Canadian Natural Resources Limited: Rating Report
On June 4, 2021, DBRS Limited (DBRS Morningstar) changed the trends on Canadian Natural Resources Limited's (the Company) ratings to Stable from Negative and confirmed the ratings as noted above. The trend changes reflect DBRS Morningstar's expectation that the Company's key credit metrics will improve substantially through 2022 to support the ratings. The expected improvement is tied to a recovery in crude oil prices and the Company's focus on deleveraging the balance sheet.Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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