Company report

Canadian Natural Resources corporate report

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Report summary

Canadian Natural Resources (CNRL)is in an enviable position. Its key strategic question is how to allocate an imminent wave of free cash flow. Our base-case forecast of Cdn$4 billion over the next three years is conservative compared to CNRL's guidance. Key upsides are for increased shareholder returns and unconventional development.

What's included

This report contains

  • Document

    Canadian Natural Resources corporate report

    PDF 381.30 KB

  • Document

    Canadian Natural Resources corporate report

    ZIP 1.09 MB

  • Document

    Canadian Natural Resources.xls

    XLS 3.10 MB

Table of contents

Tables and charts

This report includes 22 images and tables including:


  • Capex forecast
  • Capex flexibility
  • Dividend yields: benchmark
  • Strategy: Image 4
  • Share-price evolution
  • Enterprise value vs. WM NPV10
  • Evolution of market premium to WM NPV10
  • Cash-flow breakevens evolution
  • Net debt outlook
  • Reported and forecast production
  • Benchmarking: production CAGRs
  • WM reserves life
  • Reserves by resource theme
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)


  • SWOT analysis
  • Key assets
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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