A&O Shearman represents the initial purchasers in Canadian Natural Resources Limited’s USD1.5 billion notes offering

Canadian Natural also completed a concurrent private placement offering in Canada of CAD500m aggregate principal amount of senior unsecured notes. Both offerings come in the context of Canadian Natural’s USD6.5bn acquisition of Chevron Canada Limited’s Alberta assets, which was completed on December 6, 2024.

Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

The A&O Shearman team was led by capital markets partner Ryan Robski (Toronto/New York) and capital markets associate Nicole Bennewies (Toronto) and included capital markets partner Jason Lehner (Toronto/New York), tax partner Larry Crouch (Silicon Valley), environmental and sanctions partner Kenneth Rivlin (New York), compensation, employment, pensions and governance counsel Matthew Behrens (New York), environmental and sanctions counsel Kuang Chiang (Washington D.C.), tax associate Daniel Kachmar (Washington D.C.), environmental and sanctions associate James Daher (Washington D.C.) and capital markets associate Nick Slagter (Toronto).