Canadian Natural Resources Toggles Record Oil & Gas Profits, Climate Woes

August 22, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Canada's oil and gas majors find themselves at a unique crossroads. Their industry is awash in soaring revenues from sky-high commodity prices and surging demand from consumers, yet companies like Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary, Alberta) are bracing for a swath of federal regulations intended to combat climate change. CNRL has vowed to slash its methane emissions 50% by 2030, while preparing a series of expansions to its exploration and production (E&P) assets across Alberta.

Industrial Info is tracking more than $30 billion worth of active projects from CNRL, including more than $1 billion worth nearing or under construction. More than 70% of the spending attributed to CNRL's active projects is related to plant expansions or the proposed addition of units, equipment or pipelines, particularly across Alberta's oil sands.