Canadian Natural Resources

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Canadian Natural Resources Limited
FormerlyAEX Minerals Corporation
TypePublic company
S&P/TSX 60 component
IndustryPetroleum industry
Founded7 November 1973; 48 years ago (1973-11-07)
Headquarters2100 Bankers Hall East, 855 2 Street SW,
Key people
Tim S. Mckay, President
N. Murray Edwards, Chairman
Gordon D. Giffin, director
Frank McKenna, director
Catherine M. Best, director
David A. Tuer, director
M. Elizabeth Cannon, director
Natural gas
Natural gas liquids
Production output
1,164 thousand barrels of oil equivalent (7,120,000 GJ) per day (2020)
RevenueDecrease $17.491 billion (2020)
Decrease ($435) million (2020)
Total assetsDecrease $75.276 billion (2020)
Total equityIncrease $37.458 billion (2020)
Number of employees
9,709 (2021)
Footnotes / references

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,[1] 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.[1]

In the 2020 Forbes Global 2000, Canadian Natural Resources was ranked as the 306th-largest public company in the world.[2]


CBC described CNRL as a "Calgary-based oil and gas giant."[3] 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.[4] According to a May 13, 2021 Forbes report, CNRL had a market capitulation of $36.6 billion, and sales of $12.6 billion with 9,709 employees.[5]


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.[1]

The company also owns two operated pipeline systems, an electricity cogeneration facility, and a 50% interest in the North West Redwater Partnership.[1]

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:[1]

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.


The company was founded on November 7, 1973 as AEX Minerals Corporation and adopted the present name in 1975.[6][7]

In 1998, the company sold land to Remington Energy for C$127.5 million.[8]

In 1999, the company and Penn West Petroleum (now Obsidian Energy) acquired the Canadian assets of BP Amoco.[9]

In 2000, the company acquired Ranger Oil for C$1.08 billion.[10][11][12]

In 2002, the company acquired Rio Alto for $2.4 billion.[13][14]

In February 2004, the company acquired Petrovera Resources, a joint venture between Encana and ConocoPhillips.[15]

In September 2006, the company acquired the Canadian operations of Anadarko Petroleum for US$4.1 billion.[16]

In April 2014, the company acquired the conventional assets in Canada of Devon Energy for C$3.125 billion.[17]

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.[18][19]

In August 2018, the company acquired the idled Joslyn oil sands project from Total S.A. and its partners.[20]

In September 2018, the company acquired Laricina Energy for $46 million.[21]

In June 2019, the company acquired the remaining assets in Canada of Devon Energy.[22]


Horizon tank farm collapse fatalities[edit]

The Association of Professional Engineers and Geoscientists of Alberta (APEGA) has reopened its inquiries into a fatal accident that occurred in the oil sands in 2007.[23]

The association’s director of communications told the Edmonton Journal that they had only recently received a final copy of the Alberta Occupational Health and Safety Incident report into what caused the collapse of a large tank under construction at the Canadian Natural Resources Ltd. Horizon oil sands site.

“Even though it’s been a long time between the time the event occurred and the time that report was done, we felt obliged to take a closer look at that new information,” said Mulder.

The collapse of the tank roof structure occurred during windy conditions on April 24, 2007. The large tank was one of 11 being constructed by SSEC Canada, a Chinese company, on the east tank farm on the CNRL Horizon site, 70 kilometres north of Fort McMurray.The tank was to be a circular steel high-cone roof tank, 56.5 metres in diameter and 19.8 metres high. At the time of the accident the tank’s roof support structure was only partially complete and the roof was suspended by cables. A team of temporary workers from China were inside the tank working on the structure when it started to collapse inwards. Some of the workers managed to escape through holes in the tank’s wall, but an “electrical consultant” who was standing on top of a welding machine was struck by falling steel and thrown onto scaffolding. He was pronounced dead at the scene. A scaffolder who was on the tank floor was also crushed by the falling steel and died on the way to hospital in Fort McMurray. Two other workers in the tank were seriously injured.

APEGA says it is now investigating because the health and safety report indicates that a professional engineer was not involved as was required.

Indeed, the analysis in the health and safety report includes several indications that professional oversight was lacking and labour rules were being ignored: For example, at 8.1.2: “Tenth Construction Company of Sinopec (TCC) [a Chinese construction company ] did not take reasonable practical measures to protect the health and safety of the Electrical Cosultant. The tank roof support structure that collapsed onto the worker was a skeleton structure. The erection procedures for erecting the roof support structures had not been prepared and certified by a Professional Engineer. The Electrical Consultant did not have a work permit as a temporary foreign worker and thus should not have been working at this work site.”

The report makes it clear that the structural design of the tank was inadequate:At 7.2.6: “The roof support structure was a completely bolted structure using ASTM A-307 Grade B bolts without the use of wedges or washes. The bolted roof support structure, which was required to be flexible, did not have the necessary restraints to resist the lateral forces generated by the wind.

