Canadian Natural Resources

Canadian Natural Resources Limited

Formerly| AEX Minerals Corporation
Type| Public company

Traded as

| TSX: CNQ
S&P/TSX 60 component
Industry| Petroleum industry
Founded| 7 November 1973; 52 years ago (1973-11-07)
Headquarters| 2100 Bankers Hall East, 855 2 Street SW,

Calgary, Alberta

Key people

| Scott G. Stauth, President
N. Murray Edwards, Chairman
Gordon D. Giffin, director
Frank McKenna, director
Catherine M. Best, director
David A. Tuer, director
M. Elizabeth Cannon, director
Products| Petroleum
Natural gas
Natural gas liquids

Production output

| 1,571 thousand barrels of oil equivalent (9,610,000 GJ) per day (2025)
Revenue|  CA$44.167 billion (2025)

Net income

|  CA$10.820 billion (2025)
Total assets|  CA$91.830 billion (2025)
Total equity|  CA$44.366 billion (2025)

Number of employees

| 10,750 (2025) [1]
Website| www.cnrl.com
Footnotes / references
[2]

Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon. The company, which is headquartered in Calgary, Alberta,[3] has the largest undeveloped base in the Western Canadian Sedimentary Basin. It is the largest independent producer of natural gas in Western Canada and the largest producer of heavy crude oil in Canada.[3]

In the 2020 Forbes Global 2000, Canadian Natural Resources was ranked as the 306th-largest public company in the world.[4]

## Contents

* 1 Overview
* 2 Operations
* 3 History
* 3.1 Incidents
* 3.1.1 Horizon tank farm collapse fatalities
* 3.1.2 Primrose oil seeps
* 3.1.3 Slave Lake pipeline spill
* 3.1.4 Red Earth Creek pipeline spill
* 4 Leadership
* 4.1 President
* 4.2 Chairman of the Board
* 5 See also
* 6 References
* 7 External links

## Overview

CBC described CNRL as a "Calgary-based oil and gas giant."[5] CNRL owns and operates Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP) which are about 70 km north of Fort McMurray, Alberta in the Athabasca region.[6] According to a May 13, 2021, Forbes report, CNRL had a market capitalization of $36.6 billion, and sales of $12.6 billion with 9,709 employees.[7]

## Operations

As of December 31, 2018, the company had proved reserves of 9.679 billion barrels of oil equivalent (5.921×1010 GJ), of which 63% were synthetic crude.[3]

The company also owns two operated pipeline systems, an electricity cogeneration facility, and a 50% interest in the North West Redwater Partnership.[3]

In 2018, the company averaged production of 1,079 thousand barrels of oil equivalent (6,600,000 GJ) per day, of which 76% was petroleum and natural gas liquids and 24% was natural gas. In 2018, production came as follows:[3]

* Synthetic crude from oil sands mining in Northern Alberta – 39% of production.
* Natural gas, primarily produced in Alberta, British Columbia, and Saskatchewan – 24% of production
* Light and medium crude oil and natural gas liquids – 13% of production
* Bitumen – 10% of production
* Primary heavy crude oil – 8% of production
* Pelican Lake heavy crude oil – 6% of production

The company's largest operation is the Horizon Oil Sands project which is 75 kilometres (47 mi) north of Fort McMurray, Alberta. It includes a surface oil sands mining and bitumen extraction plant and bitumen upgrading with associated infrastructure. The company sanctioned the Horizon Oil Sands Project in February 2005 and it began production in early 2009.

## History

This section is in list format, but may read better as prose. You can help by converting this section, if appropriate. Editing help is available. (November 2020)

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The company was founded on November 7, 1973, as AEX Minerals Corporation and adopted the present name in 1975.[8][9]

In 1998, the company sold land to Remington Energy for C$127.5 million.[10]

In 1999, the company and Penn West Petroleum (now Obsidian Energy) acquired the Canadian assets of BP Amoco.[11]

In 2000, the company acquired Ranger Oil for C$1.08 billion.[12][13][14]

In 2002, the company acquired Rio Alto for $2.4 billion.[15][16]

In February 2004, the company acquired Petrovera Resources, a joint venture between Encana and ConocoPhillips.[17]

In September 2006, the company acquired the Canadian operations of Anadarko Petroleum for US$4.1 billion.[18]

In April 2014, the company acquired the conventional assets in Canada of Devon Energy for C$3.125 billion.[19]

In 2017, the company acquired the Canadian oil sands assets of Royal Dutch Shell, including a 70% working interest in the Athabasca Oil Sands Project, for $5.3 billion in cash plus 97,560,975 shares. The shares were sold in 2018.[20][21]

