Revenue Recognition Accounting Policy
Revenue from the sale of crude oil and natural gas is recognized when title passes to the customer, delivery has taken place and collection is reasonably assured. Canadian Natural Resources assesses customer creditworthiness, both before entering into contracts and throughout the revenue recognition process.
Revenue represents Canadian Natural Resources's share net of royalty payments to governments and other mineral interest owners. Related costs of goods sold are comprised of production, transportation and blending, and depletion, depreciation and amortization expenses. These amounts have been separately presented in the consolidated statements of earnings.
Source: Canadian Natural Resources Ltd., Annual Report
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