Company Report

Canadian Natural Resources corporate profile

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Why buy this report?

Canada’s largest producer is excelling operationally, yet it is plagued by volatile pricing in its home country. It was one of the worst performing equities in its peer group in 2018.

Purchase our report for an in-depth review of Canadian Natural Resource's outlook and the company’s strengths and weaknesses, benchmarked against its peers.

What’s inside this report?

Get answers to all your questions about Canada’s largest producer, including:

  • The outlook for production growth, cash margins and returns
  • How pricing volatility is impacting corporate strategy
  • What are the growth options inside and outside of the core oil sands resource?

Canadian Natural Resources (CNRL) is Canada’s largest oil and gas producer, recognized for long-life, low-decline assets and industry-leading cost efficiency. With a diversified portfolio spanning oil sands mining & upgrading, thermal in situ, heavy oil, and liquids-rich gas, CNRL delivers resilient free cash flow and sustainable growth. The company holds 11.8 billion boe of proved reserves, a 35-year reserve life index, and operates with breakevens in the low US$40s per barrel. Strategic priorities include disciplined capital allocation, technology-driven cost reductions, and net-zero ambitions by 2050 through carbon capture and solvent-assisted recovery. Backed by strong financials, a BBB+ credit rating, and 25 years of dividend growth, CNRL is positioned as North America’s most resilient and value-driven operator.

 

These reports provide unsurpassed proprietary data and analysis, underpinned by our industry leading asset models to help you understand your peers and competitors, and make the best strategic choices.

Table of contents

    • Valuation upsides:
    • Valuation downsides:
  • Overview
  • Strategic priorities
  • Overview
    • Strengths
    • Weaknesses
    • Outlook
    • Strengths
    • Weaknesses
    • Outlook
    • Key assets
    • Oil sands projects have significant opportunities to increase production
    • Solvent co-injection with steam pilots proving cost effective for CNRL’s thermal in-situ oil sands projects
    • Large land base in its E&P segment; drill-to-fill strategy reduces capex needs
    • CNRL is the second-largest natural gas producer in Canada, but growth prospects are limited due to current pricing and egress constraints
  • Company guidance
  • Wood Mackenzie view
  • Company guidance
  • Wood Mackenzie view
  • Company targets
  • 1 more item(s)...

Tables and charts

This report includes the following images and tables:

    Benchmark: market premium/discount*CNRL: market premium/discount* under different commodity price scenariosSWOT analysis
    CNRL: development is focused on lower cost areasCNRL: oil sands & mining segment SCO’s realized prices outperform all other segments and WTI less WCS blend differentialCNRL: annual cash flow sources & usesCNRL: return of capital metricsCNRL: year-end credit metricsIOC Resilience benchmarking & CNRL’s ratings weighted by dimensionIOC Sustainability benchmarking & CNRL’s ratings weighted by dimensionStrategic fit of upstream assetsCNRL: capex by category (nominal)
  • 9 more item(s)...

What's included

This report contains:

  • Document

    Canadian Natural Resources corporate profile

    PDF 2.73 MB