Canadian Natural Resources Ltd. is a major independent energy company engaged in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs). The company's business model is centered on maintaining a diversified portfolio of upstream assets. Its operations are divided into three main segments: Exploration & Production, Oil Sands Mining & Upgrading, and Midstream & Refining.
The Exploration & Production segment focuses on operations in North America (largely Western Canada), the UK portion of the North Sea, and Offshore Africa (Côte d'Ivoire and South Africa). This segment produces light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, and natural gas. The Oil Sands Mining & Upgrading segment produces synthetic crude oil (SCO) through bitumen mining and upgrading operations at the Horizon Oil Sands and the Athabasca Oil Sands Project. The Midstream & Refining segment includes pipeline operations, an electricity co-generation system, and an investment in the North West Redwater Partnership, which upgrades and refines bitumen in Alberta.
Geographically, the vast majority of the company's production and revenue is generated in Western Canada, supplemented by its international offshore operations. Revenue is overwhelmingly derived from the sale of crude oil and NGLs, which account for over 85% of gross revenues, with natural gas contributing the remainder. As an independent producer rather than a fully integrated major, Canadian Natural Resources focuses primarily on upstream extraction and upgrading, leveraging its large reserve base and operational scale to maintain its position in the North American energy market.
