CANADIAN NATURAL RESOURCES Ltd
Close on Nov 2, 2026Market cap $111.66BP/E 14.5Yield –
Canadian Natural Resources Oil Sands Mining & Upgrading Unit Production Expense by Year
Oil Sands Mining & Upgrading (SCO) Unit Production Expense (C$/bbl) ($)
Canadian Natural Resources Oil Sands Mining & Upgrading Unit Production Expense: $22.66 in 2025, down 1.0% from a year earlier.
Where the 2025 figure comes from
“|| Production expense (3) | $ | 22.66 | $ | 22.88 | $ | 24.32”
Source: Canadian Natural Form 40-F, filed 2026-03-26 ↗
Industry-leading non-declining mining & upgrading unit operating costs across Horizon & AOSP (C$22.19/bbl in Q2 2026 at 106% upgrader utilization).
Annual history
Hover a value to see the sentence it was read from; calculated values show their formula
| Period | Ended | Oil Sands Mining & Upgrading (SCO) Unit Production Expense (C$/bbl) ($) | Year on year | Source |
|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 22.66 | -1.0% | Canadian Natural Form 40-F, filed 2026-03-26 ↗ |
| 2024 | Dec 31, 2024 | 22.88 | -5.9% | Canadian Natural Form 40-F, filed 2026-03-26 ↗ |
| 2023 | Dec 31, 2023 | 24.32 | -6.6% | Canadian Natural Form 40-F, filed 2026-03-26 ↗ |
| 2022 | Dec 31, 2022 | 26.04 | +24.5% | Canadian Natural Form 40-F, filed 2025-03-26 ↗ |
| 2021 | Dec 31, 2021 | 20.91 | +2.2% | Canadian Natural Form 40-F, filed 2024-03-20 ↗ |
| 2020 | Dec 31, 2020 | 20.46 | – | Canadian Natural Form 40-F, filed 2023-03-23 ↗ |
Breakdown
What makes up oil Sands Mining & Upgrading Unit Production Expense
- OSM Upgrader Utilization — incl. Turnarounds (%)100.0% · 2025
- OSM SCO Sales Volumes — Before Royalties (bbl/d)567,335 · 2025
- Realized SCO Sales Price (C$/bbl)86.41 · 2025
- Bitumen Value for Provincial Royalty Purposes (C$/bbl)66.23 · 2025
- Bitumen Royalties Unit Cost (C$/bbl)13.84 · 2025
- SCO Transportation Expense (C$/bbl)3.31 · 2025
- OSM Production Expense excl. Natural Gas Fuel (C$/bbl)21.94 · 2025
- OSM Natural Gas Fuel Cost (C$/bbl)0.72 · 2025
- OSM SCO Operating Netback — Annual (C$/bbl, Form 40-F AIF)47.11 · 2025
- OSM Depletion, Depreciation & Amortization (C$/bbl)13.42 · 2025
- OSM Asset Retirement Obligation Accretion (C$/bbl)0.42 · 2025
- OSM Total Production Expense (C$M)4,693 · 2025
Cite this data
StockData. (2026). Canadian Natural Resources Oil Sands Mining & Upgrading Unit Production Expense ($), annual 2020–2025 [Data set]. Compiled from Canadian Natural Resources SEC filings and investor materials. https://stockdatahq.com/stocks/cnq/kpis/osm-opex-total-cad-bbl
See every metric in the Canadian Natural Resources KPI table. Data updated Oct 31, 2026.