Canadian Natural Resources Limited, commonly referred to as Canadian Natural or CNRL, is one of Canada’s largest oil and natural gas producers. The company was founded in 1989 and has since grown to become a major player in the global energy industry. Canadian Natural is known for its diverse portfolio of assets, which includes oil sands mining, thermal in situ recovery, conventional oil and natural gas production, and offshore oil and gas production.
Canadian Natural is listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the symbol CNQ. The company has established itself as a leader in the North American energy sector, with a focus on long-life, low-decline assets and a commitment to sustainable development.
Key facts about Canadian Natural:
Founded: 1989
Industry: Oil and Gas Exploration and Production
Stock symbol: CNQ (TSX and NYSE)
Employees: Approximately 10,000 (as of 2023)
Revenue: CAD $32.5 billion (2022)
Net income: CAD $10.9 billion (2022)
The company is known for its balanced and diverse asset base, which helps to mitigate risks associated with commodity price fluctuations. Canadian Natural’s operations span across North America, the UK North Sea, and Offshore Africa, giving it a global presence in the energy sector.
2. Company Headquarters
Canadian Natural’s corporate headquarters is located in Calgary, Alberta, Canada. The specific address is:
Canadian Natural Resources Limited 2100, 855 – 2 Street S.W. Calgary, Alberta T2P 4J8 Canada
Calgary, often referred to as the heart of Canada’s oil and gas industry, is home to many major energy companies. The city’s strategic location, skilled workforce, and supportive business environment make it an ideal base for Canadian Natural’s operations.
While the corporate headquarters is in Calgary, the company maintains regional offices and operational sites across its areas of activity. These include:
Fort McMurray, Alberta (for oil sands operations)
Aberdeen, Scotland (for North Sea operations)
Various field offices across Western Canada
The Calgary headquarters serves as the central hub for corporate strategy, finance, and overall management of the company’s global operations.
3. Business Sectors
Canadian Natural operates in several key business sectors within the oil and gas industry. Its diverse portfolio allows the company to maintain a strong position in the market and adapt to changing industry conditions. The main business sectors include:
a) Oil Sands Mining and Upgrading
Canadian Natural is a major player in Alberta’s oil sands, with significant operations in the Athabasca region. The company’s flagship asset in this sector is the Horizon Oil Sands facility, which began production in 2009. Horizon is an integrated mining and upgrading operation that produces high-quality, low-sulfur synthetic crude oil.
Key features of the oil sands operations:
Mining: Using truck and shovel operations to extract bitumen-rich oil sands
Upgrading: Converting bitumen into synthetic crude oil
Capacity: Approximately 250,000 barrels per day of synthetic crude oil
In addition to Horizon, Canadian Natural also operates the Athabasca Oil Sands Project (AOSP) through a joint venture, which includes the Muskeg River and Jackpine mines.
b) Thermal In Situ Recovery
For oil sands deposits that are too deep to mine, Canadian Natural uses thermal in situ recovery methods. The primary technique employed is Steam-Assisted Gravity Drainage (SAGD), which involves injecting steam into the reservoir to heat the bitumen, allowing it to flow and be pumped to the surface.
Major thermal in situ projects include:
Kirby
Primrose
Wolf Lake
Pelican Lake (using polymer flooding technology)
c) Conventional Oil and Natural Gas Production
Canadian Natural has extensive conventional oil and natural gas operations across Western Canada. These assets provide a stable base of production and cash flow for the company.
Key areas of conventional production:
Light crude oil and natural gas liquids in various parts of Alberta and British Columbia
Heavy crude oil in the Lloydminster region of Alberta and Saskatchewan
Natural gas in multiple basins across Western Canada
d) Offshore Oil and Gas Production
The company has significant offshore operations in two main regions:
North Sea (UK sector):
Ninian field
Tiffany field
Other smaller fields
Offshore Africa:
Côte d’Ivoire (Baobab and Espoir fields)
South Africa (exploration activities)
These offshore assets contribute to Canadian Natural’s international production portfolio and provide exposure to different market dynamics.
4. Investments, Subsidiaries, and Affiliates
Canadian Natural has a complex structure of investments, subsidiaries, and affiliates that support its operations and strategic goals. While the company operates primarily under the Canadian Natural Resources Limited banner, it has several key subsidiaries and joint ventures:
Subsidiaries:
Canadian Natural Resources International (CNRI)
Manages the company’s international operations, particularly in the North Sea and Offshore Africa.
Horizon Oil Sands Inc.
A wholly-owned subsidiary that operates the Horizon Oil Sands project.
Canadian Natural Resources Northern Alberta Partnership
Manages certain oil sands assets in northern Alberta.
