Canadian Natural Resources Ltd (CNQ)

Amending and Replacing - Canadian Natural Resources Limited Announces Quarterly Dividend - May 7, 2026May 11, 2026 11:23 PM
NewsfileThe dividend record date is being amended to the close of business on June 23, 2026 (instead of the close of business on June 19, 2026). This amendment concurrently pertains to the dividend record date noted in the press release entitled "Canadian Natural Resources Limited Announces 2026 First Quarter Results" dated May 7, 2026.The press release, as amended, reads:CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES QUARTERLY DIVIDENDCalgary, Alberta--(Newsfile Corp. - May 11, 2026) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) announces that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.625 (sixty-two and one half cents). The dividend will be payable on July 7, 2026 to shareholders of record at the close of business on June 23, 2026.As previously announced, in March 2026 the Board of Directors increased the quarterly dividend, continuing the Company's leading track record of dividend increases, with 2026 being the 26th consecutive year with a compound annual growth rate ("CAGR") of 20% over that time. This demonstrates the confidence that the Board of Directors has in the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base.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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700      F (403) 517-7350      E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com        SCOTT G. STAUTH
PresidentVICTOR C. DAREL
Chief Financial OfficerLANCE J. CASSON
Manager, Investor RelationsTrading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange   Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding 'Non-GAAP and Other Financial Measures' at www.cnrl.com. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297029 Original: Amending and Replacing - Canadian Natural Resources Limited Announces Quarterly Dividend - May 7, 2026

Canadian Natural Resources Limited Reports Voting Results at Annual MeetingMay 8, 2026 4:37 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 8, 2026) - Canadian Natural held its Annual Meeting of Shareholders on May 7, 2026. The result of the vote by shareholders for each resolution is reported below.The election of the following nominees as directors of the Corporation for the ensuing year or until their successors are elected or appointed.

Votes ForVotes WithheldShelley A.M. Brown
1,318,109,1169,085,190
99.32 % 0.68 %Dr. M. Elizabeth Cannon
1,318,761,4248,432,883
99.36 % 0.64 %N. Murray Edwards
1,281,832,74445,361,563
96.58 % 3.42 %Christopher L. Fong
1,233,806,30793,388,000
92.96 % 7.04 %Ambassador Gordon D. Giffin
1,213,053,561114,140,746
91.40 % 8.60 %Christine M. Healy
1,313,297,29913,897,007
98.95 % 1.05 %Dr. Grant E. Isaac
1,325,514,9801,679,327
99.87 % 0.13 %Steve W. Laut
1,304,222,67222,971,635
98.27 % 1.73 %Honourable Frank J. McKenna
1,277,696,15849,498,150
96.27 % 3.73 %Scott G. Stauth
1,312,197,43814,996,869
98.87 % 1.13 %David A. Tuer
1,269,988,26857,206,039
95.69 % 4.31 %Annette M. Verschuren
1,312,955,65214,238,655
98.93 % 1.07 %

Votes ForVotes WithheldThe appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants, Calgary, Alberta as auditors of the Corporation for the ensuing year and the authorization of the Audit Committee of the Board of Directors of the Corporation to fix their remuneration.
1,321,098,96744,491,224
96.74 % 3.26 %

Votes ForVotes AgainstOn an advisory basis, accepting the Corporation's approach to executive compensation, as described in the Information Circular.
1,308,662,96618,528,723
98.60 % 1.40 % 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.CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700 F (403) 517-7350 E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.comSCOTT G. STAUTH
PresidentVICTOR C. DAREL
Chief Financial OfficerLANCE J. CASSON
Manager, Investor RelationsTrading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding 'Non-GAAP and Other Financial Measures' at www.cnrl.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296760 Original: Canadian Natural Resources Limited Reports Voting Results at Annual Meeting

Canadian Natural Resources Limited Announces Quarterly DividendMay 7, 2026 5:00 AM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) announces that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.625 (sixty-two and one half cents). The dividend will be payable on July 7, 2026 to shareholders of record at the close of business on June 19, 2026.As previously announced, in March 2026 the Board of Directors increased the quarterly dividend, continuing the Company's leading track record of dividend increases, with 2026 being the 26th consecutive year with a compound annual growth rate ("CAGR") of 20% over that time. This demonstrates the confidence that the Board of Directors has in the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base.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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700      F (403) 517-7350      E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com  
  
  SCOTT G. STAUTH
President
 
VICTOR C. DAREL
Chief Financial Officer
 
LANCE J. CASSON
Manager, Investor Relations
 
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange  Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding Non-GAAP and Other Financial Measures at www.cnrl.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296396 Original: Canadian Natural Resources Limited Announces Quarterly Dividend

Canadian Natural Resources Limited Announces 2026 First Quarter ResultsMay 7, 2026 5:00 AM
NewsfileCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's first quarter results, "We have a long track record of being an effective and efficient operator, while consistently delivering top tier operational and financial performance through a strong focus on continuous improvement. An example of this performance is our industry-leading Oil Sands Mining and Upgrading Q1/26 operating costs of $23.73/bbl (US$17.30/bbl) for our Synthetic Crude Oil ("SCO").Quarterly production averaged approximately 1,643,000 BOE/d in Q1/26, which included total quarterly liquids production of approximately 1,198,000 bbl/d, 66% of which was SCO, light crude oil and NGLs. We achieved record quarterly North American E&P production for our conventional crude oil and natural gas business of approximately 773,000 BOE/d, consisting of record quarterly liquids production of approximately 329,000 bbl/d and record quarterly natural gas production of 2,668 MMcf/d. Total Company production in Q1/26 delivered year-over-year growth of 4% or approximately 61,000 BOE/d from Q1/25 levels.Subsequent to quarter end, in April 2026 at our world class Oil Sands Mining and Upgrading assets, we achieved strong monthly production of approximately 630,000 bbl/d and upgrader utilization of 106%. These strong production volumes are high-value, with strong SCO prices at a premium to WTI averaging approximately US$5.70/bbl on the forward strip for the remainder of 2026.We remain focused on executing our prudent and capital efficient 2026 capital program as outlined in our updated 2026 guidance previously released in March 2026. Our ability to effectively allocate capital across our strong asset base provides us with a unique competitive advantage and when combined with accretive acquisitions creates significant long-term value for our shareholders."Canadian Natural's Chief Financial Officer, Victor Darel, added, "In Q1/26, we generated adjusted net earnings of $2.4 billion or $1.17 per share, and adjusted funds flow of $4.4 billion or $2.10 per share. We returned approximately $1.5 billion directly to our shareholders in Q1/26, including $1.2 billion in dividends and $0.3 billion in share repurchases.As previously announced on March 4, 2026, the Board of Directors increased our quarterly dividend, bringing the annualized dividend up to $2.50 per common share, marking 2026 as the 26th consecutive year of dividend increases by Canadian Natural, with a compound annual growth rate ("CAGR") of 20% over that time, demonstrating the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base.Robust commodity prices in recent months combined with our effective and efficient operations are delivering strong netbacks which accelerates debt reduction, moving our net debt below $16 billion. As a result, we have increased our pace of share repurchases evident by the $309 million of share repurchases in April 2026, which we prudently manage on a forward-looking basis. Our next targeted net debt level of $13 billion approaches faster with increased free cash flow generation, at which time we increase returns to shareholders to 100% of free cash flow." FIRST QUARTER HIGHLIGHTSGenerated net earnings of approximately $1.3 billion and adjusted net earnings from operations of $2.4 billion.Generated adjusted funds flow of approximately $4.4 billion.Direct returns to shareholders totaled approximately $1.5 billion, comprised of $1.2 billion in dividends and $0.3 billion in share repurchases.Year to date, up to and including May 6, 2026, the Company has returned a total of approximately $3.2 billion directly to shareholders through $2.5 billion in dividends and $0.7 billion in share repurchases.26 consecutive years of dividend growth with a CAGR of 20% over that time.Subsequent to quarter end, declared a quarterly cash dividend on its common shares of $0.625 per common share.Subsequent to quarter end, share repurchases were significant at approximately $309 million in April 2026.Total quarterly production of approximately 1,643,000 BOE/d, an increase of 61,000 BOE/d or 4% from Q1/25 levels.Quarterly liquids production of approximately 1,198,000 bbl/d, an increase of 24,000 bbl/d or 2% from Q1/25 levels.Record quarterly North American E&P conventional production of approximately 773,000 BOE/d, consisting of record liquids production of approximately 329,000 bbl/d and record natural gas production of 2,668 MMcf/d.Record quarterly Jackfish thermal in situ production of approximately 134,000 bbl/d, driven by strong Pike 1 performance, exceeding nameplate capacity of 120,000 bbl/d.Oil Sands Mining and Upgrading production averaged approximately 588,000 bbl/d of SCO with industry-leading operating costs of $23.73/bbl (US$17.30/bbl).Canadian Natural continues to progress its defined growth plan over the short, medium, and long-term including:In the short-term, our Conventional E&P assets provide significant highly capital efficient drill to fill development, including continued drilling of liquids-rich assets and heavy crude oil multilateral wells.We are progressing on our medium-term growth projects, with front end engineering in 2026 on both the 30,000 bbl/d Jackfish expansion project and the 70,000 bbl/d Pike 2 project.Further, the Company is progressing long-lead equipment items as part of its thermal in situ growth strategy.In the long-term, we maintain our growth opportunities in our Oil Sands Mining and Upgrading segment that include the 150,000 bbl/d Jackpine Mine expansion at Albian and the 90,000 bbl/d Horizon In-Pit Extraction Plant and Paraffinic Froth Treatment expansion.These projects remain on hold as we wait for greater certainty on more effective and efficient regulatory policies combined with a competitive fiscal framework and egress. When we have that certainty, we will reassess the viability of these projects. HIGHLIGHTS
Three Months Ended
($ millions, except per common share amounts)
Mar 31
2026

Dec 31
2025

Mar 31
2025
Net earnings$1,348
$5,303
$2,458
Per common share- basic$0.65
$2.55
$1.17

- diluted$0.64
$2.54
$1.17
Adjusted net earnings from operations (1)$2,446
$1,711
$2,436
Per common share- basic (2)$1.17
$0.82
$1.16

- diluted (2)$1.17
$0.82
$1.16
Cash flows from operating activities$3,282
$3,768
$4,284
Adjusted funds flow (1)$4,374
$3,748
$4,530
Per common share- basic (2)$2.10
$1.80
$2.16

- diluted (2)$2.09
$1.79
$2.15
Cash flows used in investing activities$1,949
$1,200
$1,312
Net capital expenditures (1)$2,028
$1,237
$1,303
Net capital expenditures (1), excluding net acquisitions $1,255
$1,413
$1,285
Abandonment expenditures$247
$201
$188
Daily production, before royalties
 

 

 
Natural gas (MMcf/d)
2,670

2,660

2,451
Crude oil and NGLs (bbl/d)
1,198,079

1,215,364

1,173,804
Equivalent production (BOE/d) (3)
1,643,160

1,658,681

1,582,348
(1) Non-GAAP Financial Measure. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
(2) Non-GAAP Ratio. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
(3) A barrel of oil equivalent ("BOE") is derived by converting six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil (6 Mcf:1 bbl). This conversion may be misleading, particularly if used in isolation, or to compare the value ratio using current crude oil and natural gas prices since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.Net earnings of approximately $1.3 billion reflected strong earnings from operations as well as the impacts of share-based compensation, unrealized mark-to-market on the long-term Liquified Natural Gas ("LNG") agreement, and unrealized foreign exchange on US dollar debt, resulting in adjusted net earnings from operations of $2.4 billion.SHAREHOLDER RETURNSOn March 10, 2026, the Company's application was approved for a Normal Course Issuer Bid to purchase through the facilities of the Toronto Stock Exchange ("TSX"), alternative Canadian trading platforms, and the New York Stock Exchange ("NYSE"), up to 182,396,564 common shares, representing 10% of the public float, over a 12-month period commencing March 13, 2026 and ending March 12, 2027, subject to applicable securities laws.Year to date, up to and including May 6, 2026, the Company has returned a total of approximately $3.2 billion directly to shareholders through $2.5 billion in dividends and $0.7 billion through the repurchase and cancellation of approximately 11.3 million common shares at a weighted average price of $60.33 per share.On May 6, 2026, the Board of Directors approved a quarterly cash dividend of $0.625 per common share, payable on July 7, 2026 to shareholders of record at the close of business on June 19, 2026.This dividend represents an annualized dividend of $2.50 per common share which has grown for 26 consecutive years, demonstrating the confidence that the Board has in the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base. OPERATIONS REVIEW North America Oil Sands Mining and Upgrading

Three Months Ended


Mar 31
2026

Dec 31
2025

Mar 31
2025
Synthetic crude oil production (bbl/d) (1)(2)
587,946

619,901

595,116
(1) SCO production before royalties and excludes production volumes consumed internally as diesel.
(2) Consists of heavy and light synthetic crude oil products.
 Oil Sands Mining and Upgrading production averaged 587,946 bbl/d of SCO in Q1/26, comparable to Q1/25 levels. Production in Q1/26 reflected third-party natural gas supply restrictions and unplanned maintenance activities, partially offset by the additional working interest in the AOSP mines acquired in Q4/25.Oil Sands Mining and Upgrading operating costs are industry leading, averaging $23.73/bbl (US$17.30/bbl) of SCO in Q1/26, an increase of 8% from Q1/25 primarily due to increased maintenance activities.At Horizon, the Company is progressing its Naphtha Recovery Unit Tailings Treatment ("NRUTT") project which targets incremental production of approximately 6,300 bbl/d of SCO, following mechanical completion in Q3/27. North America Exploration and ProductionThermal In Situ Oil Sands


