Canadian Natural's Oil Sands Mining & Upgrading Operations: A Stable Backbone for Long-Term Production Growth

Canadian Natural Resources Limited (CNQ) demonstrates the durability and scale of its Oil Sands Mining & Upgrading operations, with a total capacity of 592,000 barrels per day and approximately 90% upgraded into high-value Synthetic Crude Oil. The segment is uniquely positioned as a no-decline, no-reservoir-risk asset, providing a stable backbone for CNQ's production profile. The company holds around 8.3 billion barrels of reserves tied to Oil Sands Mining, supporting a reserve life index of about 47 years. Suncor Energy (SU) and Cenovus Energy (CVE) also have significant oil sands operations, with Suncor operating major sites such as Fort Hills, Firebag and Syncrude, and Cenovus operating key projects at Christina Lake, Foster Creek and Sunrise.