In August 2018, the company acquired the idled Joslyn oil sands project from Total S.A. and its partners.[22]

In September 2018, the company acquired Laricina Energy for $46 million.[23]

In June 2019, the company acquired the remaining assets in Canada of Devon Energy.[24]

### Incidents

#### Horizon tank farm collapse fatalities

In 2007, a tank that was under construction collapsed, killing two workers and seriously injuring two others.[25]

#### Primrose oil seeps

In June 2013, the Alberta Energy Regulator investigated reports of leaks in the company's Primrose East oil sands project. The regulator concluded that nearly a million litres of bitumen mixed with water had seeped into the ground around the site.[26][27]

#### Slave Lake pipeline spill

In April 2014, a pipeline owned by the company spilled 70,000 liters of oil and processed water northwest of Slave Lake, Alberta.[28][29]

#### Red Earth Creek pipeline spill

In November 2014, a pipeline owned by the company spilled almost 60,000 liters of crude oil into a muskeg region 27 kilometers from Red Earth Creek, Alberta.[30][31]

## Leadership

### President

1. Dr Aaro Emil Aho, 7 November 1973 – 1 October 1975
2. Herbert Stanley Cornwell, 1 October 1975 – 1976
3. Robert Allen Boulware, 1976–1985
4. John Graham Langille, 1985 – April 2005
5. Stephen Wilson Laut, April 2005 – 28 February 2018
6. Timothy Shawn McKay, 28 February 2018 – 28 February 2024
7. Scott Gerald Stauth, 28 February 2024 – present

### Chairman of the Board

1. Allan Paul Markin, 10 January 1989 – 2 April 2012
2. Norman Murray Edwards, 2 April 2012 – present

## See also

* Petroleum industry in Canada
* Environmental issues in Alberta
* Western Canadian Select
* Kirby Lake Aerodrome