Three Months Ended


Mar 31
2026

Dec 31
2025

Mar 31
2025
Bitumen production (bbl/d)
274,674

266,308

284,706
Net bitumen wells drilled
31

25

18
Net successful bitumen wells drilled
30

24

18
Success rate
97 %

96 %

100 %
 Thermal in situ production averaged 274,674 bbl/d in Q1/26, a decrease of 4% from Q1/25 levels, primarily due to the cyclical nature of Primrose and natural field declines, partially offset by pad additions at Pike 1.Jackfish achieved record quarterly production of 134,396 bbl/d in Q1/26 as a result of strong production from the two new Steam Assisted Gravity Drainage ("SAGD") pads at Pike 1 that continue to exceed expectations.Thermal in situ operating costs averaged $12.59/bbl (US$9.18/bbl) in Q1/26, an increase of approximately 12% compared to $11.23/bbl (US$7.83/bbl) in Q1/25, primarily due to the cyclic nature of Primrose.Subsequent to quarter end, the Company successfully completed a planned turnaround at one of its Jackfish facilities in April 2026, impacting Q2/26 average production by approximately 9,300 bbl/d.As part of the Company's defined short-term growth strategy, Canadian Natural has decades of robust capital efficient drill to fill growth opportunities on its long life low decline thermal in situ assets, which we continue to develop in a disciplined manner to deliver safe and reliable thermal in situ production.At Pike 1, the second new pad came on production in late-March 2026 and continues to ramp up. Current combined production from the two new Pike 1 pads is approximately 44,000 bbl/d and continues to exceed expectations, with a Steam to Oil Ratio ("SOR") of approximately 1.8x.As a result of strong performance from the Pike 1 pads and through facility optimization including pipeline interconnectivity and debottlenecking, Jackfish is exceeding its facility nameplate capacity of 120,000 bbl/d by approximately 14,000 bbl/d on average in the quarter.At Primrose, the Company completed drilling a Cyclic Steam Stimulation ("CSS") pad in February 2026 with production targeted to come on in Q3/26. The Company is drilling two additional CSS pads which are targeted to come on production in 2027.At Kirby, the Company is planning to commence drilling a SAGD pad in mid-May 2026, which is targeted to come on production in 2027.As part of Canadian Natural's defined medium-term growth strategy, front end engineering is progressing in 2026 on both the 30,000 bbl/d Jackfish expansion project and the 70,000 bbl/d Pike 2 growth project.The Company is progressing long-lead equipment items as part of its thermal in situ growth strategy.Canadian Natural has been piloting solvent enhanced oil recovery technology on certain thermal in situ assets with an objective to increase bitumen production while reducing the SOR and Greenhouse Gas ("GHG") emissions, at the same time optimizing solvent recovery. This technology has the potential for application throughout the Company's extensive thermal in situ asset base.The Company continues to operate the commercial scale solvent SAGD pad at Kirby North and the solvent enhanced steam flood pilot at Primrose. An additional solvent SAGD pilot at Kirby South is targeting to begin injection in Q2/26 to evaluate additional future commercial development opportunities. Crude oil and NGLs - excluding Thermal In Situ Oil Sands


Three Months Ended


Mar 31
2026

Dec 31
2025

Mar 31
2025
Crude oil and NGLs production (bbl/d)
328,591

319,189

276,532
Net crude oil wells drilled
83

90

57
Net successful crude oil wells drilled
83

90

56
Success rate
100 %

100 %

98 %
 Record North America E&P liquids production, excluding thermal in situ, of 328,591 bbl/d was achieved in Q1/26, an increase of 19% or approximately 52,000 bbl/d from Q1/25 levels. This record reflects opportunistic acquisitions completed in 2025 and Q1/26, and strong organic growth from heavy crude oil multilaterals, light crude oil and NGLs, partially offset by natural field declines.Primary heavy crude oil production averaged 93,824 bbl/d in Q1/26, an increase of 10% or approximately 8,200 bbl/d from Q1/25 levels, reflecting strong drilling results from the Company's multilateral wells.Canadian Natural's highly successful multilateral drilling program continues to unlock opportunity on our 3 million net acres of high quality, multizone land throughout our primary heavy crude oil assets.Operating costs in the Company's primary heavy crude oil operations averaged $16.13/bbl (US$11.76/‍bbl) in Q1/26, a decrease of 11% from Q1/25 levels, primarily reflecting lower operating cost multilateral production.Pelican Lake production averaged 40,548 bbl/d in Q1/26, a decrease of 6% from Q1/25 levels, reflecting the low natural field declines from this long life low decline polymer flood asset.Operating costs at Pelican Lake averaged $10.31/bbl (US$7.52/bbl) in Q1/26, an increase of 6% over Q1/25 levels primarily due to lower production volumes.Record quarterly production of 194,219 bbl/d was achieved in North America light crude oil and NGLs in Q1/26, an increase of 31% or approximately 46,000 bbl/d from Q1/25 levels, primarily reflecting acquisitions and strong drilling results.Operating costs in the Company's North America light crude oil and NGLs operations averaged $12.73/‍‍bbl (US$9.28/bbl) in Q1/26, a decrease of 3% from Q1/25 levels, primarily reflecting higher production volumes. North America Natural Gas


Three Months Ended


Mar 31
2026

Dec 31
2025

Mar 31
2025
Natural gas production (MMcf/d)
2,668

2,657

2,436
Net natural gas wells drilled
24

20

19
Net successful natural gas wells drilled
24

20

19
Success rate
100 %

100 %

100 %
 Record quarterly North America natural gas production averaging 2,668 MMcf/d was achieved in Q1/26, an increase of 10% from Q1/25 levels, primarily reflecting acquisitions completed in 2025 and Q1/26, partially offset by natural field declines. North America natural gas operating costs averaged $1.23/Mcf in Q1/26. International Exploration and Production

Three Months Ended


Mar 31
2026

Dec 31
2025

Mar 31
2025
Crude oil production (bbl/d)
6,868

9,966

17,450
Natural gas production (MMcf/d)
2

3

15
 International E&P crude oil production volumes averaged 6,868 bbl/d in Q1/26, a decrease of 61% compared to Q1/25 levels. The decrease reflected the temporary suspension of production at Baobab in Offshore Africa due to planned maintenance on its floating production storage and offloading ("FPSO") vessel, which is expected to return to service in early June 2026, planned North Sea abandonments conducted as part of the previously announced decommissioning activities and maintenance. Drilling Activity
Three Months Ended


March 31, 2026

March 31, 2025
(number of wells)
Gross

Net

Gross

Net
Crude oil (1)
118

113

75

74
Natural gas
30

24

23

19
Dry
1

1

1

1
Subtotal
149

138

99

94
Stratigraphic test / service wells
540

540

484

462
Total
689

678

583

556
Success rate (excluding stratigraphic test / service wells)
 

99 %

 

99 %
(1) Includes bitumen wells.
 Canadian Natural drilled a total of 138 net crude oil and natural gas wells in Q1/26, 44 more than in Q1/25. MARKETING

Three Months Ended


Mar 31
2026
 
Dec 31
2025

Mar 31
2025
Benchmark Commodity Prices


 





WTI benchmark price (US$/bbl) (1) $72.17
 $59.13
$71.42
WCS heavy differential (discount) to WTI (US$/bbl) (1) $(14.12) $(11.20)$(12.66)WCS heavy differential as a percentage of WTI (%) (1)
20 %
 
19 %

18 %
Condensate benchmark price (US$/bbl) $71.65
 $57.01
$69.89
SCO price (US$/bbl) (1) $71.75
 $57.78
$69.07
SCO premium (discount) to WTI (US$/bbl) (1) $(0.42) $(1.35)$(2.35)AECO benchmark price (C$/GJ) $2.36
 $2.22
$1.92
Realized Prices
 
 
 

