CANADIAN NATURAL RESOURCES LTD
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 26, 2026
Contents
Commitments and Contingencies
In the normal course of business, the Company has committed to certain payments. The following table summarizes the Company's commitments as at December 31, 2025:
| ($ millions) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
|---|---|---|---|---|---|---|
| Product transportation, purchases, and processing (1) (2) (3) (4) | $2,241 | $2,223 | $2,065 | $1,912 | $1,758 | $18,025 |
| North West Redwater Partnership service toll (5) | $116 | $95 | $96 | $95 | $95 | $3,878 |
| Offshore vessels and equipment | $99 | $— | $— | $— | $— | $— |
| Field equipment and power (4) | $50 | $26 | $26 | $24 | $24 | $170 |
| Other | $122 | $50 | $19 | $18 | $18 | $177 |
(1)The Company's commitment for its 20-year product transportation agreement ending in 2044 on the TMX pipeline reflects interim tolls approved by the Canada Energy Regulator in 2023, and is subject to change pending the approval of final tolls.
(2)In 2025, in connection with the AOSP asset swap, the Company became the sole contracted shipper on the Corridor pipeline. Previously, the Company recognized a commitment associated with the pipeline, however, following the completion of the AOSP asset swap the contract has been recorded as a lease. Further details on the AOSP asset swap are disclosed in note 6 to the Company's audited consolidated financial statements.
(3)During 2024, the Company increased its total committed capacity on the TMX pipeline to 169,000 bbl/d, an incremental 75,000 bbl/d over the 20-year term.
(4)During 2024, the acquisition of Chevron's assets included approximately $1,292 million of product transportation and processing commitments and approximately $75 million of field equipment and power commitments.
(5)Pursuant to the processing agreements, the Company pays its 25% pro rata share of the debt component of the monthly fee-for-service toll. Included in the toll is $1,792 million of inte rest payable over the 40-year tolling period, ending in 2058.
In addition to the commitments disclosed above, the Company has entered into various agreements related to the engineering, procurement, and construction of its various development projects. These contracts can be cancelled by the Company upon notice without penalty, subject to the costs incurred up to and in respect of the cancellation.
LEGAL PROCEEDINGS AND OTHER CONTINGENCIES
The Company is defendant and plaintiff in a number of legal actions arising in the normal course of business. In addition, the Company is subject to certain contractor construction claims. The Company believes that any liabilities that might arise pertaining to any such matters would not have a material effect on its consolidated financial position.
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