Commodity Price Volatility: Oil and natural gas prices are subject to significant fluctuations due to global supply and demand dynamics, geopolitical events, and economic conditions, directly impacting CNQ's revenue and profitability.

Environmental and Regulatory Changes: Increasing government regulations, carbon taxes, and environmental policies aimed at reducing greenhouse gas emissions and managing environmental impact, particularly concerning oil sands operations, could lead to higher operating costs, capital expenditures, or operational restrictions.

Operational Risks: The exploration, development, production, and transportation of oil and natural gas involve inherent risks such as equipment failures, well blowouts, spills, fires, natural disasters, and other accidents that could result in production outages, environmental damage, and significant financial liabilities.