Canadian Natural Resources Ltd

Canadian Natural Resources Limited is Canada's largest natural gas producer and the largest crude oil and natural gas liquids producer in the country. Based in Calgary, Alberta, The company has operations focused across Western Canada, the North Sea, and offshore Africa. 

Canadian Natural has a diverse portfolio of crude oil, natural gas, oil sands mining, upgrading, and thermal in situ production. At year-end 2022, the company had over 5 billion barrels of oil equivalent of proved reserves and a reserve life index of approximately 32 years.

Canadian Natural is currently producing approximately 1.4 million barrels of oil equivalent per day from its conventional oil and gas assets as well as its Horizon oil sands mining and upgrading project and thermal in situ oil sands assets. The company has an extensive infrastructure footprint supporting its operations, driving an average targeted annual production growth of 4% to 5% in 2025.

For 2024, Canadian Natural has set a capital budget of $5.4 billion targeting production of 1.33-1.38 million barrels of oil equivalent per day. The disciplined capital program is expected to generate significant free cash flow to support growing returns to shareholders via dividends and share repurchases under the company's capital allocation policy.