 
Exploration & Production liquids realized price
(C$/bbl) (2)(3)(4)(5) $76.02
 $64.42
$79.85
SCO realized price (C$/bbl) (1)(3)(4)(5) $89.68
 $75.90
$95.52
Natural gas realized price (C$/Mcf) (4) $3.32
 $2.89
$3.13
(1) West Texas Intermediate ("WTI"); Western Canadian Select ("WCS"); Synthetic Crude Oil ("SCO").
(2) Exploration & Production crude oil and NGLs average realized price excludes SCO.
(3) Pricing is net of blending and feedstock costs.
(4) Excludes risk management activities.
(5) Non-GAAP ratio. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
 Canadian Natural has a balanced and diverse product mix of SCO, light crude oil, NGLs, heavy crude oil, bitumen and natural gas, complemented with a balanced and diverse marketing strategy.Approximately 789,000 bbl/d or 66% of total liquids production in Q1/26 is SCO, light crude oil and NGLs.Current SCO annual average strip pricing in 2026 represents an average premium to WTI of approximately $3.75/bbl.Canadian Natural has total contracted crude oil transportation capacity of 256,500 bbl/d, consisting of committed volumes to Canada's west coast and to the United States Gulf Coast, being approximately‍ ?21% of 2026 forecasted liquids production. The egress supports Canadian Natural's long-term sales strategy by targeting diverse refining markets which drive stronger netbacks while also reducing exposure to egress constraints.The North West Redwater refinery, 50% owned by the Company, primarily utilizes bitumen as feedstock, with production of ultra-low sulphur diesel and other refined products averaging 94,351 bbl/d in Q1/26.Canadian Natural has a diversified natural gas marketing strategy with the Company in 2026 to consume the equivalent of approximately 31% of forecasted natural gas production in its Oil Sands Mining and Upgrading and thermal operations, with approximately 37% targeted to be sold at AECO/Station 2 pricing, and approximately 32% targeted to be exported to other North American and international markets capturing higher natural gas prices, maximizing value.Canadian Natural has a long-term natural gas supply agreement with Cheniere Marketing, LLC. ("Cheniere") as part of the Sabine Pass Liquefaction Expansion Project where the Company has agreed to sell 140,000 MMBtu/d of natural gas to Cheniere for a term of 15 years, with delivery anticipated to begin in 2030.Under the terms of the agreement, Canadian Natural will deliver natural gas to Cheniere in Chicago and receive a Japan Korea Marker ("JKM") index price less deductions for transportation and liquefaction. ADVISORYSpecial Note Regarding Forward-Looking StatementsCertain statements relating to Canadian Natural Resources Limited (the "Company") in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "focus", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule", "proposed", "aspiration", or expressions of a similar nature suggesting future outcome or statements regarding an outlook. Disclosure related to the Company's strategy or strategic focus, capital budget, expected future commodity pricing, forecasted or anticipated production volumes, royalties, production expenses, capital expenditures, forecasted and anticipated abandonment expenditures, income tax expenses, and other targets provided throughout this document and the Company's Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations of the Company, including the strength of the Company's balance sheet, the sources and adequacy of the Company's liquidity, and the flexibility of the Company's capital structure, constitute forward-looking statements. Disclosure of plans relating to, and expected results of existing and future developments, including, without limitation, those in relation to: the Company's assets at Horizon Oil Sands ("Horizon"), the Athabasca Oil Sands Project ("AOSP"), the Primrose thermal oil projects ("Primrose"), the Pelican Lake water and polymer flood projects ("Pelican Lake"), the Kirby thermal oil sands project ("Kirby"), the Jackfish thermal oil sands project ("Jackfish"), and the North West Redwater bitumen upgrader and refinery; construction by third parties of new, or expansion of existing, pipeline capacity or other means of transportation of bitumen, crude oil, natural gas, natural gas liquids ("NGLs"), or synthetic crude oil ("SCO") that the Company may be reliant upon to transport its products to market; the maintenance of the Company's facilities and any expected return to service dates; the construction, expansion, or maintenance of third-party facilities that process the Company's products; the abandonment and decommissioning of certain assets and the timing thereof; the development and deployment of technology and technological innovations; the financial capacity of the Company to complete its growth projects and responsibly and sustainably grow in the long-term; and the materiality of the impact of tax interpretations and litigation on the Company's results, also constitute forward-looking statements. These forward-looking statements are based on annual budgets and multi-year forecasts and are reviewed and revised throughout the year as necessary in the context of targeted financial ratios, project returns, product pricing expectations, and balance in project risk and time horizons. These statements are not guarantees of future performance and are subject to certain risks. The reader should not place undue reliance on these forward-looking statements as there can be no assurances that the plans, initiatives, or expectations upon which they are based will occur. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent in estimating quantities of proved and proved plus probable crude oil, natural gas, and NGLs reserves and in projecting future rates of production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly from reserves and production estimates.The forward-looking statements are based on current expectations, estimates, and projections about the Company and the industry in which the Company operates, which speak only as of the earlier of the date such statements were made or as of the date of the report or document in which they are contained, and are subject to known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions (including as a result of the actions of the Organization of the Petroleum Exporting Countries Plus ("OPEC+"), the impact of conflicts in the Middle East, in Ukraine and in Venezuela, the restriction or disruption of global trade routes, the impact of changes to US economic policy, increased inflation, and the risk of decreased economic activity resulting from a global recession) which may impact, among other things, demand and supply for and market prices of the Company's products, and the availability and cost of resources required by the Company's operations; volatility of and assumptions regarding crude oil, natural gas and NGLs prices; the impact of the ramp-up of LNG Canada on commodity prices; fluctuations in currency and interest rates; assumptions on which the Company's current targets are based; economic conditions in the countries and regions in which the Company conducts business; changes and uncertainties in the international trade environment, including with respect to tariffs, export restrictions, embargoes, and key trade agreements (including uncertainties around US imposed tariffs, and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded); uncertainty in the regulatory framework governing greenhouse gas emissions including, among other things, financial and other support from various levels of government for climate related initiatives and potential emissions or production caps, and the implementation of the Memorandum of Understanding ("MOU") entered into between the Government of Canada and the Government of Alberta in November 2025; civil unrest and political uncertainty, including changes in government, actions of or against terrorists, insurgent groups, or other conflict including conflict between states; the ability of the Company to prevent and recover from a cyberattack, other cyber-related crime, and other cyber-related incidents; industry capacity; ability of the Company to implement its business strategy, including exploration and development activities; the impact of competition; the Company's defense of lawsuits; availability and cost of seismic, drilling, and other equipment; ability of the Company to complete capital programs; the Company's ability to secure adequate transportation for its products; unexpected disruptions or delays in the mining, extracting, or upgrading of the Company's bitumen products; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; ability of the Company to attract the necessary labour required to build, maintain, and operate its thermal and oil sands mining projects; operating hazards and other difficulties inherent in the exploration for and production and sale of crude oil and natural gas and in the mining, extracting, or upgrading of the Company's bitumen products; availability and cost of financing; the Company's success of exploration and development activities and its ability to replace and expand crude oil and natural gas reserves; the Company's ability to meet its targeted production levels; timing and success of integrating the business and operations of acquired companies and assets; production levels; imprecision of reserves estimates and estimates of recoverable quantities of crude oil, natural gas and NGLs not currently classified as proved; changes to future abandonment and decommissioning costs; actions by governmental authorities; government regulations and the expenditures required to comply with them (especially safety, competition, environmental laws and regulations, and the impact of climate change initiatives on capital expenditures and production expenses); interpretations of applicable tax and competition laws and regulations; asset retirement obligations; the sufficiency of the Company's liquidity to support its growth strategy and to sustain its operations in the short-, medium-, and long-term; the strength of the Company's balance sheet; the flexibility of the Company's capital structure; the adequacy of the Company's provision for taxes; the impact of legal proceedings to which the Company is party; and other circumstances affecting revenues and expenses.The Company's operations have been, and in the future may be, affected by political developments and by national, federal, provincial, state, and local laws and regulations such as restrictions on production or emissions, the imposition of tariffs, embargoes, or export restrictions on the Company's products (including uncertainties around US imposed tariffs, and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded), changes in taxes, royalties and other amounts payable to governments or governmental agencies, price or gathering rate controls and environmental protection regulations (including the implementation of the MOU). Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and the Company's course of action would depend upon its assessment of the future considering all information then available.Readers are cautioned that the foregoing list of factors is not exhaustive. Unpredictable or unknown factors not discussed in this document and the Company's MD&A could also have adverse effects on forward-looking statements. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity, and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Except as required by applicable law, the Company assumes no obligation to update forward-looking statements in this document or the Company's MD&A, whether as a result of new information, future events or other factors, or the foregoing factors affecting this information, should circumstances or the Company's estimates or opinions change.Special Note Regarding Amendments to the Competition Act (Canada)On June 20, 2024, amendments to the Competition Act (Canada) came into force with the adoption of Bill C-59, An Act to Implement Certain Provisions of the Fall Economic Statement, which impact environmental and climate disclosures by businesses. As a result of these amendments, certain public representations by a business regarding the benefits of the work it is doing to protect or restore the environment or mitigate the environmental and ecological causes or effects of climate change may violate the Competition Act's deceptive marketing practices provisions. Subsequently, on March 26, 2026, the Competition Act was further amended to remove the requirement that businesses substantiate their environmental representations about a business or business activity based on an internationally recognized methodology, and eliminate private rights of action under the revised business-activity greenwashing provision. Notwithstanding these amendments, uncertainty surrounding the interpretation and enforcement of this legislation, which includes any future amendments, may expose the Company to increased litigation and financial penalties, the outcome and impacts of which can be difficult to assess or quantify and may have a material adverse effect on the Company's business, reputation, financial condition, and results.Special Note Regarding Currency, Financial Information and ProductionThis document should be read in conjunction with the Company's MD&A and unaudited interim consolidated financial statements (the "financial statements") for the three months ended March 31, 2026, and the Company's MD&A and audited consolidated financial statements for the year ended December 31, 2025. All dollar amounts are referenced in millions of Canadian dollars, except where noted otherwise. The Company's MD&A and financial statements for the three months ended March 31, 2026 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the "IFRS Accounting Standards").Production volumes and per unit statistics are presented throughout this document and the Company's MD&A on a "before royalties" or "company gross" basis, and realized prices are net of blending and feedstock costs and exclude the effect of risk management activities. In addition, reference is made to crude oil and natural gas in common units called barrel of oil equivalent ("BOE"). A BOE is derived by converting six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil ("6 Mcf:1 bbl"). This conversion may be misleading, particularly if used in isolation, since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In comparing the value ratio using current crude oil prices relative to natural gas prices, the 6 Mcf:1 bbl conversion ratio may be misleading as an indication of value. In addition, for the purposes of this document and the Company's MD&A, crude oil is defined to include the following commodities: light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, thermal bitumen, and SCO (including mining bitumen). Production on an "after royalties" or "company net" basis is also presented for information purposes only. Additional information relating to the Company, including its Annual Information Form for the year ended?December 31, 2025, is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. Information in such Annual Information Form and on the Company's website does not form part of and is not incorporated by reference in this document and the Company's MD&A, dated May 6, 2026. ADVISORYSpecial Note Regarding Non-GAAP and Other Financial MeasuresThis document includes references to non-GAAP and other financial measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). These financial measures are used by the Company to evaluate its financial performance, financial position, and cash flow and include non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary financial measures. These financial measures are not defined by IFRS Accounting Standards and therefore are referred to as non-GAAP and other financial measures. The non-GAAP and other financial measures used by the Company may not be comparable to similar measures presented by other companies and should not be considered an alternative to, or more meaningful than, the most directly comparable financial measure presented in the financial statements, as applicable, as an indication of the Company's performance. Descriptions of the Company's non-GAAP and other financial measures included in this document and the Company's MD&A and reconciliations to the most directly comparable GAAP measure, as applicable, are provided below as well as in the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months ended March 31, 2026 dated May 6, 2026.Free Cash Flow Allocation PolicyFree cash flow is a non-GAAP financial measure. The Company considers free cash flow a key measure in demonstrating the Company's ability to generate cash flow to fund future growth through capital investment, pay returns to shareholders and to repay or maintain net debt levels, pursuant to the free cash flow allocation policy.The Company's free cash flow is used to determine the targeted amount of shareholder returns after dividends. The amount allocated to shareholders varies depending on the Company's net debt position.Free cash flow is calculated as adjusted funds flow less dividends on common shares, net capital expenditures and abandonment expenditures. The Company targets to manage the allocation of free cash flow on a forward-looking annual basis, while managing working capital and cash requirements as needed.In March 2026, the Board of Directors adjusted the allocation of free cash flow, effective January 1, 2026, as follows:When net debt is at or above $16 billion, 60% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 40% to the balance sheet.When net debt is between $13 billion and $16 billion, 75% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 25% to the balance sheet.When net debt is at or below $13 billion, 100% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases.The Company's free cash flow for the three months ended March 31, 2026 and comparable periods is shown below:

Three Months Ended
($ millions)
Mar 31
2026

Dec 31
2025

Mar 31
2025
Adjusted funds flow (1)$4,374
$3,748
$4,530
Less: Dividends on common shares
1,224

1,226

1,184
Net capital expenditures (1)
2,028

1,237

1,303
Abandonment expenditures
247

201

188
Free cash flow$875
$1,084
$1,855
(1) Non-GAAP Financial Measure. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months ended March 31, 2026 dated May 6, 2026.
 Long-term Debt, netLong-term debt, net (also referred to as net debt) is a capital management measure that is calculated as current and long-term debt less cash and cash equivalents.($ millions)
Mar 31
2026

Dec 31
2025

Mar 31
2025
Long-term debt$16,961
$16,617
$17,428
Less: cash and cash equivalents
808

673

93
Long-term debt, net$16,153
$15,944
$17,335
 Breakeven WTI PriceThe breakeven WTI price is a supplementary financial measure that represents the equivalent US dollar WTI price per barrel where the Company's adjusted funds flow is equal to the sum of maintenance capital and dividends. The Company considers the breakeven WTI price a key measure in evaluating its performance, as it demonstrates the efficiency and profitability of the Company's activities. The breakeven WTI price incorporates the non-GAAP financial measure adjusted funds flow as reconciled in the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A. Maintenance capital is a supplementary financial measure that represents the capital required to maintain annual production at prior period levels.Capital BudgetCapital budget (or capital forecast) is a forward-looking non-GAAP financial measure. Annual budgets are developed and scrutinized throughout the year and can be changed, if necessary, in the context of price volatility, project returns, and the balancing of project risks and time horizons.The capital budget (or capital forecast) excludes abandonment expenditures related to the execution of the Company's abandonment and reclamation programs in North America and the North Sea. The Company currently carries an Asset Retirement Obligation ("ARO") liability on its balance sheet for these forecasted future expenditures. Abandonment expenditures are reported before the impact of current income tax recoveries in Canada and the UK portion of the North Sea. The Company is eligible to recover interest related to tax recoveries in the North Sea.Capital EfficiencyCapital efficiency is a supplementary financial measure that represents the capital spent to add new or incremental production divided by the current rate of the new or incremental production. It is expressed as a dollar amount per flowing volume of a product ($‍/‍bbl/‍‍d or $/‍BOE‍/‍d). The Company considers capital efficiency a key measure in evaluating its performance, as it demonstrates the efficiency of the Company's capital investments. CONFERENCE CALLCanadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) will be issuing its 2026 First Quarter Earnings Results on Thursday, May 7, 2026 before market open.A conference call will be held at 7:00 a.m. MT / 9:00 a.m. ET on Thursday, May 7, 2026.Dial-in to the live event:North America 1-800-717-1738 / International 001-289-514-5100.Listen to the audio webcast:Access the audio webcast on the home page of our website, www.cnrl.com.Conference call playback:North America 1-888-660-6264 / International 001-289-819-1325 (Passcode: 89009#)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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700      F (403) 517-7350      E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com   
  
  SCOTT G. STAUTH
President
 
VICTOR C. DAREL
Chief Financial Officer
 
LANCE J. CASSON
Manager, Investor Relations
 
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange  To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296372 Original: Canadian Natural Resources Limited Announces 2026 First Quarter Results

Canadian Natural Resources Limited Announces Normal Course Issuer BidMarch 10, 2026 6:45 PM
NewsfileCalgary, Alberta--(Newsfile Corp. - March 10, 2026) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural") announced today that the Toronto Stock Exchange ("TSX") has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid ("NCIB") through the facilities of the TSX or other alternative Canadian trading systems. Purchases may also be made through the facilities of the New York Stock Exchange, subject to applicable securities laws.The notice provides that Canadian Natural may, during the 12 month period commencing March 13, 2026 and ending March 12, 2027, purchase for cancellation up to 182,396,564 shares, being 10% of the public float as at February 27, 2026. Canadian Natural will not acquire through the facilities of the TSX more than 4,071,234 common shares during a trading day, being 25% of the average daily trading volume of its common shares on the TSX for the six calendar months prior to the date of approval of the NCIB, subject to certain prescribed exceptions. The price which Canadian Natural will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Canadian Natural.Canadian Natural targets to manage the allocation of free cash flow on a forward-looking annual basis, while managing working capital and cash requirements as needed. In March 2026, the Board of Directors adjusted the net debt target levels in our free cash flow allocation policy, effective January 1, 2026, as follows: (i) when net debt is at or above $16 billion, 60% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 40% to the balance sheet; (ii) when net debt is between $13 billion and $16 billion, 75% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 25% to the balance sheet; and (iii) when net debt is at or below $13 billion, 100% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases. Free cash flow is a non-GAAP financial measure. Canadian Natural considers free cash flow a key measure in demonstrating Canadian Natural's ability to generate cash flow to fund future growth through capital investment, pay returns to shareholders and to repay or maintain net debt levels, pursuant to the free cash flow allocation policy. Canadian Natural's free cash flow is used to determine the targeted amount of shareholder returns after dividends. Free cash flow is calculated as adjusted funds flow less dividends on common shares, net capital expenditures and abandonment expenditures.In connection with the NCIB, Canadian Natural expects to enter into an automatic share purchase plan ("ASPP") in relation to purchases made by it under the NCIB. The ASPP has been pre-cleared by the TSX and is expected to be implemented on March 13, 2026. The ASPP is intended to facilitate repurchases of common shares at times under the NCIB when Canadian Natural would ordinarily not be permitted to make purchases due to regulatory restrictions or customary self-imposed blackout periods. Before the commencement of any particular trading black-out period, Canadian Natural may, but is not required to, instruct its designated broker to make purchases of common shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Canadian Natural in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. All purchases of common shares made under the ASPP will be included in determining the number of common shares purchased under the NCIB. The ASPP will terminate on March 5, 2027. The ASPP constitutes an "automatic securities purchase plan" under applicable Canadian securities law. Outside of pre-determined blackout periods, common shares may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws.As of February 27, 2026, Canadian Natural purchased 27,810,000 of its common shares at a weighted average price of $43.99 per common share under its previous NCIB, which commenced on March 13, 2025 and expires on March 12, 2026 and which authorized the purchase for cancellation of up to 178,738,237 common shares.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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700     F (403) 517-7350     E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com  
  
