Established in 1973, Calgary-based Canadian Natural Resources Limited is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts of a diversified portfolio of crude oil (heavy as well as light), natural gas, bitumen and synthetic crude oil (SCO). Canadian Natural Resources’ core operations are focused in Western Canada, the United Kingdom sector of the North Sea and offshore Africa, which includes Côte d’Ivoire, Gabon, and South Africa. The company reports its activities into two segments: Exploration & Production, and Oil Sands Mining and Upgrading.  

Of particular significance is Canadian Natural’s substantial world class oil sands mining assets - Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP). Through these properties, the company holds leases that contain an estimated six billion barrels of proved and probable SCO reserves.

As of year-end 2023, the company had approximately 13,910 billion oil-equivalent barrels (BOE) in total proved reserves. About 83% of the reserves are liquids and 65% proved developed. Approximately 99% of the company’s proves reserves are located in North America. In 2023, production averaged 1,419,313 barrels of oil equivalent per day (BOE/d) – the most in Canada – comprising 74% crude oil/ liquid hydrocarbons and 26% natural gas. Meanwhile, the SCO assets in Northern Alberta accounted for 36% of 2023 output.

Canadian Natural, which trades on both the TSX and NYSE, also has midstream operations through its two wholly owned crude oil pipelines (namely ECHO and Pelican Lake pipelines) via which the company transports over 50% of its heavy crude oil. Its midstream portfolio also comprises of 50% stake in both Primrose electricity co-generation system and the North West Redwater Partnership.

The company recently hiked its dividend and will pay a quarterly dividend of C$1.05 per share.