[SCHEDULE 13G] Canadian Natural Resources Limited SEC Filing

Rhea-AI Filing Summary

Capital Research Global Investors reported beneficial ownership of 111,326,703 shares of Canadian Natural Resources, Ltd., representing 5.3% of the 2,094,688,080 shares stated as outstanding in the filing. The filer reports sole voting power over 111,237,599 shares and sole dispositive power over 111,326,703 shares, with no shared voting or dispositive power.

The filing identifies CRGI as a division of Capital Research and Management Company and lists its investment management subsidiaries and affiliates. The statement certifies the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Positive

• Clear disclosure of beneficial ownership: CRGI reports holding 111,326,703 shares of CNQ, representing 5.3% of outstanding shares.

• Sole voting and dispositive authority: The filer states sole voting power over 111,237,599 shares and sole dispositive power over 111,326,703 shares, with no shared powers.

Negative

• None.

Insights

Institutional Investor Analyst

TL;DR: CRGI discloses a material >5% stake in CNQ with sole voting and dispositive authority; no stated intent to change control.

The Schedule 13G shows an institutional position of 111,326,703 shares, equal to 5.3% of the issuer's outstanding common stock. The filer reports near-complete sole voting (111,237,599) and sole dispositive (111,326,703) power, which means CRGI can independently vote and trade the bulk of its stake. The filing is a standard passive disclosure under Rule 13d-1; it does not assert plans to influence corporate control and explicitly certifies the holdings are in the ordinary course of business. For investors, this documents significant institutional ownership but contains no operational or strategic signals beyond ownership levels.

Corporate Governance Expert

TL;DR: Material ownership disclosed with sole control over votes and disposition, but the filer affirms no intent to affect control.

The disclosure is significant from a governance perspective because a single institutional group is recorded as holding more than 5% of common stock (5.3%). Sole voting and dispositive powers reported—111,237,599 and 111,326,703 shares respectively—mean CRGI can act unilaterally on shareholder votes and disposition of nearly all its reported holdings. The filing also clarifies CRGI is a division of Capital Research and Management Company and lists affiliated investment management entities, which is relevant for understanding the reporting group. However, the certification states the position is not held for purposes of changing control, limiting immediate governance-change implications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Canadian Natural Resources, Ltd.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

136385101

(CUSIP Number)

06/30/2025

(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 111,237,599.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 111,326,703.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

111,326,703.00

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)

5.3 %

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: 111,326,703 ** **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 111,326,703 shares or 5.3% of the 2,094,688,080 shares believed to be outstanding.
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 111,237,599
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 111,326,703
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	08/05/2025

FAQ

What stake does Capital Research Global Investors hold in Canadian Natural (CNQ)?

CRGI holds 111,326,703 shares, equal to 5.3% of the 2,094,688,080 shares reported outstanding.

How much voting power does CRGI report for CNQ?

The filing reports sole voting power over 111,237,599 shares and no shared voting power.

Does CRGI share dispositive power over the CNQ shares?

No. The filing reports sole dispositive power over 111,326,703 shares and no shared dispositive power.

Is the holding intended to change or influence control of Canadian Natural (CNQ)?

The filer certifies the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who filed the Schedule 13G for CNQ on behalf of Capital Research?

The filing is by Capital Research Global Investors; the signature is by Jae Won Chung, Vice President and Senior Counsel II, Capital Research and Management Company.

What entities are included under the CRGI reporting grouping?

CRGI is described as a division of Capital Research and Management Company and includes investment management subsidiaries and affiliates such as 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.