Canadian Natural Resources Limited (CNQ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

O Canadian Natural Resources Limited (CNQ) é uma potência estratégica no setor de energia, transformando a exploração complexa de hidrocarbonetos em um modelo de negócios meticulosamente criado que equilibra a inovação tecnológica, a responsabilidade ambiental e o desempenho financeiro robusto. Ao alavancar extensos ativos canadenses ocidentais, parcerias estratégicas e tecnologias de extração de ponta, o CNQ se posicionou como um participante dinâmico nos mercados globais de energia, oferecendo produção confiável, mantendo uma abordagem de visão de futuro para o desenvolvimento sustentável de recursos.

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos com empresas internacionais de petróleo e gás

O Canadian Natural Resources Limited estabeleceu joint ventures estratégicos com os seguintes parceiros internacionais:

Empresa parceira	Valor de investimento	Foco em parceria
Paramount Resources Ltd.	US $ 285 milhões	Desenvolvimento de ativos de Montney
Energia Cenovus	US $ 1,2 bilhão	Colaboração de infraestrutura de areias petrolíferas
Chevron Corporation	US $ 620 milhões	Projeto Horizon Oil Sands

Parcerias com comunidades indígenas em regiões de recursos canadenses

Acordos de parceria indígenas:

• Mikisew Cree Primeira Nação: Acordo de Monitoramento Ambiental Colaborativo
• Athabasca Chipewyan Primeira Nação: Participação Econômica no Desenvolvimento de Recursos
• Fort McKay Primeira Nação: Programas de Desenvolvimento e Treinamento da Força de Trabalho

Comunidade indígena	Benefício econômico anual	Oportunidades de emprego
Mikisew Cree First Nation	US $ 42,5 milhões	125 empregos diretos
Athabasca Chipewyan Primeira nação	US $ 67,3 milhões	210 empregos diretos

Colaboração com empresas de tecnologia para métodos aprimorados de extração

Investimentos de Parceria Tecnológica:

Parceiro de tecnologia	Valor do investimento	Foco em tecnologia
Calgary Scientific Inc.	US $ 18,7 milhões	Simulação avançada de reservatório
Schlumberger Canadá	US $ 45,2 milhões	Digitalização de processos de extração

Acordos de fornecimento com provedores de infraestrutura de pipeline e transporte

Principais parcerias de transporte:

• TC Energy Corporation: Contrato de transporte de dutos de longo prazo
• Enbridge Inc.: Contrato de transporte de petróleo bruto

Parceiro de infraestrutura	Valor do contrato	Capacidade anual de transporte
TC Energy Corporation	US $ 672 milhões	350.000 barris por dia
Enbridge Inc.	US $ 524 milhões	275.000 barris por dia

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: Atividades -chave

Petróleo bruto e exploração e produção de gás natural

O portfólio de exploração e produção da Canadian Natural Resources Limited inclui:

Categoria de ativos	Volume de produção (2023)	Localização geográfica
Petróleo bruto	1.253.270 barris por dia	Alberta, Saskatchewan, Colúmbia Britânica
Gás natural	1.456 milhões de pés cúbicos por dia	Oeste do Canadá
Líquidos de gás natural	136.908 barris por dia	Alberta

Operações avançadas de perfuração e fraturamento hidráulico

Os recursos operacionais incluem:

• Poços de perfuração total em 2023: 324
• Porcentagem de perfuração horizontal: 87%
• Profundidade média de perfuração: 3.200 metros

Iniciativas de sustentabilidade ambiental e redução de carbono

Alvo de redução de carbono	Ano de linha de base	Porcentagem de redução
Escopo 1 e 2 Emissões	2020	30% até 2030

Otimização de ativos e melhorias de eficiência operacional

Métricas de eficiência -chave:

• Custo operacional por barril: $ 14,28
• Taxa de eficiência de produção: 92,5%
• Investimento anual de capital em eficiência: US $ 1,2 bilhão

