One of the largest oil sands operators (Horizon + AOSP mining, plus SAGD like Kirby/Primrose/Jackfish), large Western Canada natural gas & heavy oil, plus North Sea and Offshore Africa; 2025 added Chevron's Duvernay position and an expanded AOSP stake.
Fortress balance sheet with 25 consecutive years of dividend growth, durable FCF, and a low-decline base needing little sustaining capital. Flags: Canada/Alberta concentration, heavy-oil differentials/egress, and carbon policy.
Its EV/EBITDA of 8.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.4% is lower than the 6.5% median, and at $6.81/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Canadian Natural Resources scores 62/100, strongest on asset quality (76/100). Sub-scores: value 53, quality 76, growth 42, risk 33 (higher = riskier).
Canadian Natural Resources holds approximately 15.91 billion boe of proved (1P) reserves with FY2025 production of about 1,571 thousand boe/d (81% liquids), a reserve life of roughly 27.7 years. Break-even: ~$40/bbl (WTI breakeven (funds capital + dividend)) — Long-life low-decline assets (especially oil sands mining) have very low sustaining capital and decades of reserve life, giving a low corporate breakeven.
For Canadian Natural Resources, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 93% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
| United Kingdom (North Sea) | 5% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
| Offshore Africa | 2% | 76 | High debt, FX/repatriation risk, mature declining fields. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Horizon Oil Sands | Canada | Oil sands mining | Wholly-owned mining/upgrading, long-life ~zero-decline |
| Athabasca Oil Sands Project (AOSP) | Canada | Oil sands mining | Stake increased via 2025 Chevron deal (Muskeg River/Jackpine) |
| Primrose / Kirby / Jackfish | Canada | Oil sands (SAGD) | Thermal in-situ heavy oil |
| Western Canada gas | Canada | Natural gas | Large low-cost Montney/conventional gas |
| Duvernay | Canada | Shale (liquids-rich) | Added via 2025 Chevron acquisition |
| Primrose/Wolf Lake heavy oil | Canada | Heavy oil | Conventional heavy oil |
| North Sea | United Kingdom | Offshore oil | Mature offshore production |
| Offshore Africa | Cote d'Ivoire / Gabon | Offshore oil | International offshore assets |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1237 | 1288 | 1333 | 1363 | 1571 |
| Proved reserves (bnboe) | 11.60 | 12.00 | 13.20 | 13.20 | 15.91 |
| Revenue ($bn) | 26.0 | 39.0 | 35.0 | 39.0 | 28.3 |
| EBITDA ($bn) | 16.0 | 26.0 | 20.0 | 22.0 | 12.9 |
| Net income ($bn) | 7.7 | 11.0 | 7.7 | 6.5 | 7.9 |
| Free cash flow ($bn) | 7.0 | 11.0 | 7.0 | 7.0 | 6.2 |
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✓ FY2025 figures verified against primary sources: