The Canadian Natural Advantage Large, Low Risk, Lower Capital Diversified, Flexible Effective & High Value Reinvestment Balanced Capital Efficient Reserves Requirements Asset Base Allocation Operations PREMIUM VALUE…
Canadian Natural Strategy: Premium Value Creation Driving material free cash flow & maximizing returns to shareholders Significant and sustainable returns to shareholders Strong Balance Sheet Defined growth/value enhancement high…
Canadian Natural Balancing the Four Pillars Disciplined capital allocation, focused on value creation Balance Sheet Strength Maximizing Balance Sheet strengthens with Shareholder Value free cash flow generation Returns to…
Total Proved Reserves Global energy peers (BP, COP, CVX, SHEL, TTE & XOM) TP Reserves to Market Cap(1) (BOE/US1,000) 35.6 217.8 Canadian Natural has the 2nd largest reserves 41.2 when compared to our global energy peers 87.7…
Leading Proved Developed & Total Proved Reserves Canadian energy peers (CVE, IMO & SU) PD Reserves to TP Reserves to Significant portion of Market Cap(1) Market Cap(1) reserves are high value (BOE/US1,000) (BOE/US1,000) SCO, light crude…
Canadian Naturals Assets are Unique Robust through all cycles Long life low decline assets provide sustainable production & free cash flow even in lower price environment Ability to ramp up Exercising capital flexibility by production…
Canadian Naturals Advantage Low corporate decline rate results in lower capital reinvestment requirements Production Mix(1) 57% Long Life Low Decline production Oil Sands Mining & Upgrading 11% Pelican & 0% Decline Thermal…
Canadian Natural Balanced, diverse asset portfolio 2025B North Sea Production Mix(1) North America 2.425 - 2.480 Bcf/d of natural gas Natural Gas 27% 2nd largest natural gas producer in Canada Offshore Africa 26% Heavy Oil…
Canadian Natural Balanced, diverse marketing portfolio Balanced Sales 2025B Points & Products Production Mix(1) AECO sales 790 MMcf/d exported Natural Gas 27% outside of Alberta, 35% 32% capturing North American natural gas…
Top Tier Conventional E&P, Thermal In Situ and Oil Sands Mining & Upgrading Assets
Conventional E&P Top tier plays throughout the asset base Clearwater Nipisi/West Marten Hills Frobisher Dual Leg SK Mississippian Conventional Conventional Heavy Oil Multilateral Top North American plays Montney Oil Alberta…
Thermal In Situ Oil Sands Top tier WTI breakeven price (US/bbl) 55 Effective & efficient operations support a low WTI breakeven price, delivering superior returns 50 Peer Average 45 40 35 Canadian Thermal In Situ…
World Class Oil Sands Mining Assets Top tier WTI breakeven price (US/bbl) Canadian Naturals world class assets deliver top tier results on 70 592,000 bbl/d capacity(1), 90% of which is high value SCO 60 Peer Average 50 40…
Typical Shale Well vs Oil Sands Mining & Upgrading Unique, Sustainable & Robust Typical Shale Well Oil Sands Mining & Upgrading High decline 70% in year one No decline More reservoir risk No reservoir risk More reserve replacement…
Shale Well Example vs Oil Sands Mining & Upgrading Annual capital required to maintain 590,000 bbl/d Shale Well Example Oil Sands Mining & Upgrading 1,300 wells required initially No reservoir risk 500 wells required annually to…
Leading Free Cash Flow & Returns to Shareholders
Canadian Natural Asset base drives long-term value: 2024 Low Significant Increased Production Strong Executed maintenance total Shareholder quarterly per share balance sheet on highly capital & returns of dividend growth with…
Canadian Natural Leading history of growing returns to shareholders (/share) 3.50 25 consecutive years of dividend increases 5.25/share in share repurchases 3.00 with a 21% CAGR since inception from 2022 to 2024 2.50 2.00…
Long-Term Dividend Growth vs. Global Peers 10 year CAGR: 2025 (CAGR) 20% Leading long-term dividend growth Sustainable dividend; was maintained & increased in low commodity price periods while others cut 15% 1.775 per share of…
Canadian Natural Free Cash Flow Allocation Policy Adjusted Funds Flow Less: Total Capital (1) Less: Dividends Free Cash Flow when net debt is when net debt is when net debt is 15 billion 12 - 15 billion < 12 billion 60% 75%…
Free Cash Flow Sensitivity Adjusted funds flow less capital Free cash flow (/share) (yield)(1) 10 per share is 20% 30% higher at Diverse, balanced asset base underpinned by US85 WTI vs. US75 WTI long life low decline production 15%…
2025 Budget
Canadian Natural 2025 Budget: Strategy Driving material free cash flow & maximizing returns to shareholders Disciplined and flexible capital budget Level loaded drilling program Can be nimble - optimize product mix based on price…
2025 Budget Capital Capital Budget(1) ( millions) 2025B Conventional E&P 3,200 Thermal In Situ and Oil Sands Mining & Upgrading 2,815 Subtotal Operating Capital Budget 6,015 Carbon Capture (90 million) & One-time Office Move (45…
2025 Budget Production Targeted Production(1) 2025B Natural Gas (MMcf/d) 2,425 - 2,480 Conventional E&P Crude Oil & NGLs (Mbbl/d) 296 - 307 Thermal and Oil Sands Mining & Upgrading (Mbbl/d) 810 - 835 Total Liquids (Mbbl/d) 1,106 - 1,142…
2025 Budget Conventional E&P drilling program (net producer wells) 2025B Natural Gas wells 82 Focused on liquids-rich Montney & Duvernay Crude Oil wells Primary Heavy 174 Includes 156 multilateral wells Pelican Lake 8 Light 97 Focused…
2025 Budget Thermal In Situ development program Highly capital efficient SAGD pads and infill wells in 2025 2 SAGD pads at Kirby Targeted to come on production in Q4/25 and Q4/26 2 SAGD pads at Pike which will be tied into Jackfish…
2025 Budget Oil Sands Mining & Upgrading plan Increasing high value, zero decline Oil Sands Mining & Upgrading capacity and production through debottlenecking & increased reliability Horizon The Reliability Enhancement Project…
Canadian Natural Production per share growth: 2021 - 2025B (BOE production/share) 0.30 9% CAGR per share 0.25 0.20 0.15 0.10 2021 2022 2023 2024 2025B Targeting annual production per share growth of 12% to 16% from…
Environmental, Social & Governance
The World Needs More Canadian Energy Overview Canadian Natural is part of the solution Canada is the top rated ESG country among the top crude oil exporting nations Canada has world class CCUS infrastructure Canadian Natural is the…
ESG Performance Among Nations with Largest Crude Oil Reserves The world needs more Canadian energy (Aggregate ESG Score) 300 Environment (1) Social (2) 250 Governance (3) 200 Average 150 100 50 0 (1) 2024 Yale…
Technology & Innovation One of Canadas leading R&D investors Ongoing investment in technology and innovation will ensure the crude oil and natural gas remains sustainable, competitive and productive for years to come Advancing…
Social Frontline driven incident prevention Total Recordable Injury Frequency (TRIF) Incidents (per 200,000 exposure hours)(1) Comprehensive frontline driven 0.30 safety management system 50% 98,020 Worksite Safety Observations in 2023…
Social Working together with communities In 2023 Canadian Natural worked with 221 Indigenous businesses Awarded 830 million in contracts with local Indigenous businesses, a 21% increase from 2022 2.8 million donated to United…
Governance Risk assessment & mitigation Strong track record of identifying, assessing, adapting, aligning and executing Board of Directors as well as Board Governance and Risk Committees Review and hold management accountable to…
Technology & Innovation Current Actions Medium-Term Actions Long-Term Actions Carbon capture and storage Leverage CCUS advancements Expand/develop future Horizon CCUS and learnings into the next CCUS projects Quest CCS generation of…
Carbon Capture & Sequestration/Storage Technology Canadian Natural today Capture Capacity (tonnes/year) A global leader in CO2 Horizon 0.4 million capture & sequestration(1) Quest(2) 1.1 million Reduced CO2 footprint Quest…
Pathways Alliance Proposed CO2 Transportation Line Scope: Pipeline system consists of 400+ km of a high pressure, 30 main transportation line, including the CO2 storage hub Also, a number of laterals connect oil sands capture…
Balance Sheet Strength
Canadian Natural Robust financial position Long-Term Ratings Outlook Short-Term Ratings DBRS A (low) Negative R-1 Standard & Poors BBB- Stable A-3 Moodys Baa1 Stable P-2 Balance Sheet strength as at December 31, 2024 Net debt 18.7…
Canadian Natural Balanced credit facility profile (C millions) Revolving Credit Facilities June 2027(1) 2,425 Support from 14 banks diversified June 2028(1) 2,425 by location February 2026(1) 500 15+ year relationships Operating…
Canadian Natural Debt maturity profile ( billions) 3.0 Repurchased 235 million of 2.5 bonds outstanding 2.0 1.5 1.0 0.5 0.0 US Public C Public Repurchased Note: US public debt converted to CAD at 1.4405 exchange rate as…
Asset Overview
