Morningstar Rating

Stock Research and Analysis

by David McColl

Bulls Say

CNRL has a history of quickly adapting to changing market conditions and allocating capital accordingly.
The Horizon oil sands project should provide CNRL with significant free cash flow for future expansions.
A multiyear plan to develop heavy and thermal oil projects supports incremental production growth beyond 2013. Read more 

Bears Say

Investors continue to fear cost overruns for oil sands projects, and this is probably a drag on the stock.
Oil sands projects could face political risk as pressure over environmental concerns mount.
The bitumen emulsion leak at its Cold Lake project could impair some of its Cold Lake reserves. Read more 

Management

CNRL relies on an 18-member corporate management committee instead of a named CEO. We believe this contributes to its effective allocating of capital to cash-flow-generating assets, in addition to quickly shifting the allocation with market dynamics.  Read more 

Profile

Canadian Natural Resources is an independent oil and gas firm with properties in western Canada, the North Sea, and offshore West and South Africa. Production is roughly   Read more 

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