## References

1. ↑ "2025 Annual Information Form". Canadian Natural Resources Limited. https://www.cnrl.com/content/uploads/2026/03/CNQ_2025-AIF-March-25-2026.pdf.
2. ↑ "Canadian Natural 2025 Annual Report". Canadian Natural Resources Limited. https://www.cnrl.com/content/uploads/2026/04/CNQ_2025-Annual-Report.pdf.
3. ↑ 3.0 3.1 3.2 3.3 3.4 "Canadian Natural 2020 Annual Report". Canadian Natural Resources Limited. https://www.cnrl.com/investor-information/annual-documents#2020.
4. ↑ "Forbes Global 2000". https://www.forbes.com/companies/canadian-natural-resources/#4190761c527d.
5. ↑ "Canadian Natural reports $2.2-billion Q3 profit, raises quarterly dividend". CBC News via the Canadian Press. November 4, 2021. https://www.cbc.ca/news/canada/calgary/calgary-canadian-natural-q3-profit-1.6236748.
6. ↑ "Major shake-up at Albian Sands as CNRL takes over mine operations". Oil Sands Magazine. 9 March 2017. https://www.oilsandsmagazine.com/news/2017/3/9/major-shake-up-at-albian-sands-as-cnrl-takes-over-mine-operations. Retrieved 2021-12-08.
7. ↑ "Canadian Natural Resources". Forbes. May 13, 2021. https://www.forbes.com/companies/canadian-natural-resources/.
8. ↑ "Canadian Natural Resources Limited 2018 Form 20-F Annual Report". U.S. Securities and Exchange Commission.
9. ↑ "Forbes: Canadian Natural Resources". Forbes. https://www.forbes.com/companies/canadian-natural-resources/.
10. ↑ "Company News; Remington Energy Of Canada In $84.8 Million Land Deal". The New York Times. Bloomberg News. July 29, 1998. https://www.nytimes.com/1998/07/29/business/company-news-remington-energy-of-canada-in-84.8-million-land-deal.html.
11. ↑ Pritchard, Timothy (August 6, 1999). "World Business Briefing: Americas; Canadians Buy Bp Amoco Assets". The New York Times. https://www.nytimes.com/1999/08/06/business/world-business-briefing-americas-canadians-buy-bp-amoco-assets.html.
12. ↑ Jang, Brent (June 16, 2000). "White knight rescues Ranger Oil". The Globe and Mail. https://www.theglobeandmail.com/report-on-business/white-knight-rescues-ranger-oil/article18423708/.
13. ↑ Pritchard, Timothy (June 16, 2000). "World Business Briefing: Americas; Ranger Accepts Sweeter Bid". The New York Times. https://www.nytimes.com/2000/06/16/business/world-business-briefing-americas-ranger-accepts-sweeter-bid.html.
14. ↑ Carlisle, Tamsin (June 16, 2000). "Canadian Natural Bids for Ranger Oil In Move to Thwart Petrobank Takeover". The Wall Street Journal. https://www.wsj.com/articles/SB961088510390425127.
15. ↑ "Canadian Natural to buy Rio Alto for $2.4 billion". CBC News. May 13, 2002. https://www.cbc.ca/news/business/canadian-natural-to-buy-rio-alto-for-2-4-billion-1.352501.
16. ↑ Simon, Bernard (May 14, 2002). "Latest Energy Deal in Canada Is a Plan to Acquire Rio Alto". The New York Times. https://www.nytimes.com/2002/05/14/business/latest-energy-deal-in-canada-is-a-plan-to-acquire-rio-alto.html.
17. ↑ "Canadian Natural Resources buys Petrovera Resources". Oil & Gas Journal. February 19, 2004. https://www.ogj.com/general-interest/article/17292927/canadian-natural-resources-buys-petrovera-resources.
18. ↑ Parksinson, David (September 14, 2006). "Canadian Natural buys Anadarko Canada for $4.1-billion (U.S.)". The Globe and Mail. https://www.theglobeandmail.com/report-on-business/canadian-natural-buys-anadarko-canada-for-41-billion-us/article1103178/.
19. ↑ "Devon Energy Completes Sale of Canadian Conventional Assets" (Press release). Business Wire. April 2, 2014.
20. ↑ "Canadian Natural Resources Limited Announces the Acquisition of Working Interest in the Athabasca Oil Sands Project and Other Oil Sands Assets" (Press release). Marketwired. March 9, 2017.
21. ↑ Pulsinelli, Olivia (May 8, 2018). "Shell selling entire Canadian Natural Resources stake for $3.3B". American City Business Journals. https://www.bizjournals.com/houston/news/2018/05/08/shell-selling-entire-canadian-natural-resources.html.
22. ↑ "CNRL to buy idle Joslyn oil sands project". Oil & Gas Journal. August 31, 2018. https://www.ogj.com/drilling-production/production-operations/unconventional-resources/article/17295959/cnrl-to-buy-idle-joslyn-oil-sands-project.
23. ↑ "CNRL completes Laricina Energy acquisition". Oil & Gas Journal. September 17, 2018. https://www.ogj.com/drilling-production/production-operations/ior-eor/article/17296359/cnrl-completes-laricina-energy-acquisition.
24. ↑ "Canadian Natural Resources Limited Completes the Acquisition of Substantially All of the Assets of Devon Canada Corporation" (Press release). Globe Newswire. June 27, 2019.
25. ↑ professional-engineering-oversight-lacking-in-cnrl-horizon-tank-disaster
26. ↑ "Northern Alberta oilfield's continuing bitumen seepage 'disturbing,' environmentalist warns". The Canadian Press. CBC News. https://www.cbc.ca/news/canada/calgary/cnrl-well-leak-alberta-primrose-bitumen-1.3859564.
27. ↑ Krugel, Lauren (13 August 2013). "Groups demand probe amid CNRL bitumen leak | Globalnews.ca" (in en). The Canadian Press. Global News. https://globalnews.ca/news/777615/groups-demand-probe-amid-cnrl-bitumen-leak/.
28. ↑ "Canadian Natural Resources Pipeline Spills 70,000 Litres Of Oil, Water". The Canadian Press. HuffPost. 2 April 2014. https://www.huffingtonpost.ca/2014/04/02/cnrl-pipeline-spill_n_5078644.html.
29. ↑ "Canadian Natural Resources pipeline leaks near Slave Lake". The Canadian Press. CBC News. 3 April 2014. https://www.cbc.ca/news/business/canadian-natural-resources-pipeline-leaks-near-slave-lake-1.2597036.
30. ↑ "Alberta pipeline spills 60,000 litres of crude oil into muskeg". Global News. 1 December 2014. https://globalnews.ca/news/1699902/alberta-pipeline-spills-60000-litres-of-crude-into-muskeg/.
31. ↑ Mehler Paperny, Anna; Young, Leslie (2 December 2014). "Alberta oil spill: Examining CNRL's safety record". Global News. http://globalnews.ca/news/1703807/alberta-oil-spill-examining-cnrls-safety-record/.

## External links

* Official website
* Business data for Canadian Natural Resources Limited:

* Google Finance
* Yahoo! Finance
* Bloomberg
* Reuters
* SEC filings

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