  SCOTT G. STAUTH
President
 
VICTOR C. DAREL
Chief Financial Officer
 
LANCE J. CASSON
Manager, Investor Relations
 
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange  Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding Non-GAAP and Other Financial Measures at www.cnrl.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288036
Original: Canadian Natural Resources Limited Announces Normal Course Issuer Bid

Canadian Natural Resources Limited Announces Quarterly DividendMarch 5, 2026 5:00 AM
NewsfileCalgary, Alberta--(Newsfile Corp. - March 5, 2026) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) announces that its Board of Directors approved a 6.4% increase to its quarterly cash dividend on its common shares to $0.625 (sixty-two and one half cents) per common share, up from the previous quarterly cash dividend of $0.5875 (fifty-eight and three quarter cents) per common share. The dividend will be payable on April 7, 2026 to shareholders of record at the close of business on March 20, 2026.The Company has a leading track record of dividend increases, with 2026 being the 26th consecutive year of dividend increases with a compound annual growth rate ("CAGR") of 20% over that time. This demonstrates the confidence that the Board of Directors has in the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base.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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700     F (403) 517-7350     E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com  
  
  SCOTT G. STAUTH
President
 
VICTOR C. DAREL
Chief Financial Officer
 
LANCE J. CASSON
Manager, Investor Relations
 
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange  
  Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding Non-GAAP and Other Financial Measures at www.cnrl.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286341
Original: Canadian Natural Resources Limited Announces Quarterly Dividend

Canadian Natural Resources Limited Announces 2025 Fourth Quarter and Year End ResultsMarch 5, 2026 5:00 AM
NewsfileCalgary, Alberta--(Newsfile Corp. - March 5, 2026) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's fourth quarter and year end 2025 results, "The year 2025 was the best operational year in the Company's long history of maximizing value for our shareholders. We set several production records, lowered our operating costs and capital expenditures came in under our forecast. We grew organically and completed several accretive acquisitions, including the Palliser Block assets in southern Alberta and liquids-rich Montney assets in the Grande Prairie area, along with increasing our ownership in the Albian mines to 100% through an asset swap. As a result, we achieved record annual production of 1,571 MBOE/d in 2025, resulting in year-over-year growth of 15% or approximately 207 MBOE/d from 2024 levels. We also achieved record annual liquids production of 1,146 Mbbl/d, of which 65% was comprised of Synthetic Crude Oil ("SCO"), light crude oil and NGLs, which are not subject to widening heavy crude oil differentials.Strong execution across our large, diverse asset base continues to provide significant opportunities to create shareholder value in 2026 and beyond. This is evident by our increased production, strong free cash flow and growth in reserves achieved in 2025, through organic growth and accretive acquisitions. These successes provided the Board of Directors with the confidence to approve a dividend increase and an enhancement to our direct shareholder returns, by adjusting our net debt targets as a part of our free cash flow allocation policy. Additionally, we are decreasing our 2026 operating capital forecast by approximately $310 million, following the completion of a strategic acquisition early in 2026, and increasing our 2026 production guidance range to 1,615 MBOE/d and 1,665 MBOE/d from the previous guidance range of 1,590 MBOE/d and 1,650 MBOE/d.Canadian Natural's reserves are significant when compared to other major oil companies, which support long-term organic growth opportunities. Year end 2025 total proved reserves of 15.91 billion BOE and total proved plus probable reserves of 20.75 billion BOE represent increases of approximately 4% and 3%, respectively, from year end 2024 levels. With approximately 73% of the Company's total proved reserves being long life low decline, the strength and depth of our assets is evident and provide us with a total proved reserves life index ("RLI") of 31 years and a total proved plus probable RLI of 40 years. We continue to deliver strong total proved Finding, Development and Acquisition ("FD&A") costs, including changes in Future Development Cost ("FDC"), achieving an industry leading FD&A in 2025 of $3.64/BOE for total proved reserves and $2.42/BOE for total proved plus probable reserves."Canadian Natural's Chief Financial Officer, Victor Darel, added "In 2025, we generated adjusted net earnings of $7.4 billion or $3.56 per share, and adjusted funds flow of $15.5 billion or $7.39 per share. Throughout the year, we completed several accretive acquisitions, increasing production and cash flow, while reducing net debt by approximately $2.7 billion to just under $16 billion at year end 2025. We returned approximately $9.0 billion to our shareholders in 2025, including $4.9 billion in dividends, $1.4 billion in share repurchases and $2.7 billion in net debt reduction. Subsequent to year end, the Board approved an approximate 6.4% increase to our quarterly dividend, bringing the annualized dividend up to $2.50 per common share. This marks 2026 as the 26th consecutive year of dividend increases by Canadian Natural, with a compound annual growth rate ("CAGR") of 20% over that time, demonstrating the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base.Additionally, the Board of Directors have, effective January 1, 2026, adjusted the net debt target levels in our free cash flow allocation policy which results in an acceleration of the next increase to direct shareholder returns. Now, when net debt falls below $16 billion, compared to our previous target of $15 billion, we will increase direct shareholder returns in the form of share repurchases to 75% of free cash flow generated, managed on a forward-looking basis.Our financial flexibility and long life low decline asset base provide a strong foundation and a competitive advantage with low maintenance capital requirements. Our US$ WTI breakeven remains top tier in the low to mid-$40 per barrel range. Our balance sheet is strong with significant liquidity of approximately $6.3 billion at year end 2025. Our excellent results highlight the cash flow generating capability of our top tier asset base with strong year end metrics including Debt to Book Capitalization at 26% and Debt to Adjusted EBITDA at 0.7x."
 2025 ANNUAL HIGHLIGHTSGenerated net earnings of approximately $10.8 billion and adjusted net earnings from operations of $7.4 billion.Generated adjusted funds flow of approximately $15.5 billion.Returns to shareholders totaled approximately $9.0 billion, comprised of $4.9 billion in dividends, $1.4 billion in share repurchases and $2.7 billion through reduction in the Company's net debt. Approximately 33.5 million common shares were repurchased and cancelled in 2025 at a weighted average price of $43.28 per share.Record total annual production of approximately 1,571,000 BOE/d, an increase of 207,000 BOE/d or 15% from 2024 levels.Record total liquids production of approximately 1,146,000 bbl/d, an increase of 141,000 bbl/d or 14% from 2024 levels.Strong total corporate liquids operating costs(1) of $18.44/bbl (US$13.19/bbl), compared to $18.56/bbl (US$13.55/‍bbl) in 2024.Record Oil Sands Mining and Upgrading production of approximately 565,000 bbl/d of zero decline SCO, with upgrader utilization of 100%, including the planned turnaround at the Athabasca Oil Sands Project ("AOSP").Industry leading Oil Sands Mining and Upgrading operating costs of $22.66/bbl (US$16.21/bbl), compared to $22.88/bbl (US$16.70/bbl) in 2024.Record thermal in situ production of 275,000 bbl/d of long life low decline production.Record natural gas production of 2,547 MMcf/d, an increase of 400 MMcf/d or 19% from 2024 levels.Canadian Natural reduced net debt by approximately $2.7 billion from 2024 year end levels.Repaid US$1.2 billion of US dollar debt securities.Issued C$1.65 billion in 3, 5 and 10 year medium-term notes.2025 FOURTH QUARTER HIGHLIGHTSGenerated net earnings of approximately $5.3 billion and adjusted net earnings from operations of $1.7 billion.Generated adjusted funds flow of approximately $3.7 billion.Returns to shareholders totaled approximately $2.7 billion, comprised of $1.2 billion in dividends, $0.3 billion in share repurchases and $1.2 billion through reduction in the Company's net debt.Record total quarterly production of approximately 1,659,000 BOE/d, an increase of 188,000 BOE/d or 13% from Q4/24 levels.Record total liquids production of approximately 1,215,000 bbl/d, an increase of 125,000 bbl/d or 12% from Q4/24 levels.Record Oil Sands Mining and Upgrading production of approximately 620,000 bbl/d of zero decline SCO with upgrader utilization of 105%.Industry leading Oil Sands Mining and Upgrading operating costs of $21.84/bbl (US$15.66/bbl).On November 1, 2025, Canadian Natural closed the AOSP asset swap with Shell and now owns and operates 100% of the Albian oil sands mines and associated reserves.The transaction added approximately 31,000 bbl/d of annual, zero decline bitumen production to our Oil Sands Mining and Upgrading portfolio.(1) Operating costs are calculated as production expense divided by respective sales volumes. Natural gas and NGLs production volumes approximate sales volumes.
 ACCELERATING SHAREHOLDER RETURNS WITH REVISED FREE CASH FLOW ALLOCATION POLICYAs a result of the Company's continued strong execution and resilience to volatile commodity prices, combined with continued growth of production, cash flow and reserves through strategic acquisitions and organic development, Canadian Natural is increasing its annual dividend and enhancing direct shareholder returns by updating its net debt targets within the Company's free cash flow allocation policy. The policy was last adjusted in October 2024, when on a proforma basis, including the acquired Chevron assets, annual production was approximately 1,465,000 BOE/d. Since then, through organic growth and strategic acquisitions, annual production has grown by approximately 12% or 175,000 BOE/d, to the mid-point of updated 2026 guidance.The Board of Directors have approved an approximate 6.4% increase to the quarterly cash dividend to $0.625 per common share, from $0.5875 per common share, payable on April 7, 2026 to shareholders of record at the close of business on March 20, 2026.This dividend increase represents an annualized dividend of $2.50 per common share and demonstrates the confidence that the Board has in the sustainability of our business model, our strong balance sheet and the strength of our diverse, long life low decline reserves and asset base. Canadian Natural's leading track record of 26 consecutive years of dividend growth continues with a CAGR of 20% over that time.The Company's free cash flow allocation policy has been revised based upon the increase in the Company's reserves and production from when it was last reviewed in 2024.When net debt is at or above $16 billion (formerly $15 billion), 60% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 40% to the balance sheet.When net debt is between $13 billion (formerly $12 billion) and $16 billion (formerly $15 billion), 75% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 25% to the balance sheet.When net debt is at or below $13 billion (formerly $12 billion), 100% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases.The Company targets to manage the allocation of free cash flow on a forward-looking annual basis, while managing working capital and cash requirements as needed.Free cash flow is calculated as adjusted funds flow less dividends on common shares, net capital expenditures and abandonment expenditures.On March 4, 2026, the Board of Directors approved the renewal of the Company's Normal Course Issuer Bid ("NCIB"), which states that during the 12 month period commencing on March 13, 2026 and ending on March 12, 2027, the Company can repurchase for cancellation up to 10% of the public float (as determined in accordance with the rules of the TSX), subject to TSX approval.
 UPDATED 2026 GUIDANCECanadian Natural is utilizing its capital flexibility in 2026 by reducing forecasted Operating Capital Expenditures by approximately $310 million, which reflects continuous improvement and efficiency gains on our development program and a deferral of front-end engineering and design ("FEED") capital on our Jackpine mine expansion opportunity at Albian.As first communicated at the Company's 2025 investor day held on November 7, 2025, Canadian Natural continues to progress on its budgeted defined short-term growth strategy through the development of its Conventional E&P assets and thermal drill to fill pad additions, and its medium-term growth strategy by expending FEED capital on both its 70,000 bbl/d Pike 2 growth project and 30,000 bbl/d Jackfish expansion project.As a part of its long-term growth strategy, the Company is deferring FEED and defined capital for our Oil Sands Jackpine mine expansion opportunity at Albian, that was originally included in our 2026 capital budget. This approximately $8.25 billion project is being deferred due to the lack of finalization of government regulatory policies as it relates to carbon pricing and methane, which creates uncertainty and economic burden for long-term growth investments. Once there is more certainty on these regulatory policies, approval timelines and egress, we will reassess the viability of this project.Additionally, subsequent to year end, Canadian Natural has acquired assets in the Peace River area of Alberta, which are adjacent to existing operations in the area, and elsewhere for approximately $765 million.As a result, forecasted annual capital is being updated as follows:Capital Expenditures(1) ($ millions)
2026
Budget