Conventional E&P Overview 594,000 BOE/d of production(1) Largest conventional E&P reserves in Canada 6.6 billion BOE total proved plus probable, representing 33% of 2P reserves(2) Significant infrastructure in place for Montney…
Natural Gas, NGLs & Light Crude Oil: Montney, Deep Basin & Duvernay Overview Umbach 1.5 million net acres of Montney rights West Nig 2.2 million net acres of Deep Basin rights Blair/Daiber Montney Graham Significant high value…
Natural Gas, NGLs & Light Crude Oil: Montney, Deep Basin & Duvernay Infrastructure advantage Umbach Significant high value drill to fill West Nig growth opportunities Blair/Daiber Montney Graham Significant available facility…
International Light Crude Oil Overview 24,000 bbl/d of light crude oil production(1) High return international light crude oil North Sea with exposure to Brent pricing North Sea Leveraging expertise to manage costs in a mature…
Heavy Crude Oil Overview 124,000 bbl/d of production(1) Cliffdale Large land base 3.5 million net acres High value drill to fill opportunities AB SK 60,000 BOE/d available facility capacity Pelican Lake / Clearwater Largest…
Thermal In Situ Oil Sands Asset overview Long life low decline assets producing 271,000 bbl/d in 2024 Second largest total proved plus probable bitumen reserves in Canada with 5.2 billion barrels, representing 26% of 2P…
Thermal In Situ Oil Sands Primrose / Wolf Lake overview Total facility capacity 140,000 bbl/d Leverage available facility capacity of 55,000 bbl/d Primrose Primrose North East 309 net sections of undeveloped land Primrose Low…
Thermal In Situ Oil Sands Kirby / Jackfish / Pike SAGD overview (1) Kirby Total facility capacity of 200,000 bbl/d Jackfish North Leverage available facility capacity of 16,000 bbl/d Consolidated land base 432 net sections of…
Thermal In Situ Oil Sands Technology & Innovation with Solvents: SAGD & CSS Co-injecting solvent with steam Results Kirby South solvent SAGD pilot was a success to-date SOR reductions of 45% Steam Assisted Gravity Drainage Solvent…
Oil Sands Mining & Upgrading Asset overview Industry leading oil sands operator Total capacity of 592,000 bbl/d(1), 90% of which is high value SCO CNQ Operating Oil Sands Mines No decline, reservoir risk or reserve replacement cost…
Oil Sands Mining & Upgrading Top tier utilization (Utilization)(1) 100% 95% 90% 85% 1 Year 2 Year Canadian Natural Peer average(2) (1) Trailing 12 and 24 month utilization, up to November 2024. Source: TD Cowen Mine…
Oil Sands Mining & Upgrading Operating cost reductions (/bbl) 40 38% reduction 14/bbl in operating costs 35 reduction since (including energy costs) 2014 30 Equates to a 2.5 billion 25 savings in annual operating costs in 2024 20…
Horizon Oil Sands Increasing long-term SCO production Naphtha Recovery Unit Tailings Treatment (NRUTT) Project Increase hydrocarbon recovery from treated tailings, adding 6,300 bbl/d of SCO production Capital cost: 350 million Began…
Horizon Oil Sands Long-term opportunity: Combine & leverage technology for cost effective expansion IPEP Field Pilot at Horizon IPEP: In-Pit Extraction process A relocatable, modular extraction plant that processes ore and separates…
PROVEN EFFECTIVE STRATEGY
Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the Company) in this document or documents incorporated herein by reference constitute forward-looking…
Advisory (Continued) Special Note Regarding Common Share Split and Comparative Figures At the Company's Annual and Special Meeting held on May 2, 2024, shareholders passed a Special Resolution approving a two for one common share split…
Advisory (Continued) Capital Efficiency Capital efficiency is a supplementary financial measure that represents the capital spent to add new or incremental production divided by the current rate of the new or incremental production. It…
Advisory (Continued) Cautionary Statement Project progress and financial results are dependent upon economic and regulatory conditions, commodity prices, global economic factors, project sanction and capital allocation. Thermal In Situ…
Advisory (Continued) Pricing Assumptions(1) 2025B 2024 Glossary of Terms Strip AECO Alberta Energy Company (benchmark pricing) AOSP Athabasca Oil Sands Project WTI US/bbl 70.00 75.72 BOE barrels of oil equivalent AECO C/GJ 1.89 1.36…
Advisory (Continued) Reserves Notes: 1. Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests. 2. Information in the reserves data tables may not add due to rounding. BOE…
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