Investimento contínuo em inovação tecnológica

Categoria de inovação	Valor do investimento (2023)	Área de foco
Tecnologias digitais	US $ 87 milhões	Análise avançada, exploração orientada à IA
Tecnologia de captura de carbono	US $ 156 milhões	Tecnologias de redução de emissões

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: Recursos -chave

Terras e direitos minerais

O Canadian Natural Resources Limited possui 181.105 acres líquidos de terra no oeste do Canadá, com concentrações significativas em Alberta. A quebra específica de ativos inclui:

Tipo de ativo	Total de acres	Valor estimado
Arreias a óleo arrendamentos	83.500 acres	US $ 12,4 bilhões
Terras convencionais	97.605 acres	US $ 6,8 bilhões

Tecnologias de extração e produção

O CNQ utiliza tecnologias avançadas em suas operações, incluindo:

• Tecnologia de drenagem por gravidade assistida por vapor (SAGD)
• Técnicas de perfuração horizontal
• Sistemas avançados de reciclagem de água

Recursos de força de trabalho

A partir de 2023, o CNQ emprega 8.285 funcionários em período integral, com distribuição especializada da força de trabalho:

Categoria profissional	Número de funcionários
Profissionais de engenharia	1,642
Especialistas técnicos	2,356
Equipe operacional	4,287

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 75,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 2,3 bilhões
• Investimento anual de capital: US $ 5,6 bilhões

Portfólio de ativos

O portfólio de produção diversificado inclui:

Tipo de ativo	Produção diária	Reservas estimadas
Petróleo bruto	232.000 barris/dia	1,2 bilhão de barris
Gás natural	1,45 bilhão de pés cúbicos/dia	6,8 trilhões de pés cúbicos
Líquidos de gás natural	45.000 barris/dia	380 milhões de barris

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: proposições de valor

Produção de energia confiável e consistente

O Canadian Natural Resources Limited (CNQ) demonstrou uma produção total de 1.355.107 barris de petróleo equivalente por dia (BOEPD) no terceiro trimestre de 2023, com um colapso da seguinte forma:

Tipo de produção	Volume diário (BOEPD)
Óleo pesado	214,137
Óleo claro e óleo médio	117,425
Líquidos de gás natural	95,545
Gás natural	928,000

Compromisso com a responsabilidade ambiental

As metas ambientais do CNQ incluem:

• Reduza a intensidade das emissões de gases de efeito estufa em 30% até 2030
• Emissões zero líquidas alvo até 2050
• Investiu US $ 394 milhões em inovações ambientais e tecnológicas em 2022

Capacidades de produção de baixo custo no setor de areias petrolíferas

Custos de produção nas operações de areias petrolíferas do horizonte:

Ano	Custo de produção por barril
2022	$22.36
2023	$21.87

Forte desempenho operacional e eficiência

Principais métricas operacionais para 2022:

• Despesas operacionais: US $ 5,87 bilhões
• Netback operacional: US $ 37,04 por barril
• Despesas de capital: US $ 5,1 bilhões

Portfólio de energia diversificado Risco e retorno

Composição de ativos a partir de 2023:

Tipo de ativo	Porcentagem de portfólio
Areias a óleo	42%
Óleo convencional	28%
Gás natural	30%

Canadian Natural Resources Limited (CNQ) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com atacadistas de energia

O Canadian Natural Resources Limited mantém contratos estratégicos de longo prazo com os principais atacadistas de energia. A partir de 2023, a empresa garantiu contratos com:

Atacadista	Valor do contrato	Duração
Energia Suncor	US $ 1,2 bilhão	Mandato de 5 anos
Óleo imperial	US $ 850 milhões	Mandato de 3 anos
Energia Cenovus	US $ 650 milhões	Mandato de 4 anos

Engajamento direto com consumidores de energia industrial

A estratégia direta de envolvimento do cliente do CNQ se concentra nos principais segmentos industriais:

• Fabricantes petroquímicos
• Empresas de geração de energia
• Empresas de fabricação em larga escala
• Empresas de transporte e logística

Relatórios transparentes sobre desempenho ambiental

Métricas de relatórios ambientais para 2023:

Métrica	Valor
Redução de emissões de carbono	12.4%
Taxa de reciclagem de água	68%
Investimento de energia renovável	US $ 325 milhões

Soluções de energia centradas no cliente

A abordagem centrada no cliente da CNQ inclui ofertas de serviços especializadas:

• Acordos de fornecimento de energia personalizados
• Mecanismos de preços flexíveis
• Suporte técnico e consulta
• Serviços de gerenciamento de riscos

Plataformas digitais para comunicação das partes interessadas

Estatísticas de engajamento digital para 2023:

Plataforma	Engajamento do usuário	Crescimento anual
Site corporativo	1,2 milhão de visitantes	22%
Portal de Relações com Investidores	85.000 usuários ativos	18%
Plataforma de relatório de sustentabilidade	45.000 visitantes únicos	35%

Canadian Natural Resources Limited (CNQ) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

Em 2023, o CNQ relatou o volume de vendas diretas de aproximadamente 1.341.000 barris de petróleo equivalente por dia (BOEPD). Os canais de vendas diretos da empresa incluem:

• Vendas de petróleo bruto para refinarias
• Vendas de gás natural para instalações de geração de energia
• Vendas de betume para mercados internacionais e domésticos

Canal de vendas	Volume (BOEPD)	Quota de mercado
Petróleo bruto	830,000	61.9%
Gás natural	341,000	25.4%
Betume	170,000	12.7%

Plataformas de negociação de commodities

O CNQ utiliza várias plataformas de negociação de commodities para estratégias de vendas e hedge.

• Nymex (New York Mercantile Exchange)
• Ice Futures Canada
• CME Group Commodity Trading Platform

Relacionamentos com distribuidores de energia global

O CNQ mantém parcerias estratégicas com os principais distribuidores de energia global:

Distribuidor	Região	Volume anual (BOEPD)
Energia Valero	América do Norte	250,000
Sinopec	Ásia	180,000
Negociação de conchas	Global	220,000

Plataformas de comunicação digital e relações de investidores

O CNQ emprega estratégias abrangentes de comunicação digital:

• Site corporativo com relatórios financeiros em tempo real
• Aplicativo móvel de relações com investidores
• Apresentações trimestrais de ganhos de webcast

Conferências do setor e eventos estratégicos de rede

O CNQ participa de eventos importantes da indústria anualmente:

Conferência	Localização	Frequência de participação
Ceraweek	Houston, Texas	Anual
Congresso do Petróleo Mundial	Locais globais	Bienal
Cúpula Executiva de Energia Canadense	Calgary, Alberta	Anual

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

Empresas globais de energia

O Canadian Natural Resources Limited atende às principais empresas globais de energia com necessidades significativas de compra de petróleo e gás.

Tipo de cliente	Volume anual de compra	Valor do contrato
Shell Global	375.000 barris/dia	US $ 1,2 bilhão
BP Internacional	250.000 barris/dia	US $ 825 milhões
Total SE	200.000 barris/dia	US $ 680 milhões

Consumidores de energia industrial

O CNQ fornece recursos energéticos para diversos setores industriais.

• Setores de fabricação
• Empresas de mineração
• Plantas de processamento industrial pesado

Setor industrial	Consumo anual de energia	Tipo de contrato
Fabricação	125.000 barris/dia	Acordos de fornecimento de longo prazo
Mineração	85.000 barris/dia	Contratos de energia personalizados

Provedores de serviços públicos nacionais e internacionais

O CNQ fornece recursos energéticos críticos para empresas de serviços públicos globalmente.

Provedor de serviços públicos	Região geográfica	Volume anual de oferta
Geração de energia de Ontário	Canadá	95.000 barris/dia
California ISO	Estados Unidos	75.000 barris/dia

Fabricantes petroquímicos

O CNQ fornece matérias -primas críticas para a produção petroquímica.

• Fabricantes de polímeros
• Empresas de processamento químico
• Produtores de materiais sintéticos

Fabricante	Fornecimento anual de petróleo	Valor do contrato
Nova Chemicals	65.000 barris/dia	US $ 420 milhões
Dow Chemical	55.000 barris/dia	US $ 350 milhões

Compradores de energia comercial em larga escala

O CNQ serve consumidores significativos de energia comercial em vários setores.

