Is CNQ diluting shareholders?

Read three numbers together: shares outstanding over time (2.08B as of 2025-12-31), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

CANADIAN NATURAL RESOURCES Ltd (CNQ)

CIK 1017413 · all EDGAR filings →

Overall dilution risk

MEDIUMworst of 2 computed signals (historical dilution)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

LOWno live registration found

= is there a registration (S-1/S-3 family) on file without a later withdrawal

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

MEDIUM+89% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

NOT COMPUTEDrunway not computable from latest facts

= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 2.08B shares as of Dec 31, 2025 (40-F).

Cash runway

Not enough filing data

can’t compute a runway

Full breakdown: cash runway tool

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

The latest 10-Q/10-K instance document could not be checked just now, so nothing is shown rather than guessed. Try again shortly.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

EFFECTIVESep 3, 2025SEC declared a registration effective — selling can beginEFFECT →

EFFECTIVEJul 31, 2023SEC declared a registration effective — selling can beginEFFECT →

EFFECTIVEAug 3, 2021SEC declared a registration effective — selling can beginEFFECT →

MARKETINGJun 22, 2020Free-writing prospectus — offering being marketedFWP →

EFFECTIVEJul 25, 2019SEC declared a registration effective — selling can beginEFFECT →

EFFECTIVEJul 28, 2017SEC declared a registration effective — selling can beginEFFECT →

MARKETINGMay 24, 2017Free-writing prospectus — offering being marketedFWP →

EFFECTIVENov 2, 2015SEC declared a registration effective — selling can beginEFFECT →

MARKETINGNov 12, 2014Free-writing prospectus — offering being marketedFWP →

MARKETINGMar 26, 2014Free-writing prospectus — offering being marketedFWP →

EFFECTIVENov 4, 2013SEC declared a registration effective — selling can beginEFFECT →

MARKETINGNov 10, 2011Free-writing prospectus — offering being marketedFWP →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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