And, at 7.27. “The number and size of guy wires that were supporting the roof support structure in tanks 72-TK-1A and 72-TK-1B, was not designed for the static and dynamic loads imposed by the 33 to 45 km/h wind that occurred on the day of the incident, let alone for the maximum expected wind speed of 83 km/h as determined by the Alberta Building Code, or 190 km/h recommended by the American Petroleum Institute.”

Primrose oil seeps[edit]

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.[24][25]

Slave Lake pipeline spill[edit]

In April 2014, a pipeline owned by the company spilled 70,000 liters of oil and processed water northwest of Slave Lake, Alberta.[26][27]

Red Earth Creek pipeline spill[edit]

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.[28][29]

See also[edit]


  1. ^ a b c d e f "Canadian Natural 2020 Annual Report". Canadian Natural Resources Limited.
  2. ^ "Forbes Global 2000". Retrieved 31 October 2020.
  3. ^ "Canadian Natural reports $2.2-billion Q3 profit, raises quarterly dividend". CBC News via the Canadian Press. 4 November 2021. Retrieved 8 December 2021.
  4. ^ "Major shake-up at Albian Sands as CNRL takes over mine operations". Oil Sands Magazine. Retrieved 8 December 2021.
  5. ^ "Canadian Natural Resources". Forbes. 13 May 2021. Retrieved 8 December 2021.
  6. ^ "Canadian Natural Resources Limited 2018 Form 20-F Annual Report". U.S. Securities and Exchange Commission.
  7. ^ "Forbes: Canadian Natural Resources". Forbes.
  8. ^ "Company News; Remington Energy Of Canada In $84.8 Million Land Deal". The New York Times. Bloomberg News. 29 July 1998.
  9. ^ Pritchard, Timothy (6 August 1999). "World Business Briefing: Americas; Canadians Buy Bp Amoco Assets". The New York Times.
  10. ^ Jang, Brent (16 June 2000). "White knight rescues Ranger Oil". The Globe and Mail.
  11. ^ Pritchard, Timothy (16 June 2000). "World Business Briefing: Americas; Ranger Accepts Sweeter Bid". The New York Times.
  12. ^ Carlisle, Tamsin (16 June 2000). "Canadian Natural Bids for Ranger Oil In Move to Thwart Petrobank Takeover". The Wall Street Journal.
  13. ^ "Canadian Natural to buy Rio Alto for $2.4 billion". CBC News. 13 May 2002.
  14. ^ Simon, Bernard (14 May 2002). "Latest Energy Deal in Canada Is a Plan to Acquire Rio Alto". The New York Times.
  15. ^ "Canadian Natural Resources buys Petrovera Resources". Oil & Gas Journal. 19 February 2004.
  16. ^ Parksinson, David (14 September 2006). "Canadian Natural buys Anadarko Canada for $4.1-billion (U.S.)". The Globe and Mail.
  17. ^ "Devon Energy Completes Sale of Canadian Conventional Assets" (Press release). Business Wire. 2 April 2014.
  18. ^ "Canadian Natural Resources Limited Announces the Acquisition of Working Interest in the Athabasca Oil Sands Project and Other Oil Sands Assets" (Press release). Marketwired. 9 March 2017.
  19. ^ Pulsinelli, Olivia (8 May 2018). "Shell selling entire Canadian Natural Resources stake for $3.3B". American City Business Journals.
  20. ^ "CNRL to buy idle Joslyn oil sands project". Oil & Gas Journal. 31 August 2018.
  21. ^ "CNRL completes Laricina Energy acquisition". Oil & Gas Journal. 17 September 2018.
  22. ^ "Canadian Natural Resources Limited Completes the Acquisition of Substantially All of the Assets of Devon Canada Corporation" (Press release). Globe Newswire. 27 June 2019.
  23. ^ professional-engineering-oversight-lacking-in-cnrl-horizon-tank-disaster
  24. ^ "Northern Alberta oilfield's continuing bitumen seepage 'disturbing,' environmentalist warns". CBC News. The Canadian Press. Retrieved 20 September 2019.
  25. ^ Krugel, Lauren (13 August 2013). "Groups demand probe amid CNRL bitumen leak |". Global News. The Canadian Press. Retrieved 20 September 2019.
  26. ^ "Canadian Natural Resources Pipeline Spills 70,000 Litres Of Oil, Water". HuffPost. The Canadian Press. 2 April 2014.
  27. ^ "Canadian Natural Resources pipeline leaks near Slave Lake". CBC News. The Canadian Press. 3 April 2014.
  28. ^ "Alberta pipeline spills 60,000 litres of crude oil into muskeg". Global News. 1 December 2014.
  29. ^ Mehler Paperny, Anna; Young, Leslie (2 December 2014). "Alberta oil spill: Examining CNRL's safety record". Global News.

External links[edit]