Published by Todd Bush on November 3, 2025
Calgary, Alberta--(Newsfile Corp. - November 3, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces it has closed the asset swap with Shell Canada Limited and affiliates ("Shell") related to the Athabasca Oil Sands Project (AOSP), whereby Canadian Natural swapped 10% of its working interest in the Scotford Upgrader and Quest Carbon Capture and Storage (Quest) facilities for Shell's remaining 10% working interest in the Albian oil sands mines, associated reserves, and additional various working interests in a number of other non-producing oil sands leases. Canadian Natural now owns and operates 100% of the Albian mines and retains a non-operated 80% interest in the Scotford Upgrader and Quest facilities. As part of the transaction, Shell will own a 20% interest in the Scotford Upgrader and Quest facilities and will remain an important partner as the operator of the Scotford Upgrader, which is connected to Shell's 100% owned Scotford refinery. The swap did not include any cash consideration, with the exception of normal closing adjustments to reflect the effective date of this swap being March 1, 2025.
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Scott Stauth, President of Canadian Natural, commented, "This is a significant milestone for our Company, enabling more effective and efficient operations between our now 100% owned Horizon and Albian mines, enhancing our ability to integrate equipment and services across our mining operations and unlocking further value through continuous improvement initiatives in our Oil Sands Mining and Upgrading business. The transaction adds approximately 31,000 bbl/d of annual, zero decline, bitumen production to our portfolio, providing additional cash flow and driving long-term value creation for our shareholders.
We are now in a position to update our 2025 production guidance with the addition of the 31,000 bbl/d from the swap transaction, included effective November 1, 2025, which results in current production volumes of approximately 1,670 MBOE/d. Annual 2025 production guidance is now targeted to be between 1,560 MBOE/d and 1,580 MBOE/d and represents production growth in 2025 of approximately 207 MBOE/d or 15% over 2024 production levels, based on the mid-point of the updated guidance.
Our 2025 operating capital forecast, excluding unbudgeted net acquisition capital in 2025 of $690 million, remains unchanged at approximately $5.9 billion, after the $100 million capital reduction previously announced in May 2025. As a result of our strong execution and capital discipline, we have been able to maintain targeted capital levels in 2025 on a larger asset base following opportunistic acquisitions in the year, excellent results by our teams."
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All figures in millions, unless otherwise noted.
| Metric | 2025 Forecast |
|---|---|
| Natural Gas (MMcf/d) | 2,535 - 2,575 |
| Conventional E&P Crude Oil & NGLs (Mbbl/d) | 303 - 307 |
| Thermal and Oil Sands Mining & Upgrading (Mbbl/d) | 834 - 844 |
| Total Liquids (Mbbl/d) | 1,137 - 1,151 |
| Total MBOE/d | 1,560 - 1,580 |
(1) Reflects planned downtime for turnaround activities in all areas.
Note: Rounded to the nearest 1,000 bbl/d.
| Category | 2025 Forecast |
|---|---|
| Conventional E&P(2) | $3,140 |
| Thermal and Oil Sands Mining & Upgrading | $2,775 |
| Subtotal - Operating Capital Forecast | $5,915 |
| Unbudgeted Acquisitions(3) | $690 |
| Carbon Capture ($30 million) & One-time Office Move ($45 million) | $75 |
| Total Capital Forecast | $6,680 |
(1) 2025 capital forecast reflects actual and forecasted net capital expenditures, excluding approximately $787 million of abandonment expenditures, before recoveries, related to the execution of the Company's abandonment and reclamation programs in North America and the North Sea.
(2) Includes capital relating to the 2025 budgeted acquisition of the Palliser Block assets, that closed on June 26, 2025.
(3) Reflects capital associated with unbudgeted acquisitions, primarily relating to the acquisition of the Grande Prairie liquids-rich Montney assets that closed on July 2, 2025, other unbudgeted acquisitions and dispositions, and associated estimated closing adjustments.
Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700 F (403) 517-7350 E [email protected]
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
SCOTT G. STAUTH, President
VICTOR C. DAREL, Chief Financial Officer
LANCE J. CASSON, Manager, Investor Relations
Trading Symbol - **CNQ**
Toronto Stock Exchange | New York Stock Exchange
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