2026 Updated
Forecast

Change
Conventional E&P$3,320
$3,160
$(160)Thermal and Oil Sands Mining & Upgrading$2,980
$2,830
$(150)Total Operating Capital Expenditures$6,300
$5,990
$(310)Carbon Capture$125
$125
$-
Net acquisitions$-
$765
$765
Total Capital Expenditures$6,425
$6,880
$455
(1) Forward-looking Non-GAAP Financial Measure. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months and year ended December 31, 2025 dated March 4, 2026 ("MD&A").Note: 2026 capital expenditures excludes approximately $993 million of abandonment expenditures, before recoveries, related to the execution of the Company's abandonment and reclamation programs in North America and the North Sea. Following the recent acquisition, Canadian Natural is increasing its 2026 production guidance range to 1,615 MBOE/d and 1,665 MBOE/d, with the mid-point being 20 MBOE/d higher than the budget. Production Guidance(1) (before royalties)
2026
Budget

2026
Updated Forecast
Natural Gas (MMcf/d)
2,477 - 2,577

2,560 - 2,615
Conventional E&P Crude Oil & NGLs (Mbbl/d)
325 - 337

336 - 346
Thermal and Oil Sands Mining & Upgrading (Mbbl/d)
852 - 883

852 - 883
Total Liquids (Mbbl/d)
1,177 - 1,220

1,188 - 1,229
Total MBOE/d
1,590 - 1,650

1,615 - 1,665
(1) Reflects planned downtime for turnaround activities in all areas.Note: Rounded to the nearest 1,000 bbl/d. HIGHLIGHTS
Three Months Ended

Year Ended
($ millions, except per common share amounts)
Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Net earnings $5,303
$600
$1,138
$10,820
$6,106
Per common share- basic $2.55
$0.29
$0.54
$5.17
$2.87

- diluted $2.54
$0.29
$0.54
$5.16
$2.85
Adjusted net earnings from operations (1) $1,711
$1,801
$1,977
$7,444
$7,414
Per common share- basic (2) $0.82
$0.86
$0.94
$3.56
$3.49

- diluted (2) $0.82
$0.86
$0.93
$3.55
$3.46
Cash flows from operating activities $3,768
$3,940
$3,432
$15,106
$13,386
Adjusted funds flow (1) $3,748
$3,920
$4,186
$15,460
$14,859
Per common share- basic (2) $1.80
$1.88
$1.99
$7.39
$6.99

- diluted (2) $1.79
$1.87
$1.97
$7.37
$6.94
Cash flows used in investing activities $1,200
$2,234
$10,414
$6,687
$14,095
Net capital expenditures (1) $1,237
$2,124
$10,348
$6,579
$14,431
Net capital expenditures (1), excluding net acquisitions (3) $1,413
$1,318
$1,290
$5,707
$5,286
Abandonment expenditures $201
$189
$151
$771
$646
Daily production, before royalties
 

 

 

 

 
Natural gas (MMcf/d)
2,660

2,668

2,283

2,547

2,147
Crude oil and NGLs (bbl/d)
1,215,364

1,175,604

1,090,002

1,146,175

1,005,603
Equivalent production (BOE/d) (4)
1,658,681

1,620,261

1,470,428

1,570,757

1,363,496
(1) Non-GAAP Financial Measure. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
(2) Non-GAAP Ratio. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
(3) Includes the impact of cash paid and received related to acquisitions and dispositions. The Company received net cash consideration of $212 million related to the AOSP asset swap in Q4/25. Refer to the 'Net Capital Expenditures' table in the Company's MD&A.
(4) A barrel of oil equivalent ("BOE") is derived by converting six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil (6 Mcf:1 bbl). This conversion may be misleading, particularly if used in isolation, or to compare the value ratio using current crude oil and natural gas prices since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
 Net earnings of approximately $10.8 billion in 2025 reflected strong operational performance, as well as the impact of non-cash accounting gains on the AOSP asset swap that closed in Q4/25, together with non-cash recoverability charges related to the North Sea and Offshore Africa. These items are discussed in detail in the Q4/25 Financial Statements and MD&A.Adjusted net earnings from operations was strong at $7.4 billion in 2025.
  RESERVES HIGHLIGHTSA key differentiator for Canadian Natural is the strength, diversity and balance of its world class, top tier assets. The Company's total proved reserve life index ("RLI")(1) of 31 years is supported by long life low decline assets that have been strategically assembled and developed over several decades. The low maintenance capital requirements relative to the size and quality of the reserves affords the Company significant flexibility when balancing its four pillars of capital allocation to maximize shareholder value.The Company's reserves were evaluated and reviewed by Independent Qualified Reserves Evaluators ("IQREs"). The following highlights are based on the Company's reserves using forecast prices and costs at December 31, 2025 (all reserves values are Company Gross unless stated otherwise).Total proved reserves increased 4% to 15.910 billion BOE, with reserves additions and revisions of 1.253 billion BOE. Total proved plus probable reserves increased 3% to 20.750 billion BOE, with reserves additions and revisions of 1.213 billion BOE.The strength and depth of the Company's assets are evident as approximately 73% of total proved reserves are long life low decline reserves. This results in a total proved BOE RLI of 31 years and a total proved plus probable BOE RLI of 40 years.Additionally, high value, zero decline SCO and bitumen from the Horizon and Albian mines represent approximately 50% of total proved reserves with a RLI of 39 years.Proved developed producing reserves additions and revisions for 2025 were 1.129 billion BOE, replacing 2025 production by 197‍%. The proved developed producing BOE RLI is 20 years.Total proved reserves additions and revisions for 2025 replaced 2025 production by 218%. Total proved plus probable reserves additions and revisions for 2025 replaced 2025 production by 212%.In 2025, Canadian Natural continued to achieve strong Finding, Development and Acquisition ("FD&A") costs:FD&A costs, including changes in Future Development Cost ("FDC"), are $3.64/BOE for total proved reserves and $2.42/BOE for total proved plus probable reserves.The net present value of future net revenues, before income tax, discounted at 10%, is $110.1 billion for proved developed producing reserves, $157.8 billion for total proved reserves, and $191.0 billion for total proved plus probable reserves.(1) Supplementary financial measure. Refer to the '2025 Year End Reserves' section of this document.
  OPERATIONS REVIEW North America Oil Sands Mining and Upgrading

Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Synthetic crude oil production (bbl/d) (1)(2)
619,901

581,136

534,631

565,102

472,245
(1) SCO production before royalties and excludes production volumes consumed internally as diesel.
(2) Consists of heavy and light synthetic crude oil products.
 Oil Sands Mining and Upgrading achieved record annual production in 2025, averaging 565,102 bbl/d of SCO, an increase of 20% or approximately 93,000 bbl/d from 2024 levels, reflecting the additional working interests acquired in AOSP, combined with effective and efficient operations.Oil Sands Mining and Upgrading achieved strong annual upgrader utilization, averaging 100% in 2025, which included a planned turnaround at AOSP.Industry leading Oil Sands Mining and Upgrading operating costs averaged $22.66/bbl (US$16.21/bbl) of SCO in 2025, compared to $22.88/bbl (US$16.70/bbl) in 2024.Oil Sands Mining and Upgrading production has strong realized pricing, averaging $86.41/bbl in 2025.At Horizon, the Company is progressing its Naphtha Recovery Unit Tailings Treatment ("NRUTT") project which targets incremental production of approximately 6,300 bbl/d of SCO, following mechanical completion in Q3/27.As a part of its long-term growth strategy, the Company is deferring FEED and defined capital for our Oil Sands Jackpine mine expansion opportunity at Albian, that was originally included in our 2026 capital budget. This approximately $8.25 billion project is being deferred due to the lack of finalization of government regulatory policies as it relates to carbon pricing and methane, which creates uncertainty and economic burden for long-term growth investments. Once there is more certainty on these regulatory policies, approval timelines and egress, we will reassess the viability of this project. North America Exploration and ProductionThermal In Situ Oil Sands








Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Bitumen production (bbl/d)
266,308

274,752

276,231

275,086

271,011
Net bitumen wells drilled
25

11

16

78

94
Net successful bitumen wells drilled
24

11

16

77

94
Success rate
96 %

100 %

100 %

99 %

100 %
 Thermal in situ achieved record annual production in 2025, averaging 275,086 bbl/d, an increase of 2% from 2024 levels, reflecting the Company's capital efficient pad add and development program, partially offset by natural field declines.Thermal in situ operating costs remain strong, averaging $11.09/bbl (US$7.93/bbl) in 2025, comparable to 2024 levels.As part of the Company's defined short-term growth strategy, Canadian Natural has decades of robust capital efficient drill to fill growth opportunities on its long life low decline thermal in situ assets, which we continue to develop in a disciplined manner to deliver safe and reliable thermal in situ production.The first Pike 1 pad was brought on production ahead of schedule in December 2025 which is tied into the Jackfish 3 facility. Current production rates from this pad of approximately 27,000 bbl/d are exceeding expectations, with a Steam to Oil Ratio ("SOR") of approximately 1.8x. A second Pike 1 pad is targeted to come on production in April 2026 and is targeted to keep production at the Jackfish 3 facility at full capacity.At Primrose, the Company completed drilling a Cyclic Steam Stimulation ("CSS") pad in February 2026, with production targeted to come on in Q3/26. The Company is drilling two additional CSS pads which are targeted to come on production in 2027.At Kirby, the Company is planning to commence drilling a Steam Assisted Gravity Drainage ("SAGD") pad in Q2/26, which is targeted to come on production in 2027.As part of the Company's defined medium-term growth strategy, in 2026, front end engineering is progressing on both its 70,000 bbl/d Pike 2 greenfield project and 30,000 bbl/d Jackfish expansion project. In December 2025, Canadian Natural received regulatory approval for the Pike 2 greenfield SAGD project.Canadian Natural has been piloting solvent enhanced oil recovery technology on certain thermal in situ assets with an objective to increase bitumen production while reducing the SOR and Greenhouse Gas ("GHG") emissions, at the same time optimizing solvent recovery. This technology has the potential for application throughout the Company's extensive thermal in situ asset base.The Company continues to operate the commercial scale solvent SAGD pad at Kirby North and the solvent enhanced steam flood pilot at Primrose. An additional solvent SAGD pilot at Kirby South is targeted to begin injection in Q2/26 to evaluate additional future commercial development opportunities. Crude oil and NGLs - excluding Thermal In Situ Oil Sands








Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Crude oil and NGLs production (bbl/d)
319,189

309,873

255,729

294,315

238,277
Net crude oil wells drilled
90

78

84

282

214
Net successful crude oil wells drilled
90

78

84

281

213
Success rate
100 %

100 %

100 %

99 %

99 %
 North America E&P liquids production, excluding thermal in situ, averaged 294,315 bbl/d in 2025, an increase of 24% or approximately 56,000 bbl/d from 2024 levels, reflecting opportunistic acquisitions and strong organic growth from heavy crude oil multilaterals, light crude oil and liquids-rich natural gas.Primary heavy crude oil production averaged 87,888 bbl/d in 2025, an increase of 11% from 2024 levels, reflecting strong drilling results from the Company's multilateral wells.Canadian Natural's highly successful multilateral drilling program continues to unlock opportunity on our 3 million net acres of high quality land throughout our primary heavy crude oil assets.Operating costs in the Company's primary heavy crude oil operations averaged $16.68/bbl (US$11.93/‍bbl) in 2025, a decrease of 8% from 2024 levels, primarily reflecting lower operating cost multilateral production.Pelican Lake production averaged 42,470 bbl/d in 2025, a decrease of 5% from 2024 levels, reflecting the low natural field declines from this long life low decline asset.Operating costs at Pelican Lake averaged $9.24/bbl (US$6.61/bbl) in 2025, comparable to 2024 levels.North America light crude oil and NGLs production averaged 163,957 bbl/d in 2025, an increase of 43% or approximately 50,000 bbl/d from 2024 levels, primarily reflecting opportunistic acquisitions and strong drilling results.Operating costs in the Company's North America light crude oil and NGLs operations averaged $12.39/‍bbl (US$8.87/bbl) in 2025, a decrease of 9% from 2024 levels, primarily reflecting higher production volumes.North America Natural Gas








Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Natural gas production (MMcf/d)
2,657

2,658

2,273

2,538

2,136
Net natural gas wells drilled
20

17

14

78

79
Net successful natural gas wells drilled
20

17

14

78

78
Success rate
100 %

100 %

100 %

100 %

99 %
 Record North America natural gas production was achieved in 2025, averaging 2,538 MMcf/d, an increase of 19% from 2024 levels, primarily reflecting opportunistic acquisitions and strong drilling results in the Company's liquids-rich natural gas assets.North America natural gas operating costs averaged $1.11/Mcf in 2025, a decrease of 7% from 2024 levels, primarily reflecting higher production volumes and cost efficiencies. 
 International Exploration and Production

Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Crude oil production (bbl/d)
9,966

9,843

23,411

11,672

24,070
Natural gas production (MMcf/d)
3

10

10

9

11
 International E&P crude oil production volumes averaged 11,672 bbl/d in 2025, a decrease of 52% compared to 2024 levels. The decrease reflects temporary suspension of production at Baobab in Offshore Africa due to the planned refurbishment of its floating production storage and offloading ("FPSO") vessel which is expected to return to service in Q2/26, planned decommissioning activities in the North Sea and natural field declines.
  Drilling Activity
Year Ended


