model Canvas [Dec-2025 Updated]

As someone who has spent two decades mapping out energy giants, let me tell you, the Business Model Canvas for Canadian Natural Resources Limited as of late 2025 is all about disciplined execution at an enormous scale. Forget the noise; their story boils down to managing world-class, low-decline reserves-targeting production between 1,510 MBOE/d and 1,555 MBOE/d-while sticking to a C$6.15 billion 2025 capital budget and rewarding shareholders with a 25-year dividend streak. With trailing revenue hitting roughly C$38.62 billion, you need to see the specific partnerships and cost structure that make this diversified model work; dive into the nine blocks below to see the mechanics behind their stability.

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

You're mapping out the strategic alliances that keep Canadian Natural Resources Limited (CNQ) running smoothly, especially as they integrate recent transactions and manage significant capital activity in late 2025. These partnerships are critical for everything from getting crude to market to financing future growth.

Pipeline Operators for Market Access

Market access is non-negotiable for a producer of CNQ's scale, and their relationship with pipeline operators is key to diversifying sales away from traditional US markets. The recently expanded Trans Mountain Expansion (TMX) pipeline is a major component here. CNQ has a long-term commitment of 169,000 bbl/d on the TMX pipeline, alongside a commitment of 87,500 bbl/d to the US Gulf Coast (USGC). The TMX expansion itself has almost tripled the flow capacity to Canada's Pacific Coast from landlocked Alberta. This access is crucial for reaching Asia-Pacific markets.

Joint Venture Partners in the Athabasca Oil Sands Project (AOSP)

The AOSP structure saw a significant shift in 2025, streamlining CNQ's operational control. Following an asset swap closed in November 2025 with Shell Canada Limited, CNQ now owns and operates 100% of the Albian mines. This transaction, effective March 1, 2025, added approximately 31,000 bbl/d of bitumen production, effective November 1, 2025. Shell retains a non-operated 20% interest in the Scotford Upgrader and Quest Carbon Capture and Storage (Quest) facilities, while CNQ holds the remaining 80% non-operated interest. Shell continues as the operator of the Scotford Upgrader.

Here's a quick look at the post-swap ownership structure for the Upgrading/CCS assets:

Financial Institutions for Debt Issuance

Managing capital structure involves regular interaction with financial institutions, especially for large debt raises. In early December 2025, CNQ priced a significant debt offering. They priced C$1,650 million in medium-term notes. This issuance was split into three equal tranches of C$550 million each, with maturities of 3, 5, and 10 years. The joint lead agents for this offering included CIBC Capital Markets, TD Securities, and Scotia Capital. This debt was issued under CNQ's Canadian base shelf prospectus dated August 28, 2025, which allows for aggregate issuances up to C$3.0 billion.

The specific terms of the December 2025 notes were:

• 3 year / 3.30% Coupon: Principal of C$550,000,000, maturing December 8, 2028.
• 5 year / 3.75% Coupon: Principal of C$550,000,000, maturing February 8, 2031.
• 10 year / 4.55% Coupon: Principal of C$550,000,000, maturing February 8, 2036.

North West Redwater Partnership (NWRP) for Refining Toll Commitments

The NWRP, a partnership for upgrading and refining bitumen in Alberta, represents a specific, long-term financial commitment. As of March 31, 2025, CNQ's cumulative unrecognized share of the equity loss and partnership distributions from NWRP stood at $528 million. Fitch Ratings forecasts this commitment adds roughly 0.2x to CNQ's midcycle EBITDA leverage. To be fair, CNQ is unconditionally obligated to cover a 25% share of NWRP's interest and debt principal amortization until the year 2058.

Oilfield Service and Equipment Suppliers for Drilling Program

The execution of CNQ's capital plan relies heavily on its network of oilfield service providers to deliver on its ambitious drilling targets. For 2025, CNQ targeted drilling 361 net wells across its crude oil and liquids-rich natural gas assets. The operating capital budget for 2025 was initially set around $6 billion, later updated to approximately $5.9 billion (excluding unbudgeted acquisition capital), with a total forecast reaching $6.68 billion including acquisitions. The planned wells break down like this:

The breakdown of the 361 net wells targeted for 2025 activity:

• 174 net heavy crude oil wells (including 156 multilateral wells).
• 97 net light crude oil wells.
• 82 net liquids-rich natural gas wells.

The heavy oil multilateral program, in particular, is a key area where service partners are delivering capital efficiencies, with CNQ targeting to drill 26 more of these wells in 2025 than originally budgeted.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine room of Canadian Natural Resources Limited, the activities that drive their entire operation as of late 2025. It's all about disciplined execution across a massive, varied asset base. Honestly, the sheer scale of their operations requires constant, focused activity just to keep the wheels turning efficiently.

The company's operational focus centers on running its high-quality, diversified assets. This means managing both the massive scale of oil sands mining and upgrading, alongside the more dynamic conventional Exploration & Production (E&P) segment. For 2025, the updated production guidance targets a total output between 1,560 MBOE/d and 1,580 MBOE/d. This portfolio is intentionally balanced; based on the mid-point of guidance, the production mix is targeted to be approximately 47% light crude oil, NGLs and Synthetic Crude Oil ('SCO'), 26% heavy crude oil, and 27% natural gas. To give you a snapshot of recent performance, Q2/25 saw total production volumes of approximately 1,420 MBOE/d. The long life low decline production, which is the bedrock of their stability, represents approximately 77% of total budgeted liquids production for 2025.