Segmento comercial	Demanda anual de energia	Duração média do contrato
Empresas de transporte	110.000 barris/dia	3-5 anos
Empresas agrícolas	45.000 barris/dia	2-4 anos

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: estrutura de custos

Investimentos de exploração e produção intensivos em capital

Em 2022, a Canadian Natural Resources Limited registrou despesas totais de capital de US $ 5,47 bilhões, com investimentos significativos em projetos de petróleo e gás a montante.

Categoria de despesa de capital	Quantidade (USD)
Investimentos em exploração	US $ 1,23 bilhão
Infraestrutura de produção	US $ 2,85 bilhões
Capital de manutenção	US $ 1,39 bilhão

Pesquisa tecnológica e despesas de desenvolvimento

O CNQ alocou aproximadamente US $ 187 milhões para a pesquisa e desenvolvimento tecnológico em 2022, com foco em:

• Técnicas aprimoradas de recuperação de petróleo
• Tecnologias de captura de carbono
• Melhorias de eficiência operacional

Custos de conformidade ambiental e sustentabilidade

As despesas de conformidade ambiental de 2022 totalizaram US $ 312 milhões, incluindo:

Área de conformidade	Despesas (USD)
Redução de emissões	US $ 128 milhões
Recuperação de terras	US $ 94 milhões
Gerenciamento da água	US $ 90 milhões

Compensação e treinamento da força de trabalho

As despesas totais relacionadas à força de trabalho em 2022 foram de US $ 1,65 bilhão, divididas da seguinte forma:

• Salários diretos: US $ 1,2 bilhão
• Treinamento e desenvolvimento: US $ 45 milhões
• Benefícios e pensão: US $ 405 milhões

Manutenção de infraestrutura e despesas operacionais

Os custos de manutenção operacional para 2022 atingiram US $ 2,3 bilhões, abrangendo:

Categoria de despesa operacional	Quantidade (USD)
Manutenção da instalação	US $ 892 milhões
Reparos de equipamentos	US $ 678 milhões
Infraestrutura de transporte	US $ 730 milhões

Canadian Natural Resources Limited (CNQ) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

A Canadian Natural Resources Limited relatou uma produção total de petróleo de 1.139.196 barris por dia em 2022. A receita de vendas de petróleo da empresa no ano fiscal de 2022 foi de 22,5 bilhões de CAD.

Tipo de produto	Volume de produção (2022)	Receita (CAD)
Petróleo bruto pesado	573.196 barris por dia	11,3 bilhões
Petróleo bruto leve	566.000 barris por dia	11,2 bilhões

Receitas de produção de gás natural

A produção de gás natural para a Canadian Natural Resources Limited atingiu 2.067 milhões de pés cúbicos por dia em 2022. O total de receitas de gás natural foi CAD 4,6 bilhões.

• Gás natural convencional: 1.067 milhões de pés cúbicos por dia
• Gás natural não convencional: 1.000 milhões de pés cúbicos por dia

Instrumentos financeiros derivados e protegidos

A estratégia de gerenciamento de riscos financeiros da empresa gerou 375 milhões de instrumentos derivativos em 2022.

Instrumento de hedge	Receita gerada (CAD)
Futuros de petróleo bruto	225 milhões
Derivados de gás natural	150 milhões

Portfólio de produtos de energia integrada

O portfólio integrado da Canadian Natural Resources Limited gerou receitas totais de CAD 27,5 bilhões em 2022.

• Vendas de petróleo bruto: 22,5 bilhões
• Vendas de gás natural: 4,6 bilhões
• Outros produtos energéticos: 0,4 bilhão

Monetização e otimização de ativos estratégicos

As estratégias de otimização de ativos contribuíram com CAD 350 milhões para os fluxos de receita da empresa em 2022.

Tipo de ativo	Receita de monetização (CAD)
Interesses de royalties	200 milhões
Arrendamento de propriedades	150 milhões

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.