Canadian Natural Resources corporate profile Report

Company Report 12 December 2024

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Why buy this report?

Canada’s largest producer is excelling operationally, yet it is plagued by volatile pricing in its home country. It was one of the worst performing equities in its peer group in 2018.

Purchase our report for an in-depth review of Canadian Natural Resource's outlook and the company’s strengths and weaknesses, benchmarked against its peers.

What’s inside this report?

Get answers to all your questions about Canada’s largest producer, including:

The outlook for production growth, cash margins and returns
How pricing volatility is impacting corporate strategy
What are the growth options inside and outside of the core oil sands resource?

Report summary

Canadian Natural Resources (CNRL) is in an enviable position. Elevated oil prices have supported robust shareholder returns and deleveraging over the last few quarters. Low gearing supported Chevron Canada's asset acquisition, which included an additional 20% stake in CNRL's premier AOSP asset. With strong free cash flow generation continuing to support deleveraging, the company could return to 100% free cash flow return to shareholders as early as 2027. So, what's next for this Canadian heavyweight? The future looks promising as CNRL leverages its strong financial position to explore new growth opportunities, enhance operational efficiencies, and continue delivering value to its shareholders. The company's strategic focus on sustainability and innovation will likely play a crucial role in shaping its path forward.

These reports provide unsurpassed proprietary data and analysis, underpinned by our industry leading asset models to help you understand your peers and competitors, and make the best strategic choices.

Wood Mackenzie base case valuation
- Valuation upsides:
- Valuation downsides:
Overview
Strategic priorities
Overview
Resilience
- Strengths
- Weaknesses
- Outlook
Sustainability
- Strengths
- Weaknesses
- Outlook
Overview
Key assets
- Oil Sands Mining/Upgrading
- Oil Sands In-Situ
- Unconventional Gas
- Enhanced Oil Recovery (EOR) Heavy Oil
- Conventional Heavy and Medium Oil
- Light Oil
- International
Oil sands projects have significant opportunities to increase production
Solvent co-injection with steam pilots proving cost effective for CNRL’s thermal in-situ oil sands projects
Large land base in its E&P segment; drill-to-fill strategy reduces capex needs
CNRL is the second-largest natural gas producer in Canada, but growth prospects are limited due to current pricing and egress constraints
6 more item(s)...

Tables and charts

This report includes the following images and tables:

Benchmark: market premium/discount*
CNRL: market premium/discount* under different commodity price scenarios
SWOT analysis

CNRL: development is focused on lower cost areas
CNRL: oil sands & mining segment SCO’s realized prices outperform all other segments and WTI less WCS blend differential
Benchmark: CNRL paid off Cdn$ 12.1 billion in net debt since Q1 2020
CNRL: 100% free cash flow return to shareholders expected to trigger by 2027
CNRL: annual cash flow sources & uses
CNRL: return of capital metrics
CNRL: year-end credit metrics
IOC Resilience benchmarking & CNRL’s ratings weighted by dimension
IOC Sustainability benchmarking & CNRL’s ratings weighted by dimension
16 more item(s)...