Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream and refining assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. As of December 31, 2020, the company had total proved crude oil, bitumen, and NGLs reserves were 10,528 million barrels (MMbbl); total proved plus probable crude oil, bitumen, and NGLs reserves were 13,271 MMbbl; proved SCO reserves were 6,998 MMbbl; total proved plus probable SCO reserves were 7,535 MMbbl; proved natural gas reserves were 12,168 billion cubic feet (Bcf); and total proved plus probable natural gas reserves were 20,249 Bcf. It operates primarily in Western Canada; the United Kingdom portion of the North Sea; and Offshore Africa. The company was formerly known as AEX Minerals Corporation and changed its name to Canadian Natural Resources Limited in December 1975. Canadian Natural Resources Limited was incorporated in 1973 and is headquartered in Calgary, Canada.

Canadian Natural Resources Limited

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Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	9,516	8,698	10,939	9,468	8,893	9,051
Total Revenues %Chg	7%	-3.9%	32.7%	-0.9%	-10.1%	14.7%
Product Sales
Royalties
Cost of Sales	4,911	4,624	5,512	4,708	4,294	4,634
Production
Transportation and Blending
Blending and Feedstock
Transportation
Gross Profit	4,605	4,074	5,427	4,760	4,599	4,417
Gross Profit Margin	48.4%	46.8%	49.6%	50.3%	51.7%	48.8%
Selling, General & Administrative Expenses	215	159	178	171	80	111
Administration
Share-Based Compensation
Depreciation & Amortization Expenses	3,211	1,765	1,870	1,901	1,598	1,649
Depletion, Depreciation and Amortization
Other Operating Expenses	95	90	91	98	97	97
Asset Retirement Obligation Accretion
Operating Profit	1,084	2,060	3,288	2,590	2,824	2,560
Operating Margin	11.4%	23.7%	30.1%	27.4%	31.8%	28.3%
Interest Expense	-93	-238	-258	-142	-154	-158
Interest and Other Financing Expense
Non-Operating Income	-504	987	67	-862	139	-146
Risk Management Loss
Foreign Exchange Loss
Expense on Disposition of Properties and Corporate Acquisitions and Dispositions
Expense from North West Redwater Partnership
Loss from Investments
Total Non-Operating Income	-597	749	-191	-1,004	-15	-304
Income Before Provision for Income Taxes	487	2,809	3,097	1,586	2,809	2,256
Earnings Before Taxes
Provision for Income Taxes	-113	350	639	448	543	541
Current Income Tax Expense
Deferred Income Tax Expense
Consolidated Net Income	600	2,459	2,458	1,138	2,266	1,715
Net Income Attributable to Common Shareholders	600	2,459	2,458	1,138	2,266	1,715
Net Earnings
Basic EPS	0.3	1.2	1.2	0.5	1.1	0.8
Diluted EPS	0.3	1.2	1.2	0.5	1.1	0.8
Basic Weighted Average Shares Outstanding	2,087.9	2,093.1	2,100.5	2,108	2,120	2,133.4
Total Shares Outstanding	2,085.1	2,090.6	2,097.5	2,103	2,113.1	2,127.6
Diluted Weighted Average Shares Outstanding	2,094	2,099.7	2,109.1	2,120.4	2,133.1	2,149.5
EBITDA	4,295	3,825	5,158	4,491	4,422	4,209
Effective Tax Rate	-23.2%	12.5%	20.6%	28.2%	19.3%	24%