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12 Pages

Canadian Natural Resources corporate report

Canadian Natural Resources corporate report

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 includes 2 file(s)

  • Canadian Natural Resources corporate report PDF - 376.32 KB 12 Pages, 7 Tables, 15 Figures
  • Canadian Natural Resources.xls XLS - 3.10 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • Executive summary
      • Strategic success factors
  • Strategy
  • Valuation
  • Financial health
    • Financial health overview
      • Net debt outlook / Liquidity position
  • Resources, reserves and production
    • Production overview
    • Resources and reserves overview
  • Portfolio summary
  • Economic assumptions
    • Economic assumptions

In this report there are 22 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Capex forecast
    • Capex flexibility
    • Dividend yields: benchmark
    • Strategy: Image 4
    • Share-price evolution
  • Valuation
    • Enterprise value vs. WM NPV10
    • Evolution of market premium to WM NPV10
  • Financial health
    • Cash-flow breakevens evolution
    • Net debt outlook
  • Resources, reserves and production
    • Reported and forecast production
    • Benchmarking: production CAGRs
    • WM reserves life
    • Reserves by resource theme
  • Portfolio summary
    • Key assets
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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