Canadian Natural Resources CNQ

Canadian Natural is a Canadian based senior independent energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids. The Company’s principal core regions of operations are western Canada, the UK sector of the North Sea and Offshore Africa. It operates and maintains a large working interest in a majority of the prospects in which it participates. As of December 31, 2024 the Company employed 5,377 people in North America Exploration and Production, 4,955 in North America Oil Sands Mining and Upgrading, and 308 in North Sea and Offshore Africa, for a total of 10,640 full time equivalent permanent employees.

The Company generates revenue primarily from the sale of crude oil, natural gas and natural gas liquids. In 2024 synthetic crude oil from oil sands mining and upgrading accounted for 35% of annual production, natural gas primarily from Alberta, British Columbia and Saskatchewan represented 26%, light and medium crude oil and natural gas liquids from western Canada and the Company’s North Sea and Offshore Africa operations contributed 10%, bitumen from thermal oil operations in Alberta and Saskatchewan made up 20%, primary heavy crude oil accounted for 6% and Pelican Lake heavy crude oil accounted for the remaining 3%. The Company’s midstream assets, including two operated pipeline systems and a 50% interest in an 84 megawatt cogeneration plant, provide cost effective transportation and processing for its heavy crude and bitumen volumes. Marketing arrangements allow the Company to sell its Canadian production to domestic purchasers who may subsequently export the products using their own transportation, while offshore production is sold mainly into European markets.

The company operates through the following segments: Exploration and Production, Oil Sands Mining and Upgrading, and North Sea and Offshore Africa.

• Exploration and Production: This segment focuses on the acquisition, exploration, development, production and marketing of crude oil, natural gas and natural gas liquids in western Canada, the UK sector of the North Sea and Offshore Africa.

• Oil Sands Mining and Upgrading: This segment is responsible for mining bitumen from oil sands deposits in northern Alberta and upgrading it to synthetic crude oil, which contributed 35% of the Company’s 2024 production.

• North Sea and Offshore Africa: This segment conducts offshore exploration and production activities, delivering crude oil and natural gas primarily to European markets.

Canadian Natural ranks among the largest independent oil and gas producers in North America, benefitting from a diversified portfolio that spans conventional resources, oil sands and offshore assets. The Company’s competitive advantages include high working interest positions, operator status on most of its properties, integrated midstream infrastructure and a disciplined approach to cost control throughout industry cycles. These strengths enable the Company to allocate capital efficiently and maintain steady cash flow and net asset value growth per share.

The Company sells its crude oil and natural gas liquids to refiners, petrochemical plants and other industrial customers in Canada and to international buyers who may export the products using their own transportation arrangements. Natural gas is marketed directly to utilities, industrial consumers and gas distributors in Canada and abroad. Offshore production from the North Sea and West African operations is sold primarily into European markets to refiners and trading companies.