Canadian Natural Resources Limited completed an asset swap with Shell Canada, exchanging a 10% working interest in the Scotford Upgrader and Quest facilities for Shell’s 10% interest in the Albian oil sands mines. The deal gives CNQ full ownership of the Albian mines and an 80% non‑operated stake in Scotford and Quest, while Shell retains a 20% interest in the upgrader and Quest assets.
The swap closed on Monday, November 3, 2025, with the effective date of March 1, 2025. The transaction adds approximately 31,000 barrels per day of zero‑decline bitumen to CNQ’s portfolio.
CNQ updated its 2025 production guidance to 1,560–1,580 million barrels of oil equivalent per day, a 15% increase over 2024 levels and an upward revision from the January 2025 guidance of 1,510–1,555 MBOE/d. The company also confirmed a capital forecast of $5.9 billion, unchanged from prior guidance, and a total 2025 capital forecast of $6.68 billion when acquisitions are included.
The swap is expected to enhance operational synergies between CNQ’s Horizon and Albian sites, unlock additional cash flow, and streamline equipment and service utilization across the two locations.
CNQ’s financial health remains strong, with a debt‑to‑equity ratio of 0.45 and levered free cash flow of $5.85 billion over the last twelve months. The company has a history of returning 100% of free cash flow to shareholders.
In the fourth quarter of 2023, CNQ reported adjusted net earnings of $2.5 billion and adjusted funds flow of $4.8 billion, while Q1–Q3 2024 earnings ranged from $1.5 billion to $2.1 billion, indicating a steady earnings trajectory.
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