December 31, 2025

December 31, 2024
(number of wells)
Gross

Net

Gross

Net
Crude oil (1)
368

358

313

307
Natural gas
99

78

94

78
Dry
2

2

2

2
Subtotal
469

438

409

387
Stratigraphic test / service wells
522

499

474

407
Total
991

937

883

794
Success rate (excluding stratigraphic test / service wells)
 

99 %

 

99 %
(1) Includes bitumen wells.
 Canadian Natural drilled a total of 438 net crude oil and natural gas wells in 2025, 51 more than in 2024. MARKETING

Three Months Ended

Year Ended


Dec 31
2025

Sep 30
2025

Dec 31
2024

Dec 31
2025

Dec 31
2024
Benchmark Commodity Prices














WTI benchmark price (US$/bbl) (1) $59.13
$64.95
$70.27
$64.77
$75.72
WCS heavy differential (discount) to WTI (US$/bbl) (1) $(11.20)$(10.36)$(12.55) $(11.10)$(14.73)WCS heavy differential as a percentage of WTI (%) (1)
19 %

16 %

18 %

17 %

19 %
Condensate benchmark price (US$/bbl) $57.01
$63.12
$70.66
$63.32
$72.94
SCO price (US$/bbl) (1) $57.78
$66.26
$71.13
$64.42
$75.09
SCO premium (discount) to WTI (US$/bbl) (1) $(1.35)$1.31
$0.86
$(0.35)$(0.63)AECO benchmark price (C$/GJ) $2.22
$0.94
$1.38
$1.76
$1.36
Realized Prices
 

 

 

 

 
Exploration & Production liquids realized price
(C$/bbl) (2)(3)(4)(5) $64.42
$72.57
$75.22
$71.54
$77.76
SCO realized price (C$/bbl) (1)(3)(4)(5) $75.90
$87.85
$95.08
$86.41
$98.03
Natural gas realized price (C$/Mcf) (4) $2.89
$1.49
$2.02
$2.51
$1.86
(1) West Texas Intermediate ("WTI"); Western Canadian Select ("WCS"); Synthetic Crude Oil ("SCO").
(2) Exploration & Production crude oil and NGLs average realized price excludes SCO.
(3) Pricing is net of blending and feedstock costs.
(4) Excludes risk management activities.
(5) Non-GAAP ratio. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A.
 Canadian Natural has a balanced and diverse product mix of SCO, light crude oil, NGLs, heavy crude oil, bitumen and natural gas, complemented with a balanced and diverse marketing strategy.Canadian Natural has total contracted crude oil transportation capacity of 256,500 bbl/d, consisting of committed volumes to Canada’s west coast and to the United States Gulf Coast, being approximately 21% of 2026 forecasted liquids production. The egress supports Canadian Natural’s long-term sales strategy by targeting diverse refining markets which drive stronger netbacks while also reducing exposure to egress constraints.The North West Redwater refinery, 50% owned by the Company, primarily utilizes bitumen as feedstock, with production of ultra-low sulphur diesel and other refined products averaging 68,139 bbl/d in 2025.Canadian Natural has a diversified natural gas marketing strategy with the Company in 2026 to consume the equivalent of approximately 31% of forecasted natural gas production in its Oil Sands Mining and Upgrading and thermal operations, with approximately 37% targeted to be sold at AECO/Station 2 pricing, and approximately 32% targeted to be exported to other North American and international markets capturing higher natural gas prices, maximizing value.Canadian Natural has a long-term natural gas supply agreement with Cheniere Energy, Inc. ("Cheniere") as part of the Sabine Pass Liquefaction Expansion Project where the Company has agreed to sell 140,000 MMBtu/d of natural gas to Cheniere for a term of 15 years, with delivery anticipated to begin in 2030.Under the terms of the agreement, Canadian Natural will deliver natural gas to Cheniere in Chicago and receive a Japan Korea Marker ("JKM") index price less deductions for transportation and liquefaction.
 2025 YEAR END RESERVESDetermination of ReservesFor the year ended December 31, 2025, the Company retained IQREs, Sproule International Limited and GLJ Ltd., to evaluate and review all of the Company’s proved and proved plus probable reserves. The evaluation and review was conducted and prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook. The reserves disclosure is presented in accordance with NI 51-101 requirements using forecast prices and escalated costs.The Reserves Committee of the Company’s Board of Directors has met with and carried out independent due diligence procedures with the IQREs as to the Company’s reserves.Additional reserves information is disclosed in the Company's Annual Information Form.Summary of Company Gross ReservesAs of December 31, 2025
Forecast Prices and Costs
Light and
Medium
Crude Oil
(MMbbl)Primary
Heavy
Crude Oil
(MMbbl)Pelican Lake
Heavy
Crude Oil
(MMbbl)Thermal
Bitumen
(MMbbl)Mining
Bitumen
(MMbbl)Synthetic
Crude Oil
(MMbbl)Natural
Gas
(Bcf)Natural Gas
Liquids
(MMbbl)Barrels
of Oil
Equivalent
(MMBOE)Total Company








Proved








Developed Producing 121 130 188 684 835 7,043 5,861 229 10,207 Developed Non-Producing 28 6 - 42 - - 272 13 135 Undeveloped 160 92 55 2,603 14 91 11,873 575 5,568 Total Proved 309 228 243 3,330 849 7,134 18,006 817 15,910 Probable 118 105 107 1,845 46 554 9,969 404 4,840 Total Proved plus Probable 427 333 349 5,175 895 7,688 27,974 1,221 20,750  Notes to Reserves:Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests.Information in the reserves data tables may not add due to rounding. BOE values and oil and natural gas metrics may not calculate exactly due to rounding.Forecast pricing assumptions utilized by the Independent Qualified Reserves Evaluators in the reserves estimates are the 3-?Consultant-Average of price forecasts developed by Sproule International Limited, GLJ Ltd. and McDaniel & Associates Consultants Ltd., dated December 31, 2025:
 
20262027202820292030Crude Oil and NGLs 





WTI US$/bbl 59.92 65.10 70.28 71.93 73.37 WCS C$/bbl 65.13 70.43 76.90 78.71 80.29 Canadian Light Sweet C$/bbl 77.54 83.60 90.17 92.32 94.17 Cromer LSB C$/bbl 75.09 81.56 86.95 89.19 90.98 Edmonton C5+ C$/bbl 80.01 86.19 92.83 95.04 96.94 Brent US$/bbl 63.92 69.13 74.36 76.10 77.62
 