Baytex Energy Ltd. (partially owned)
Canadian Natural acquired a significant stake in Baytex through its merger with Athabasca Oil Corporation in 2023.
Joint Ventures and Affiliates:
Athabasca Oil Sands Project (AOSP)
Canadian Natural holds a 70% interest in this joint venture, which includes the Muskeg River and Jackpine mines, as well as the Scotford upgrader.
Partners: Shell Canada Energy (20%) and Chevron Canada Limited (10%)
North West Redwater Partnership
Canadian Natural has a 50% interest in this partnership, which operates the Sturgeon Refinery in Alberta.
Partner: North West Refining Inc.
Inter Pipeline Ltd. (partial ownership)
Canadian Natural holds a significant equity stake in Inter Pipeline, a major petroleum transportation and storage company.
Côte d’Ivoire Operations
The company has various partnership arrangements for its offshore operations in Côte d’Ivoire, including with the national oil company, PETROCI.
Investments:
Canadian Natural also maintains a portfolio of strategic investments in other energy-related companies and projects. These investments help the company diversify its interests and gain exposure to different aspects of the energy value chain. Some notable investments include:
Carbon capture and storage projects
The company is involved in several initiatives aimed at reducing greenhouse gas emissions, including the Quest Carbon Capture and Storage project.
Renewable energy projects
While not a primary focus, Canadian Natural has invested in some renewable energy projects as part of its sustainability strategy.
Technology companies
Investments in firms developing innovative technologies for the oil and gas industry, particularly in areas of environmental performance and operational efficiency.
The company’s investment strategy is focused on supporting its core operations, enhancing its competitive position, and preparing for future energy transitions. Canadian Natural regularly evaluates its portfolio of investments and may acquire or divest assets based on strategic considerations and market conditions.
5. Website
Canadian Natural Resources Limited maintains a comprehensive corporate website that serves as a primary source of information for investors, job seekers, and the general public. The official website can be accessed at:
https://www.cnrl.com
Key features of the website include:
Company Overview
Detailed information about Canadian Natural’s history, operations, and corporate strategy.
Investor Relations
Financial reports, stock information, dividend history, and corporate presentations.
Webcasts and transcripts of earnings calls and investor events.
Operations
Descriptions of the company’s various business segments and major projects.
Interactive maps showing the locations of Canadian Natural’s assets.
Sustainability
Reports on environmental, social, and governance (ESG) performance.
Information on the company’s efforts in areas such as emissions reduction and land reclamation.
Careers
Job listings and information about working at Canadian Natural.
Details on the company’s culture, benefits, and development programs.
News and Media
Press releases, news articles, and multimedia content related to the company.
Contact Information
Details for reaching various departments within the company.
The website is regularly updated with the latest information about Canadian Natural’s operations, financial performance, and corporate initiatives. It serves as a valuable resource for stakeholders looking to stay informed about the company’s activities and achievements.
6. Acquisitions
Canadian Natural has a history of strategic acquisitions that have contributed significantly to its growth and diversification over the years. These acquisitions have helped the company expand its asset base, enter new markets, and strengthen its position in the energy sector. Some of the most notable acquisitions include:
Devon Energy’s Canadian Assets (2019)
Value: CAD $3.8 billion
This acquisition significantly expanded Canadian Natural’s thermal and heavy oil operations in Alberta.
Athabasca Oil Sands Project Stake (2017)
Value: CAD $12.7 billion
Canadian Natural acquired a 70% interest in the Athabasca Oil Sands Project from Shell and Marathon Oil, including the Muskeg River and Jackpine mines.
Royal Dutch Shell’s Oil Sands Assets (2017)
Part of the same deal as the AOSP acquisition, this included Shell’s Peace River operations and various undeveloped oil sands leases.
Painted Pony Energy Ltd. (2020)
Value: CAD $461 million
This acquisition enhanced Canadian Natural’s natural gas assets in the Montney region of northeastern British Columbia.
Laricina Energy (2018)
Canadian Natural acquired this private company, which held oil sands leases in the Athabasca region.
Barrick Energy Inc. (2013)
Value: CAD $173 million
This acquisition from Barrick Gold Corporation added light oil assets to Canadian Natural’s portfolio.
Anadarko Canada Corporation (2006)
Value: CAD $4.1 billion
This major acquisition significantly expanded Canadian Natural’s Western Canadian operations, particularly in natural gas.
Petro-Canada’s Western Canadian Assets (2002)
Value: CAD $1.6 billion
This deal included properties in Alberta and British Columbia, strengthening Canadian Natural’s conventional oil and gas portfolio.
These acquisitions demonstrate Canadian Natural’s strategy of opportunistic growth, often taking advantage of market conditions to acquire high-quality assets at attractive valuations. The company has shown a willingness to make both large, transformative acquisitions and smaller, targeted purchases to enhance its asset base.
