Capital Research Global Investors reveals 7% CNQ stake in Canadian Natural (CNQ)

Rhea-AI Filing Summary

Capital Research Global Investors reported a passive ownership stake in Canadian Natural Resources, Ltd., disclosing beneficial ownership of 146,348,934 common shares, or 7.0% of the class, as of 12/31/2025.

The firm has sole voting power over 146,312,513 shares and sole dispositive power over 146,348,934 shares, with no shared voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

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Equity ownership and governance analyst

Capital Research discloses a 7% passive stake in Canadian Natural.

Capital Research Global Investors reports beneficial ownership of 146,348,934 Canadian Natural Resources common shares, representing 7.0% of the 2,083,215,546 shares believed outstanding as of the reporting date. The position is held through affiliated investment management entities under the Capital Research Global Investors name.

The filing is made on a Schedule 13G/A, which is used for passive holders. It explicitly certifies that the shares were acquired and are held in the ordinary course of business and not to change or influence control, other than activities solely in connection with a nomination under Rule 240.14a-11.

This disclosure signals a sizable institutional presence but does not, by itself, indicate activist intent or a change in strategy. Future ownership updates in similar filings would show whether this stake is increasing, stable, or being reduced over subsequent reporting periods.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Canadian Natural Resources, Ltd.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

136385101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 136385101

1

Names of Reporting Persons

Capital Research Global Investors

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 146,312,513.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 146,348,934.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

146,348,934.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Canadian Natural Resources, Ltd.
(b)	Address of issuer's principal executive offices: 2100, 855 - 2ND Street S. W., Calgary, AB T2P 4J8, Canada
Item 2.
(a)	Name of person filing: Capital Research Global Investors
(b)	Address or principal business office or, if none, residence: 333 South Hope Street, 55th Fl, Los Angeles, CA 90071
(c)	Citizenship: N/A
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 136385101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 146,348,934 ** **Capital Research Global Investors ("CRGI") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CRGI's divisions of each of the investment management entities collectively provide investment management services under the name "Capital Research Global Investors." CRGI is deemed to be the beneficial owner of 146,348,934 shares or 7.0% of the 2,083,215,546 shares believed to be outstanding.
(b)	Percent of class: 7.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 146,312,513
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 146,348,934
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Capital Research Global Investors

Signature:	Jae Won Chung
Name/Title:	Vice President and Senior Counsel II, Capital Research and Management Company
Date:	02/05/2026

FAQ

What ownership stake in CNQ did Capital Research Global Investors report?

Capital Research Global Investors reported beneficial ownership of 146,348,934 Canadian Natural Resources common shares, representing 7.0% of the class. This percentage is based on 2,083,215,546 shares believed to be outstanding as of the event date in the filing.

Is Capital Research Global Investors a passive or activist holder of CNQ?

The filing characterizes Capital Research Global Investors as a passive holder. It certifies the CNQ shares were acquired and are held in the ordinary course of business, not for changing or influencing control, except for limited nomination-related activities allowed under Rule 240.14a-11.

How much voting power does Capital Research have in Canadian Natural Resources (CNQ)?

Capital Research Global Investors reports sole voting power over 146,312,513 CNQ shares and no shared voting power. It also has sole dispositive power over 146,348,934 shares, indicating unilateral authority to vote and dispose those holdings on behalf of its managed accounts.

What type of securities does Capital Research hold in Canadian Natural Resources (CNQ)?

Capital Research Global Investors holds common stock of Canadian Natural Resources, Ltd. The filing specifies the security as common stock with CUSIP 136385101, and all reported ownership percentages and share counts relate to this class of securities.

When was Capital Research’s CNQ ownership measured for this Schedule 13G/A?

The ownership information is reported as of the event date 12/31/2025. The filing states Capital Research Global Investors is deemed beneficial owner of 146,348,934 shares, or 7.0% of the 2,083,215,546 Canadian Natural Resources shares believed outstanding on that date.

Who signed the Schedule 13G/A reporting Capital Research’s CNQ holdings?

The Schedule 13G/A was signed by Jae Won Chung, identified as Vice President and Senior Counsel II of Capital Research and Management Company. The signature section certifies that the information in the statement is true, complete and correct to the best of their knowledge.