AECO C$/MMBtu 3.00 3.30 3.49 3.58 3.65 BC Westcoast Station 2 C$/MMBtu 2.66 3.07 3.25 3.34 3.41 Henry Hub US$/MMBtu 3.74 3.78 3.85 3.93 4.01 All prices increase at a rate of 2% per year after 2030.A US$/C$ foreign exchange rate of 0.7277 was used for 2026, 0.7367 for 2027, and 0.7400 for 2028 and thereafter in the year end 2025 evaluation. A barrel of oil equivalent ("BOE") is derived by converting six thousand cubic feet of natural gas to one barrel of crude oil (6 Mcf:1 bbl). This conversion may be misleading, particularly if used in isolation, since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In comparing the value ratio using current crude oil prices relative to natural gas prices, the 6 Mcf:1 bbl conversion ratio may be misleading as an indication of value.Oil and natural gas metrics included herein are commonly used in the crude oil and natural gas industry and are determined by Canadian Natural as set out in the notes below. These metrics do not have standardized meanings and may not be comparable to similar measures presented by other companies and may be misleading when making comparisons. Management uses these metrics to evaluate Canadian Natural’s performance over time. However, such measures are not reliable indicators of Canadian Natural’s future performance and future performance may vary.Reserves additions and revisions are comprised of all categories of Company Gross reserves changes, exclusive of production.Reserves replacement or Production replacement ratio is the Company Gross reserves additions and revisions, for the relevant reserves category, divided by the Company Gross production in the same period.Reserves Life Index ("RLI") is based on the amount for the relevant reserves category divided by the 2026 proved developed producing production forecast prepared by the IQREs.Finding, Development and Acquisition ("FD&A") costs including changes in Future Development Costs ("FDC") are calculated by dividing the sum of total exploration, development and acquisition capital costs incurred in 2025 and net changes in FDC from December 31, 2024 to December 31, 2025 by the sum of total additions and revisions for the relevant reserves category. FDC excludes all abandonment, decommissioning and reclamation costs.Abandonment, decommissioning and reclamation ("ADR") costs included in the calculation of the Future Net Revenue ("FNR") consist of both the Company's Asset Retirement Obligation ("ARO") for North America and Offshore Africa, before inflation and discounting, for development existing as at December 31, 2025 and forecast estimates of ADR costs attributable to future development activity. ADVISORYSpecial Note Regarding Forward-Looking StatementsCertain statements relating to Canadian Natural Resources Limited (the "Company") in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements can be identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "focus", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule", "proposed", "aspiration", or expressions of a similar nature suggesting future outcome or statements regarding an outlook. Disclosure related to the Company's strategy or strategic focus, capital budget, expected future commodity pricing, forecast or anticipated production volumes, royalties, production expenses, capital expenditures, forecast and anticipated abandonment expenditures, income tax expenses, and other targets provided throughout this Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations of the Company, including the strength of the Company's balance sheet, the sources and adequacy of the Company's liquidity, and the flexibility of the Company's capital structure, constitute forward-looking statements. Disclosure of plans relating to and expected results of existing and future developments, including, without limitation, those in relation to: the Company's assets at Horizon Oil Sands ("Horizon"), the Athabasca Oil Sands Project ("AOSP"), the Primrose thermal oil projects ("Primrose"), the Pelican Lake water and polymer flood projects ("Pelican Lake"), the Kirby thermal oil sands project ("Kirby"), the Jackfish thermal oil sands project ("Jackfish") and the North West Redwater bitumen upgrader and refinery; construction by third parties of new, or expansion of existing, pipeline capacity or other means of transportation of bitumen, crude oil, natural gas, natural gas liquids ("NGLs"), or synthetic crude oil ("SCO") that the Company may be reliant upon to transport its products to market; the maintenance of the Company's facilities and any expected return to service dates; the construction, expansion, or maintenance of third-party facilities that process the Company's products; the abandonment and decommissioning of certain assets and the timing thereof; the development and deployment of technology and technological innovations; the financial capacity of the Company to complete its growth projects and responsibly and sustainably grow in the long-term; and the materiality of the impact of tax interpretations and litigation on the Company's results, also constitute forward-looking statements. These forward-looking statements are based on annual budgets and multi-year forecasts and are reviewed and revised throughout the year as necessary in the context of targeted financial ratios, project returns, product pricing expectations, and balance in project risk and time horizons. These statements are not guarantees of future performance and are subject to certain risks. The reader should not place undue reliance on these forward-looking statements as there can be no assurances that the plans, initiatives, or expectations upon which they are based will occur. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent in estimating quantities of proved and proved plus probable crude oil, natural gas, and NGLs reserves and in projecting future rates of production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly from reserves and production estimates.The forward-looking statements are based on current expectations, estimates, and projections about the Company and the industry in which the Company operates, which speak only as of the earlier of the date such statements were made or as of the date of the report or document in which they are contained, and are subject to known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions (including as a result of the actions of the Organization of the Petroleum Exporting Countries Plus ("OPEC+"), the impact of conflicts in the Middle East, Ukraine and Venezuela, the impact of changes to US economic policy, increased inflation, and the risk of decreased economic activity resulting from a global recession) which may impact, among other things, demand and supply for and market prices of the Company's products, and the availability and cost of resources required by the Company's operations; volatility of and assumptions regarding crude oil, natural gas and NGLs prices; the impact of the ramp-up of LNG Canada on commodity prices; fluctuations in currency and interest rates; assumptions on which the Company's current targets are based; economic conditions in the countries and regions in which the Company conducts business; changes and uncertainties in the international trade environment, including with respect to tariffs, export restrictions, embargoes, and key trade agreements (including uncertainties around US imposed tariffs, and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded); uncertainty in the regulatory framework governing greenhouse gas emissions including, among other things, financial and other support from various levels of government for climate related initiatives and potential emissions or production caps, and the implementation of the Memorandum of Understanding ("MOU") entered into between the Government of Canada and the Government of Alberta in November 2025; civil unrest and political uncertainty, including changes in government, actions of or against terrorists, insurgent groups, or other conflict including conflict between states; the ability of the Company to prevent and recover from a cyberattack, other cyber-related crime, and other cyber-related incidents; industry capacity; ability of the Company to implement its business strategy, including exploration and development activities; the impact of competition; the Company's defense of lawsuits; availability and cost of seismic, drilling, and other equipment; ability of the Company to complete capital programs; the Company's ability to secure adequate transportation for its products; unexpected disruptions or delays in the mining, extracting, or upgrading of the Company's bitumen products; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; ability of the Company to attract the necessary labour required to build, maintain, and operate its thermal and oil sands mining projects; operating hazards and other difficulties inherent in the exploration for and production and sale of crude oil and natural gas and in the mining, extracting, or upgrading the Company's bitumen products; availability and cost of financing; the Company's success of exploration and development activities and its ability to replace and expand crude oil and natural gas reserves; the Company's ability to meet its targeted production levels; timing and success of integrating the business and operations of acquired companies and assets, including the acquisition of the remaining interest in the AOSP mines and other acquisitions that occurred in 2025; production levels; imprecision of reserves estimates and estimates of recoverable quantities of crude oil, natural gas and NGLs not currently classified as proved; changes to future abandonment and decommissioning costs; actions by governmental authorities; government regulations and the expenditures required to comply with them (especially safety, competition, environmental laws and regulations, and the impact of climate change initiatives on capital expenditures and production expenses); interpretations of applicable tax and competition laws and regulations; asset retirement obligations; the sufficiency of the Company's liquidity to support its growth strategy and to sustain its operations in the short-, medium-, and long-term; the strength of the Company's balance sheet; the flexibility of the Company's capital structure; the adequacy of the Company's provision for taxes; the impact of legal proceedings to which the Company is party; and other circumstances affecting revenues and expenses.The Company's operations have been, and in the future may be, affected by political developments and by national, federal, provincial, state, and local laws and regulations such as restrictions on production, the imposition of tariffs, embargoes, or export restrictions on the Company's products (including uncertainties around US imposed tariffs, and actual or potential Canadian countermeasures, both of which continue to evolve and may be continued, suspended, increased, decreased, or expanded), changes in taxes, royalties and other amounts payable to governments or governmental agencies, price or gathering rate controls and environmental protection regulations (including the implementation of the MOU). Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and the Company's course of action would depend upon its assessment of the future considering all information then available.Readers are cautioned that the foregoing list of factors is not exhaustive. Unpredictable or unknown factors not discussed in this document and the Company's MD&A could also have adverse effects on forward-looking statements. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity, and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Except as required by applicable law, the Company assumes no obligation to update forward-looking statements in this document or the Company's MD&A, whether as a result of new information, future events or other factors, or the foregoing factors affecting this information, should circumstances or the Company's estimates or opinions change.Special Note Regarding Common Share Split and Comparative FiguresAt 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 effective for shareholders of record as of market close on June 3, 2024. On June 10, 2024, shareholders of record received one additional share for every one common share held, with common shares trading on a split-adjusted basis beginning June 11, 2024. Common share, per common share, dividend, and stock option amounts for periods prior to the two for one common share split have been updated to reflect the common share split.Special Note Regarding Amendments to the Competition Act (Canada)On June 20, 2024, amendments to the Competition Act (Canada) came into force with the adoption of Bill C-59, An Act to Implement Certain Provisions of the Fall Economic Statement, which impact environmental and climate disclosures by businesses. As a result of these amendments, certain public representations by a business regarding the benefits of the work it is doing to protect or restore the environment or mitigate the environmental and ecological causes or effects of climate change may violate the Competition Act's deceptive marketing practices provisions. Subsequently, on November 4, 2025, the federal government tabled the 2025 Budget, which proposed further amendments to the Competition Act, namely removing the requirement that businesses substantiate their environmental representations about a business or business activity based on an internationally recognized methodology, and eliminating private rights of action under the revised business-activity greenwashing provision. Uncertainty surrounding the interpretation and enforcement of this legislation, which includes the status of any proposed or future amendments, may expose the Company to increased litigation and financial penalties, the outcome and impacts of which can be difficult to assess or quantify and may have a material adverse effect on the Company's business, reputation, financial condition, and results.Special Note Regarding Currency, Financial Information and ProductionThis document should be read in conjunction with the Company's MD&A and unaudited interim consolidated financial statements (the "financial statements") for the three months and year ended December 31, 2025, and the Company's MD&A and audited consolidated financial statements for the year ended December 31, 2024. All dollar amounts are referenced in millions of Canadian dollars, except where noted otherwise. The Company's MD&A and financial statements for the three months and year ended December 31, 2025 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the "IFRS Accounting Standards").Production volumes and per unit statistics are presented throughout this document and the Company's MD&A on a "before royalties" or "company gross" basis, and realized prices are net of blending and feedstock costs and exclude the effect of risk management activities. In addition, reference is made to crude oil and natural gas in common units called barrel of oil equivalent ("BOE"). A BOE is derived by converting six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl") of crude oil (6 Mcf:1 bbl). This conversion may be misleading, particularly if used in isolation, since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In comparing the value ratio using current crude oil prices relative to natural gas prices, the 6 Mcf:1 bbl conversion ratio may be misleading as an indication of value. In addition, for the purposes of this document and the Company's MD&A, crude oil is defined to include the following commodities: light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, thermal bitumen, and SCO (including mining bitumen). Production on an "after royalties" or "company net" basis is also presented for information purposes only. Additional information relating to the Company, including its Annual Information Form for the year ended?December 31, 2024, is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov. Information in such Annual Information Form and on the Company's website does not form part of and is not incorporated by reference in the Company's MD&A, dated March 4, 2026.ADVISORYSpecial Note Regarding Non-GAAP and Other Financial MeasuresThis document includes references to Non-GAAP and Other Financial Measures as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). These financial measures are used by the Company to evaluate its financial performance, financial position, and cash flow and include non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary financial measures. These financial measures are not defined by IFRS and therefore are referred to as non-GAAP and other financial measures. The non-GAAP and other financial measures used by the Company may not be comparable to similar measures presented by other companies and should not be considered an alternative to, or more meaningful than, the most directly comparable financial measure presented in the financial statements, as applicable, as an indication of the Company's performance. Descriptions of the Company's non-GAAP and other financial measures included in this document and the Company's MD&A and reconciliations to the most directly comparable GAAP measure, as applicable, are provided below as well as in the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months and year ended December 31, 2025 dated March 4, 2026.Free Cash Flow Allocation PolicyFree cash flow is a non-GAAP financial measure. The Company considers free cash flow a key measure in demonstrating the Company's ability to generate cash flow to fund future growth through capital investment, pay returns to shareholders and to repay or maintain net debt levels, pursuant to the free cash flow allocation policy.The Company's free cash flow is used to determine the targeted amount of shareholder returns after dividends. The amount allocated to shareholders varies depending on the Company's net debt position.Free cash flow is calculated as adjusted funds flow less dividends on common shares, net capital expenditures and abandonment expenditures. The Company targets to manage the allocation of free cash flow on a forward-looking annual basis, while managing working capital and cash requirements as needed.Up to October 2024, before the announcement of the Chevron acquisition, the Company was targeting to allocate 100% of its free cash flow in 2024 to shareholder returns.In October 2024, with the announcement of the Chevron acquisition, the Board of Directors adjusted the allocation of free cash flow as follows:60% of free cash flow to shareholder returns and 40% to the balance sheet until net debt reaches $15 billion.When net debt is between $12 billion and $15 billion, free cash flow allocation will be 75% to shareholder returns and 25% to the balance sheet.When net debt is at or below $12 billion, free cash flow allocation will be 100% to shareholder returns.The Company's free cash flow for the three months and year ended December 31, 2025 and comparable periods is shown below:

Year Ended
($ millions)
Dec 31
2025

Dec 31
2024
Adjusted funds flow (1)$15,460
$14,859
Less: Dividends on common shares
4,871

4,429
Net capital expenditures(2)
6,579

5,286
Abandonment expenditures
771

646
Free cash flow$3,239
$4,498
(1) Refer to the descriptions and reconciliations to the most directly comparable GAAP measure, which are provided in the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months and year ended December 31, 2025 dated March 4, 2026.
(2) Non-GAAP Financial Measure. In 2024, for the purpose of the free cash flow calculated above, net capital expenditures of $5,286 million excludes net acquisitions of $9,145 million. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for the three months and year ended December 31, 2025 dated March 4, 2026.
 In March 2026, the Board of Directors adjusted the allocation of free cash flow, effective January 1, 2026, as follows:When net debt is at or above $16 billion, 60% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 40% to the balance sheet.When net debt is between $13 billion and $16 billion, 75% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases and 25% to the balance sheet.When net debt is at or below $13 billion, 100% of free cash flow will be allocated to direct shareholder returns in the form of share repurchases.Long-term Debt, netLong-term debt, net (also referred to as net debt) is a capital management measure that is calculated as current and long-term debt less cash and cash equivalents.($ millions)
Dec 31
2025

Sep 30
2025

Dec 31
2024
Long-term debt$16,617
$17,268
$18,819
Less: cash and cash equivalents
673

113

131
Long-term debt, net$15,944
$17,155
$18,688
 Breakeven WTI PriceThe breakeven WTI price is a supplementary financial measure that represents the equivalent US dollar WTI price per barrel where the Company's adjusted funds flow is equal to the sum of maintenance capital and dividends. The Company considers the breakeven WTI price a key measure in evaluating its performance, as it demonstrates the efficiency and profitability of the Company's activities. The breakeven WTI price incorporates the non-GAAP financial measure adjusted funds flow as reconciled in the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A. Maintenance capital is a supplementary financial measure that represents the capital required to maintain annual production at prior period levels.Capital BudgetCapital budget is a forward-looking non-GAAP financial measure and is based on net capital expenditures (non-GAAP financial measure). Annual budgets are developed and scrutinized throughout the year and can be changed, if necessary, in the context of price volatility, project returns, and the balancing of project risks and time horizons. Refer to the 'Non-GAAP and Other Financial Measures' section of the Company's MD&A for more details on net capital expenditures.Capital expenditures reflect forecasted net capital expenditures, before abandonment expenditures related to the execution of the Company's abandonment and reclamation programs in North America and the North Sea. The Company currently carries an Asset Retirement Obligation ("ARO") liability on its balance sheet for these forecasted future expenditures. Abandonment expenditures are reported before the impact of current income tax recoveries in Canada and the UK portion of the North Sea. The Company is eligible to recover interest on related to tax recoveries in the North Sea.Capital EfficiencyCapital 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 is expressed as a dollar amount per flowing volume of a product ($‍/‍bbl/‍‍d or $/‍BOE‍/‍d). The Company considers capital efficiency a key measure in evaluating its performance, as it demonstrates the efficiency of the Company's capital investments.
 CONFERENCE CALLCanadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) will be issuing its 2025 Fourth Quarter Earnings Results on Thursday, March 5, 2026 before market open.A conference call will be held at 9:00 a.m. MT / 11:00 a.m. ET on Thursday, March 5, 2026.Dial-in to the live event:North America 1-800-717-1738 / International 001-289-514-5100.Listen to the audio webcast:Access the audio webcast on the home page of our website, www.cnrl.com.Conference call playback:North America 1-888-660-6264 / International 001-289-819-1325 (Passcode: 84285#)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. CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700     F (403) 517-7350     E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com   
  
  SCOTT G. STAUTH
President
 
VICTOR C. DAREL
Chief Financial Officer
 
LANCE J. CASSON
Manager, Investor Relations
 
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange  
  To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286326
Original: Canadian Natural Resources Limited Announces 2025 Fourth Quarter and Year End Results

CNQ new 52 week high

Hey this site's not that great for soliciting feedback....

Not sure why I keep trying.

for eg. March 2021 - re CNQ (its' $30)


ELEVEN MONTHS LATER.....



Asking for a friend.

NYSE - CNQ - $ 20 dollar level.....wow

Update because there is definitely something about its' $30 level

Nice move.

Yup - Sure enuf - We missed that "dip"... *See post which this replies to





Damn markets are playing Shennanigans like you just would not believe !

3 Years later :


Merry Christmas....Ho-ho-ho !




Too bad I got's so much to do....Will probably miss "the dip".


Which is likely precisely what Bay Street had figured on.


See post this replies to

Used to buy it in the 30's... but it will not be down there for a while -- Oil hit $71 the other day--- still expensive at 45.00 <<CNQ in CANADA

$CNQ Canadian Natural +4% as Q2 earnings beat estimates, cuts capital spending

Canadian Natural Resources (CNQ +3.9%) opens with strong gains after reporting better than expected Q2 earnings and announcing plans to cut capex.

Citing strong H1 results, CNQ raises the mid-point of its 2017 annual liquids and boe production guidance by 11K bbl/day and 3K boe/day, respectively, while lowering its full-year capital program by ~C$180M from earlier plans for C$3.9B in spending.

For Q2, CNQ says total production volumes averaged a record 913.1K boe/day, up 4% Q/Q and 16.5% Y/Y, despite continued reliability issues at a third party natural gas facility.

CNQ says cash flow climbed to $1.73B from $938M in the year-ago quarter, and reduced debt by ~$1.2B from year-end 2016.

Canadian Natural Resources (NYSE:CNQ) soared nearly 10% in today's U.S. trading after agreeing to acquire Alberta oil fields and processing facilities from Royal Dutch Shell and Marathon Oil for a combined $12.7B, CNQ's biggest purchase ever.

Oil Stocks : CNQ (One of Canada's "grandest") :

I have long-had an eye on its' $30 Buck Level :



It's sort of an invisibly sneaky thang ....but it's there



Captured this move on December 23rd ; Up 7.5 %



And this morning I've captured this Baloney :

The gap has already been filled.....



Man what Bullshit !

