8 Most Profitable Oil Stocks To Invest In

6. Canadian Natural Resources Limited (NYSE:CNQ)

Number of Hedge Funds Holders: 48

5-Year Net Income CAGR: 13.44%

TTM Net Income: $7.59 Billion

Canadian Natural Resources (NYSE:CNQ) is one of the largest independent crude oil and natural gas producers based out of Canada. The company operates through exploration and production, oil sands mining and upgrading, and midstream and refining. The company has a diverse portfolio of assets which includes major operations in Western Canada, the United Kingdom, the North Sea, offshore Africa, and various other international locations.

Canadian Natural Resources (NYSE:CNQ) has a long-life, low-decline asset portfolio which offers greater flexibility and resilience than conventional exploration and production companies. The company’s oil sands assets require minimum reinvestment to sustain output, allowing CNQ to save capital and generate more free cash flow.

Similar to Suncor Energy, CNQ has tapped into new assets in Alberta, which is one of the richest oil and gas regions in the world. The company has acquired Chevron’s 70% operator working interest in light crude oil and liquid-rich assets in the Duvernay play in Alberta. Furthermore, the company has announced that it has signed an agreement to acquire a 20% interest in the Athabasca Oil Sands Project (AOSP) from Chevron Canada Limited. This acquisition will potentially increase CNQ’s per day synthetic crude oil production by 62,500 barrels. In another deal with Chevron, the company expects to add 60,000 barrels of oil equivalent per day to its production in 2025.