UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM SD
SPECIALIZED DISCLOSURE REPORT
CANADIAN NATURAL RESOURCES LIMITED
(Exact name of the registrant as specified in its charter)
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| CANADA | | 333-12138 | | Not Applicable |
| (State or other jurisdiction of incorporation or organization) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
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| 400 4 Avenue S.W., Calgary, Alberta T2P 0J4 |
| (Address of principal executive offices) |
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| | Stephanie A. Graham | | |
| | 403-260-6120 | | |
| (Name and telephone number, including area code, of the person to contact in connection with this report) |
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Check the appropriate box to indicate the rule pursuant to which this Form is being submitted, and provide the period to which the information in this Form applies:
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| Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2025. |
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| X | Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2025. |
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SECTION 2 – RESOURCE EXTRACTION ISSUER DISCLOSURE
Item 2.01 Resource Extraction Issuer Disclosure Report
This Form SD of Canadian Natural Resources Limited (the “Company”) is filed pursuant to the alternative reporting provision, Rule 13q-1 under the Securities Exchange Act of 1934, as amended. The Company’s annual resource extraction report (“Annual ESTMA Report”) for the year ended December 31, 2025, which contains the payment disclosure required by Form SD, was prepared in compliance with Canada’s Extractive Sector Transparency Measures Act. A copy of the Annual ESTMA Report is attached hereto and is publicly available at https://www.cnrl.com/sustainability/payments-to-governments/.
SECTION 3 – EXHIBITS
Item 3.01 Exhibits
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Exhibit Number | Description
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| 2.01 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
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| Canadian Natural Resources Limited | | | |
| (Registrant) | | | |
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| /s/ Victor C. Darel | | June 23, 2026 |
| By Victor C. Darel | | (Date) |
| Chief Financial Officer | | | |
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