.

Far too manipulated - But it's GREAT if you're into TA (charts) like I

Reuters reports Canadian Natural (NYSE:CNQ) is exploring options for its royalty assets, and has held talks with the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan, and PrairieSky Royalty.

Cenovous Energy struck a C$3.3B deal to unload its royalty lands to Ontario Teachers' earlier this year. Meanwhile, Bloomberg reported last month ConocoPhillips was near a ~$1B deal to sell Western Canadian assets to Canadian Natural and other buyers. Canadian had $16B in debt at the end of June.

end day CNQ pension funds & royalty assets talks

Canadian Natural Resources (CNQ) is said to be discussions with pension funds and strategic buyers in regards to offloading its royalty assets, according to sources

CFTC says oil speculators decreased their WTI net long position by 31,967 contracts to 128,743 for the last weeks data

US Baker Hughes U.S. Rig Count (Oct 30) W/W 775 (Prev. 787)
- US Rotary Oil Rigs (Oct 30) 578 vs Prev. 594
?- US Rotary Gas Rigs (Oct 30) 197 vs. Prev. 193.
(Baker Hughes Inc.)

US crude oil futures settle at USD 46.59/bbl, up USD 0.53 (+1.15%); Brent crude futures settle at USD 49.56/bbl, up USD 0.76 (+1.56%)

Rumour mill has it CNRL is looking at CPG......???

Canadian Natural Resources (CNQ -0.4%) is downgraded to Neutral from Overweight with a $36 price target at J.P. Morgan, which believes "balance sheet pressures could build in 2016 at a time when the company’s hedges are rolling off.”

Crude oil from Canada’s tar sands has slumped to $23/bbl, chopped in half since July 1 and widening its discount to West Texas Intermediate to nearly $20/bbl, due to a combination of steadily rising production, pipeline constraints and an unexpected outage at a U.S. refinery.

Canadian Natural Resources (CNQ -0.4%) says its Q2 production will be reduced by ~7,500 bbl/day as a result of wildfires in Alberta that shut in output at its Primrose and Kirby South projects.

Concerned that pledges by the newly elected left-leaning government in Alberta may stifle spending by energy companies and kill jobs, Canadian Natural Resources (CNQ +0.5%) President Steve Laut says his company is considering shifting investment away from the province.

Canadian Natural Resources is lower after Q1 earnings beat expectations amid record production, but unadjusted earnings resulted in the company's first quarterly loss in more than four years.

CNQ says Q1 output totaled a record 898K boe/day, up 31% Y/Y, with crude oil production rising 23% and natural gas production increasing 51%, but cash flow fell 36% to C$1.37B due to lower commodity prices.

Thank you Alberta voters! That was an easy double.... Now I wait for a dead cat bounce an do it again:)

bought back a 40$ june put this am. Go NDP!

Closed my short position on this today for a small gain. The market seems as if it wants to run.

Call me crazy but this stock has run way to far given the price of oil. I am short this stock and will continue to be short until there is a meaningful pullback.

will go down to 27.00....

in again

$cnq falling like rock,ill buy when it settles...

I like the bounce think ill sell...

are they into that --for afew dollars more

$CNQ Approval of the Keystone Pipeline would significantly improve margins and earnings, and drive a larger rally in the stock.

The company recently raised its dividend, saw earnings surge and is still attractively priced at these levels.

as usual---paid too much

prob. was with Fletcher asset mgmt. tho--mix -up

That doesn't sound good. What was the outcome?

they kept all my money and re-orgy'd the shares--will only buy at 3 yr low

Canadian Natural Resources Ltd. (NYSE:CNQ) is engaged in the entire business process of crude oil, NGLs, and natural gas production, from acquisition to marketing to sales.

They operate primarily in Western Canada, although they have a presence in the North Sea and off the coasts of Africa as well. Similar to OXY, CNQ felt the burden of slumping natural resource prices and gave away over 16% of its share price since this time last year.

They do have a dividend yield of 1.4%, although current investors would have missed the boat if not holding going into December 12th of last year. In Q4 of 2011, CNQ occupied almost 5% of Pickens' portfolio.

He has since traded out of the stock according to his last 13F filing. Billionaire Ken Fisher of Fisher Asset Management is on his way to doing the same, reducing his position by 81% for the same filing period.

Canadian Natural Resources Limited has a 1-Year Projected Earnings Per Share Growth Rate of 49.50%, and a Analysts' Rating of 1.80.

The short interest was 0.59% as of 08/17/2012. Canadian Natural Resources Limited engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas liquids, and natural gas.

Its products include natural gas, light and medium crude oil, primary heavy crude oil, bitumen, synthetic crude oil, and NGLs. The company operates primarily in North America; the United Kingdom portion of the North Sea; and Cote d'Ivoire, Gabon, and South Africa in offshore Africa.

Barron’s profiles the oilsands players:

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CALGARY, ALBERTA--(Marketwire - 12/02/10) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ - News) (NYSE:CNQ - News) announces monthly production of Synthetic Crude Oil ("SCO") at Horizon Oil Sands as follows:



----------------------------------------------------------------------------
Month SCO Production (bbl/d)
----------------------------------------------------------------------------
Q1 2010 86,995
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Q2 2010 99,950
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Q3 2010 83,809
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October 2010 87,600(i)
----------------------------------------------------------------------------
November 2010 107,900(i)
----------------------------------------------------------------------------
(i)rounded to the nearest hundred

The Pressure Swing Adsorption (PSA) beds recovered better than expected resulting in production of approximately 107,900 bbl/d SCO for November 2010. The PSA unit performance will be closely monitored, however the likelihood that a complete shutdown will be required has been reduced significantly, and scheduled maintenance work will be performed if necessary. The Company continues to target Q4/10 production between 90,000 bbl/d and 100,000 bbl/d and overall annual production between 90,000 bbl/d and 93,000 bbl/d.

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 West Africa.

Good Q & A from the conference call. The upside here is streaming.

Joe Citarrella - Goldman Sachs

In terms of just following up on Horizon here on future phases is, we are waiting for more detailed cost estimates. I was hoping you could offer some early thoughts on how you expect costs to compare to the first phase. I mean, should we be thinking about close to the $88,000 per barrel a day that we had from Phase 1 or anticipating anything meaningfully different here? Thank you.

Steve Laut

I think Joe, right now we're still in the final stages of it. We're kind of in a unique window right now. And the cost estimates that we've had before may look a little high compared to what we are able to execute in this environment.

However, a concern is, once you start announcing projects, we could get the industry as a whole back into that inflationary period, and we would have cost pressures again. So all our execution strategy is built around giving us the maximum flexibility and the ability to control cost and stop and start as we go forward.

As far as $88,000 or $89,000 which we did Phase 1 for, I think it would be difficult to achieve that level of cost going forward in expansions.

So, it will be higher than the $89,000 in Phase 1. Just how much higher, we haven't nailed down exactly yet.

Joe Citarrella - Goldman Sachs

Got it. And similar lines on Kirby, hoping you just provide some additional color there. I mean, you're expanding the whole project to 70,000 to 100,000 per day now, and you mentioned capital of about 31,000 for the first phase. Should we be thinking about a lower capital spend for the remainder of the project given expected synergies? And also any thoughts on timing for production here? Thank you.

Steve Laut

So Kirby Phase 1, (first) team and his 23rd team, and then the oil will come up you know around let's say, (diesel) won't be like cyclic where it comes out at you right away. So it will take some time, probably in 2014 when we start production.

As far as costs going forward for the expansion on Kirby Phase 2 and the de-bottlenecking we'd expect to be able to leverage the infrastructure we've built here for Kirby Phase 1. And the de-bottlenecking for sure will give us better cost energies. So we think it will be lower.

At this point in time, we haven't quantified how much lower that will be, but we expect it to trend lower for future expansions. We'd also expect to see operating cost to be a little bit lower with expansions.

Operator

Our next question is from Mark Polak from Scotia Capital.

Mark Polak - Scotia Capital

A quick question for you. Now that you've acquired the (interspersed) lands around Kirby, that expansion and the bottleneck, should we think about that sort of pushing out Grouse and all the other projects a little further and sort of coming on in that 2016 timeframe?

Peter Janson

That's a good question. Mark, we're still looking at it. What we're planning to do with both Grouse and Birch Mountain East is that we're looking now at the possibility of making regulatory applications for both of those in 2011 and trying to put Kirby 2 in there in between. So we're not sure exactly how the schedule would be, but there maybe some juggling of schedules. You would think just logically Kirby 2 would probably become before; however, Grouse is looking very good, so we may try to do Grouse first or very close together with Kirby 2.

Mark Polak - Scotia Capital

Okay, but no chance to the overall, kind of adding 30,000 to 60,000 barrels at average 2 to 3 years? Is that still sort of the pace you are comfortable with?

Peter Janson

We are very comfortable with that pace, and we think basically the contracting and construction market can handle that. If we get going too far, you are going to outrun the construction market and overrun the engineering firm's ability to deliver for you.

Mark Polak - Scotia Capital

And just curious what you are seeing in terms of inflation as you're working through the latter stages of, you know, looking at Horizon here we've seen costs go up on (curl), and some (inaudible) mentioned this morning that after a fairly sharp reduction and the slowdown of '08, '09 costs are coming up, so you are getting busy as you look at that pipeline. Just curious what you're thinking there?

Peter Janson

We are Mark, concerned about inflation and about the ability to reignite inflation. I will say that on our projects on Tranche 2 we are tracking below our control estimate or cost estimate at this point in time and that's one of the reasons why we reduced capital spending in 2010 because of their ability to do their work with less. So we are seeing our ability to do it for less, and we (constricted). But going forward, I think it's all a matter of activity. So it becomes very difficult to say that going forward you're going to be able to do it for less. But we haven't seen inflation yet on that side.

Operator

Our next question is from George Toriola from UBS Securities.

George Toriola - UBS Securities

The question is around operating costs in the North Sea. Obviously in the quarter, you had some other issues. But just looking at that business, where would you expect operating costs to be, and what are the drivers you have to the extent that you can bring costs down, what drivers do you have?

Doug Proll

The biggest driver in the North Sea for operating costs are the production volumes. Mostly operating costs are essentially fixed. So we didn't have as we had in the third quarter all the turnarounds, and that's the time to do it is in the summer and the water conditions are better. Your production's down and your operating costs go up significantly.

So for us, maintaining production volumes is the biggest driver, and increasing volumes if we can. As you know, we started up a drill string in Ninian this year. Obviously we took a hiatus in 2009. Mainly because of the uncertainty in the global financial market, we want to reduce our capital spending. As a result, there's a lot of safety-critical work we have to do here in 2010 and 2011 we had to get to before we get to really see some of the juicier production volume adds. So as we get to that we'll see production more stable and operating costs stabilize as well.

George Toriola - UBS Securities

Sort of, where do you expect that to settle out at? What sort of numbers would you expect?

Doug Proll

We're saying for this year, operating costs are $30 to $31 a barrel. I would expect us to be very close to that in 2011.

George Toriola - UBS Securities

And then quickly on Horizon, is it fair to say that as you push Phase 1 volumes towards sort of design capacities here that you are now getting to test some of the pieces of equipment there, and that's where you're starting to see some of this reliability issues. Is that a fair way to look at it?

Doug Proll

Actually George, I don't think that's the case actually. When we're at higher volumes we actually run better. It's when we have upsets; we go down and go back up, that's when we have issues with reliability; starting equipment up and pulling it down causes reliability issues. When we run at design capacity, that's the best time we run; everything runs smooth, it just spurs along.

So, really what we're finding here, to be blunt, the hydrogen exchanger that we had here was a manufacturing error here that occurred and was not detected by their quality control or our quality control. I don't know if you could have detected it actually. And it took this long before it actually generated a leak. So we're still working through some of those issues which occurred in that 2007, 2008 period with all the hyperinflation, and every vendor was trying to get as much equipment out the door as possible.

And so we still have some of those things coming back to bite us.

George Toriola - UBS Securities

So it's not really sort of the pushing the envelope, but more and more issues from start-up so to speak.

Doug Proll

Not at all. When we run at higher rates, that's when we run best.

Peter Janson

That's what the equipment is designed to run, that it mixes sweet spot at that rate.

http://seekingalpha.com/article/234880-canadian-natural-ceo-discusses-q3-2010-results-earnings-call-transcript?source=qp_transcript

Canadian Natural Resource (CNQ): Q3 EPS of $0.55 beats by $0.10. (PR)

Took advantage of the (BP) dips and got positioned real well in CNQ and a handful of other energy stocks.

The mainstream is starting to jump on boards now. JP Morgan is rating oilsand stocks now and CNQ got a neutral.

http://www.marketwatch.com/story/jp-morgan-aims-at-canadian-oil-sands-2010-10-25?reflink=seekingalpha&source=sa

Still in it, and up for the year after a terrible slump post-BP-spill.

I think it will continue to gain as the world economy slowly recovers and fuel demands rise.

Been away in the remote Andes this past month, and very pleased to see the market upturns while I was out of touch.

Doing some DD here for the 2011. Are you still following this stock?

"CNQ declared a 2:1 stock split on May 6 to be executed on June 1, 2010"

Just got a txt alert from Schwab.