North America was Canadian Natural Resources’s largest segment in fiscal 2025, bringing in $18.95B of $38.76B (49%).
| Segments [axis] | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | $21.99B | $17.32B | $17.29B | $18.95B | |||||||
| Oil Sands Mining & Upgrading | $17.71B | $16.30B | $16.33B | $17.45B | |||||||
| North Sea | $635.00M | $441.00M | $477.00M | $337.00M | |||||||
| Midstream & Refining | $986.00M | $1.00B | $895.00M | $761.00M | |||||||
| Offshore Africa | $686.00M | $580.00M | $456.00M | $187.00M | |||||||
| Inter–Segment Elimination & Other | — | — | — | — | |||||||
| Inter-Segment Elimination & Other | $295.00M | $328.00M | $216.00M | $1.08B | |||||||
| Midstream | — | — | — | — | |||||||
| Total | $42.30B | $35.97B | $35.66B | $38.76B |
Canadian Natural Resources brought in $38.76B from its six segments in fiscal 2025, the year ended December 31, 2025. That was up 8.7% from $35.66B in fiscal 2024. North America was the largest at $18.95B (48.9%), ahead of Oil Sands Mining & Upgrading at $17.45B (45.0%) and Inter-Segment Elimination & Other at $1.08B (2.8%). The other three segments brought in $1.29B combined.
Compared with fiscal 2024, Inter-Segment Elimination & Other grew fastest, up 398.1% to $1.08B. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments fell from $42.30B to $38.76B, a compound annual decline of 2.9%. North America's share of the total fell from 52.0% to 48.9%.
North America was Canadian Natural Resources’s largest region in fiscal 2022, bringing in $31.70B of $33.02B (96%).
| Geography | FY 2022 |
|---|---|
| North America | $31.70B |
| Offshore Africa | $687.00M |
| North Sea | $635.00M |
| Total | $33.02B |
Canadian Natural Resources brought in $33.02B from its three regions in fiscal 2022, the year ended December 31, 2022. North America was the largest at $31.70B (96.0%), ahead of Offshore Africa at $687.00M (2.1%) and North Sea at $635.00M (1.9%).
Canadian Natural Resources (CNQ) reports its revenue by segments [axis] and by geography. In fiscal 2025, North America was its largest segment, bringing in $18.95B (48.9% of the total), followed by Oil Sands Mining & Upgrading at $17.45B (45.0%).
North America was Canadian Natural Resources' largest segment in fiscal 2025, bringing in $18.95B, or 48.9% of the $38.76B total across its six segments.
North America was Canadian Natural Resources' largest region in fiscal 2022, bringing in $31.70B, or 96.0% of the $33.02B total across its three regions.
Among Canadian Natural Resources' segments that make up at least 2% of revenue, Inter-Segment Elimination & Other grew fastest in fiscal 2025, up 398.1% from $216.00M to $1.08B.
Every figure comes from Canadian Natural Resources' annual financial filings, as reported. Each line keeps the name Canadian Natural Resources gives it, and years follow its fiscal calendar.
Canadian Natural Resources' revenue by segments [axis] goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.