It’s worth noting that Canadian Natural’s acquisition strategy is not solely focused on buying entire companies. The company also regularly participates in land sales, acquires individual properties or assets from other companies, and enters into joint ventures or partnerships to access new resources or technologies.
The success of these acquisitions has been a key factor in Canadian Natural’s growth from a small, Calgary-based producer to one of North America’s largest independent oil and gas companies. The company’s ability to integrate acquired assets effectively and realize operational synergies has been crucial to its long-term success.
7. How to Get a Job in the Company
Canadian Natural Resources Limited is known for being a major employer in the energy sector, offering a wide range of career opportunities across its various operations. Here’s a guide on how to pursue a job with the company:
Browse through current job openings, which are typically categorized by location and job function.
The company offers positions in areas such as engineering, geology, operations, finance, human resources, and information technology, among others.
2. Understand the Requirements
Carefully read the job descriptions and requirements for positions that interest you.
Canadian Natural often looks for candidates with relevant education, experience, and sometimes specific certifications or licenses, depending on the role.
3. Prepare Your Application
Tailor your resume and cover letter to highlight skills and experiences that match the job requirements.
Emphasize any relevant experience in the oil and gas industry, as well as any specific technical skills or certifications.
4. Submit Your Application
Apply directly through the company’s online career portal.
Ensure all required fields are completed and necessary documents are uploaded.
Some positions may require additional assessments or questionnaires as part of the application process.
5. Network and Attend Events
Canadian Natural participates in various career fairs and industry events.
Networking with current employees or attending company information sessions can provide valuable insights and potentially lead to job opportunities.
6. Student and New Graduate Opportunities
The company offers internship and co-op programs for students.
There are also new graduate programs in various disciplines, providing a pathway for recent graduates to join the company.
7. Prepare for the Interview Process
If selected, you may go through multiple rounds of interviews, potentially including technical assessments for certain roles.
Research the company thoroughly and be prepared to discuss your knowledge of Canadian Natural and the energy industry.
8. Consider Field Locations
Many of Canadian Natural’s jobs are in field locations or operational sites.
Be open to positions in various geographical areas, as this can increase your chances of securing a role.
9. Emphasize Safety and Environmental Awareness
Canadian Natural places a strong emphasis on safety and environmental responsibility.
Demonstrating knowledge and commitment in these areas can be advantageous.
10. Stay Persistent
The oil and gas industry can be cyclical, affecting hiring patterns.
If not successful initially, continue to monitor job postings and consider gaining additional relevant experience or certifications.
11. Understand the Company Culture
Canadian Natural values teamwork, integrity, and continuous improvement.
Familiarize yourself with the company’s mission, values, and corporate culture to ensure a good fit.
12. Professional Development
The company offers various training and development programs for employees.
Highlight your interest in continuous learning and professional growth in your application and interviews.
By following these steps and demonstrating a genuine interest in Canadian Natural and the energy sector, you can increase your chances of securing a position with the company. Remember that the hiring process can be competitive, especially for more senior roles, so persistence and continuous self-improvement are key.
8. Financial Performance
Canadian Natural Resources Limited has consistently demonstrated strong financial performance, positioning itself as one of the leading companies in the North American oil and gas sector. Here’s an overview of the company’s recent financial performance and key metrics:
Recent Financial Highlights (Fiscal Year 2022):
Revenue: CAD $32.5 billion
Net Earnings: CAD $10.9 billion
Cash Flow from Operating Activities: CAD $19.4 billion
Capital Expenditures: CAD $4.9 billion
Total Assets: CAD $93.5 billion
Total Liabilities: CAD $40.2 billion
Shareholders’ Equity: CAD $53.3 billion
Production Metrics (2022):
Total Production: 1,281,434 barrels of oil equivalent per day (BOE/d)
Oil Sands Mining and Upgrading: 448,133 barrels per day
Thermal and Oil Sands Production: 263,194 barrels per day
North America Conventional Oil and NGL: 227,390 barrels per day
North America Natural Gas: 1,918 million cubic feet per day
International Production: 34,643 BOE/d
Financial Ratios (as of 2022):
Return on Equity (ROE): 20.5%
Return on Assets (ROA): 11.7%
Debt-to-Equity Ratio: 0.34
Current Ratio: 0.81
Price-to-Earnings (P/E) Ratio: 7.2 (varies with stock price)
Dividend Information:
Canadian Natural has a strong track record of paying and increasing dividends. As of 2023, the company has increased its dividend for 23 consecutive years, making it a Dividend Aristocrat on the Toronto Stock Exchange.
