Canadian Natural Resources Limited Prices C$1,650 Million in 3, 5 and 10 Year Medium-Term Notes
Rhea-AI Summary
Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) priced C$1,650 million of medium-term notes on December 4, 2025 in three equal tranches of C$550 million.
Tranches: 3-year 3.30% maturing December 8, 2028 (price C$99.887, yield 3.340%); 5-year 3.75% maturing February 8, 2031 (price C$99.781, yield 3.798%); 10-year 4.55% maturing February 8, 2036 (price C$99.700, yield 4.588%).
Joint lead agents were CIBC Capital Markets, TD Securities, and Scotia Capital. Net proceeds will be used for general corporate purposes and may repay indebtedness. The offering is under the company’s August 28, 2025 Canadian base shelf (up to C$3.0 billion) and is targeted to close December 8, 2025.
Positive
- Issued C$1,650,000,000 total principal across three tranches
- Each tranche sized C$550,000,000 with staggered maturities to 2036
- Notes issued under an existing C$3.0 billion Canadian base shelf
Negative
- Creates C$1,650,000,000 of fixed-rate debt principal for the company
- Long-term interest obligations with yields ranging 3.340%–4.588% through 2036
- Offering close is subject to customary closing conditions (targeted Dec 8, 2025)
Key Figures
Market Reality Check
Peers on Argus
Key Oil & Gas E&P peers like COP, HES, OXY, EOG and FANG all showed positive moves (e.g., COP +1.62%, HES +1.26%), but no peers appeared in the momentum scanner, suggesting the CNQ note issuance was more company-specific than part of a broad sector momentum event.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Dividend declaration | Positive | -1.2% | Announced quarterly dividend of C$0.5875 and 25th year of increases. |
| Nov 06 | Earnings results | Positive | -1.2% | Reported record Q3 2025 production and strong adjusted earnings and cash flow. |
| Nov 03 | Asset swap & guidance | Positive | -0.2% | Closed AOSP swap, gained 31,000 bbl/d bitumen and raised 2025 guidance. |
| Aug 07 | Dividend declaration | Positive | -2.9% | Declared C$0.5875 dividend and highlighted 25-year, 21% CAGR dividend growth. |
| Aug 07 | Earnings results | Positive | -2.9% | Reported strong Q2 2025 earnings, 10% production growth and major acquisitions. |
Recent positive fundamental and dividend news has coincided with modest negative next-day price reactions, indicating a pattern of short-term divergence from seemingly favorable announcements.
Over the past few months, Canadian Natural reported strong Q2 and Q3 2025 results with multi-billion-dollar adjusted funds flow and production growth, plus strategic oil sands asset swaps and acquisitions. It also maintained a quarterly dividend of C$0.5875 with 25 years of increases. Despite these positive fundamentals, 24-hour price reactions after the last 5 news events were negative, providing context for how the market has recently processed new information.
Market Pulse Summary
This announcement details the pricing of C$1,650,000,000 in 3-, 5- and 10-year medium-term notes under a Canadian base shelf prospectus of up to C$3.0 billion. It follows a series of strong operational and financial updates and ongoing dividend growth. Investors may focus on how additional debt balances with cash generation, capital plans, and prior patterns where news—often positive—was followed by short-term price softness.
Key Terms
yield to maturity financial
short form base shelf prospectus regulatory
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - December 4, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces that on December 4, 2025, it priced the following medium-term notes ("Notes") which were sold to investors in Canada:
| Note / Coupon | Principal | Maturity | Price per Note | Yield to Maturity |
| 3 year / | C | December 8, 2028 | C | |
| 5 year / | C | February 8, 2031 | C | |
| 10 year / | C | February 8, 2036 | C |
CIBC Capital Markets, TD Securities Inc., and Scotia Capital Inc. acted as joint lead agents and joint book-runners for the offering of the Notes. BMO Nesbitt Burns Inc., and RBC Dominion Securities Inc. acted as co-managers and Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., ATB Securities Inc., SMBC Nikko Securities Canada Ltd., and Desjardins Securities Inc. acted as co-agents for the offering of the Notes.
The net proceeds received by Canadian Natural from the issuance and sale of the Notes will be used for general corporate purposes. Canadian Natural may also use the proceeds for the repayment of indebtedness. The net proceeds that are not utilized immediately may be invested in short-term marketable securities. The Notes were issued under the Company's Canadian base shelf prospectus dated August 28, 2025 that allows for the issuance of debt securities in an aggregate principal amount of up to C
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700 F (403) 517-7350 E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com
_________________________________________________________
SCOTT G. STAUTH
President
VICTOR C. DAREL
Chief Financial Officer
LANCE J. CASSON
Manager, Investor Relations
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding Non-GAAP and Other Financial Measures at www.cnrl.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277010
FAQ
What did CNQ announce on December 4, 2025 about medium-term notes?
What are the maturities and coupons for CNQ's December 2025 notes?
How will CNQ use the proceeds from the C$1.65B note offering?
When is CNQ's note offering expected to close and under what shelf?
Who acted as joint lead agents for CNQ's note issuance (TSX: CNQ)?