Executing the capital plan is a primary activity. While the initial 2025 operating capital budget was set around C$6 billion, the latest forecast, reflecting strong execution and capital discipline following acquisitions, was updated to approximately C$5.9 billion. This budget is highly targeted, supporting production growth and long-term capacity expansion. The initial plan included drilling 361 net wells across their crude oil and liquids-rich natural gas assets. This disciplined spending is key to their shareholder return framework.

Optimization and strategic consolidation are constant activities, especially around their major oil sands assets. A major move was the asset swap with Shell, which closed in 2025, resulting in Canadian Natural acquiring 100% working interest in the Athabasca Oil Sands Project (AOSP) mines (up from 90%). This consolidation adds approximately 31,000 bbl/d of annual, zero decline, bitumen production. Furthermore, optimization work continues to boost throughput; debottlenecking at the Scotford Upgrader, completed in late 2024, added 7,200 bbl/d net to Canadian Natural. Overall, optimization projects have increased gross production capacity at AOSP to approximately 328,000 bbl/d.

The company actively allocates capital toward environmental stewardship, specifically carbon capture. The 2025 approved capital included C$90 million specifically for carbon capture projects. This funding is largely directed toward engineering work for the Pathways CCS project, a key component of the industry's net-zero by 2050 goal. On the asset side, Canadian Natural retains an 80% interest in the Quest Carbon Capture & Storage facility.

Finally, managing the 25-year consecutive dividend growth program is a defining activity. This track record demonstrates a long-standing commitment to returning capital, with a Compound Annual Growth Rate (CAGR) of 21% over that period. For 2025, the Board approved a quarterly dividend increase to C$0.5875 per common share, resulting in an annualized payout of C$2.35. The commitment to shareholder returns is clear: in the first nine months of 2025, the company returned over C$6 billion directly to shareholders via dividends and buybacks. The framework targets allocating 60% of free cash flow to shareholders in 2025, after dividends, until net debt reaches the C$12 billion target.

Here's a quick view of the key operational and financial metrics underpinning these activities:

The company's operational efficiency is also evident in specific project achievements. For instance, the Horizon Naphtha Recovery Unit Tailings Treatment (NRUTT) project targets incremental production of approximately 6,300 bbl/d of SCO upon mechanical completion in Q3/27. Also, the company achieved record quarterly SCO production of approximately 595,000 bbl/d in Q1/25, supported by industry leading SCO operating costs of US$15.25/bbl.

You should note the impact of the Shell swap on the 2025 guidance. Following the November 1, 2025, closing of the swap, the company updated its 2025 production guidance to a range representing growth of approximately 207 MBOE/d or 15% over 2024 levels. This growth is supported by the 60% free cash flow allocation target to shareholders after dividends. Finance: draft 13-week cash view by Friday.

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

Canadian Natural Resources Limited's key resources are anchored in its massive, high-quality asset base and the financial strength to support its operations and growth plans.

The company's reserves are characterized by world-class, long-life, low-decline assets, which provide a durable foundation for production. For instance, in the third quarter of 2025, the company's Oil Sands Mining and Upgrading assets produced approximately 581,136 bbl/d of Synthetic Crude Oil (SCO) with an upgrader utilization rate of 104%, underscoring the reliability of this core resource base. Furthermore, long life low decline production represented approximately 77% of the total targeted liquids production based on earlier 2025 guidance. Following a swap transaction closed on November 1, 2025, Canadian Natural Resources Limited now owns and operates 100% of the Albian oil sands mines, adding approximately 31,000 bbl/d of annual, zero decline bitumen production. This resource base is supported by extensive, high quality land, such as approximately 3.0 million net acres across primary heavy crude oil assets.

The operational scale is reflected in the latest production guidance. Canadian Natural Resources Limited increased its annual 2025 corporate production guidance range to 1,560 MBOE/d to 1,580 MBOE/d. This target is supported by a balanced mix:

• 47% light crude oil, NGLs and SCO
• 26% heavy crude oil
• 27% natural gas

The company achieved record quarterly production in Q3/25 totaling approximately 1,620 MBOE/d.

Financially, Canadian Natural Resources Limited maintains significant liquidity, a key buffer against market volatility. As of September 30, 2025, the company reported liquidity of approximately $4.3 billion. This strong balance sheet provided flexibility, even after repaying US$600 million of US dollar debt securities due in July 2025. The company's WTI breakeven is in the low to mid-US$40 per barrel range.

The integrated infrastructure is a critical enabler for moving and processing these resources. For example, the Scotford Upgrader, in which Canadian Natural Resources Limited now retains a non-operated 80% interest post-swap, is essential for processing SCO. In July 2025, the Oil Sands Mining and Upgrading upgrader utilization reached 106%. The company also has significant contracted crude oil transportation capacity, which was expanded in 2024 to 256,500 bbl/d, targeting expanded refining markets.

The human capital supporting these complex operations is substantial. As of October 2025, Canadian Natural Resources Limited has approximately 10K employees across its global operations. This compares to 10,640 employees as of December 31, 2024. The company's operational focus is supported by continuous improvement initiatives, which helped lower combined drilling and completion costs on a length normalized basis in 2025 by targeting an improvement of approximately 16%, or $2.0 million per well lower, compared to 2024 costs.

The tangible assets supporting the business can be summarized:

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:

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:

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.

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 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:

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:

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:

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.