Canadian Natural Resources Limited · TSX:CNQ
Canadian Natural Resources — Investor Presentation (February 2026)
66 slides from Canadian Natural Resources's investor presentation, February 2026
Slide 1: Corporate Presentation February 2026
CORPORATE PRESENTATION FEBRUARY 2026
Slide 2: Unparalleled Independent – Assets, Execution & Resilience
Canadian Natural Unparalleled Independent – Assets, Execution & Resilience Capital Markets & Financial Summary North Ticker symbol TSX: CNQ / NYSE: CNQ Canada Sea Shares outstanding(1) ~2,085 million Market capitalization(2) ~$106 billion Net Debt(1) ~$17 billion 0.9x Net Debt to EBITDA Enterprise
Slide 3: Canadian Natural Strategy
Canadian Natural Strategy Unparalleled Independent – Assets, Execution & Resilience Unparalleled Unparalleled Unparalleled Assets Execution Resilience • Disciplined value creation • Effective & efficient operations • Strong Balance Sheet • Large, Diverse, Balanced asset base • Industry-leading perfo
Slide 4: Unparalleled competitive advantages
Canadian Natural Unparalleled competitive advantages Large, Low Risk, Diversified, Lower Capital Flexible Effective & High Value Balanced Reinvestment Capital Efficient Reserves Asset Base Requirements Allocation Operations Consistently driving long-term shareholder value • Execution • Unique Cultur
Slide 5: Unparalleled competitive advantage – culture
Canadian Natural Unparalleled competitive advantage – culture All employees Drives accountability & are shareholders shareholder alignment Safety is a Continuous core value Improvement Management Ownership (% of outstanding shares) 2.5% 2.0% Culture 1.5% Effective & Top Tier Efficient 1.0% Performan
Slide 6: Unparalleled disciplined capital allocation – balancing the four pillars
Canadian Natural Unparalleled disciplined capital allocation – balancing the four pillars Balance Sheet Strength Balance Sheet strengthens with Maximizing free cash flow generation Shareholder Value Returns to Shareholders Growing, sustainable dividends & opportunistic share repurchases Balance Retu
Slide 7: Extensive Reserves on a Global Scale
Canadian Natural’s Extensive Reserves on a Global Scale Global & Canadian energy peers Total Proved Reserves(2) (billion BOE) Global Peers 2nd Largest Reserves 20 among global energy peers Largest among 15 Proved Undeveloped(2) Canadian peers Proved Developed(2) Only Canadian company with 10 >5 bill
Slide 8: Canadian Natural's Unique Portfolio
Canadian Natural’s Unique Portfolio Unparalleled assets Production Mix Balanced Sales Points & Products (2026B) ~1,620 MBOE/d 33% Exports (~1.2 Mbbl/d & ~2.5 Bcf/d) Light Crude Oil & NGLs Oil Sand Mining & Upgrading Largest crude oil producer & Natural 2nd largest natural gas producer Gas in Canada
Slide 9: Canadian Natural's Advantage
Canadian Natural’s Advantage Low corporate decline rate results in lower capital reinvestment requirements Asset Product Mix(1) Pelican Lake & Thermal In Situ Conventional ~15% E&P decline ~56% ~21% ~12% of our production is from decline corporate Long Life Low Decline assets decline rate ~0% declin
Slide 10: Long life low decline asset base
Canadian Natural’s Differentiating Value Long life low decline asset base Decline Rate (%) 40% Canadian Peers 35% US Peers ~12% 30% Leading corporate decline rate 25% 20% $9 to $10/BOE 15% Low maintenance capital 10% 5% 0% Peers include: APA, CVE, DVN, EOG, FANG, IMO, MEG, OVV, SU and TOU. Source: C
Slide 11: Long life reserves & low breakeven
Canadian Natural’s Differentiating Value Long life reserves & low breakeven Reserve Life Index Corporate Cash Breakeven, including dividends (years) (US$/bbl) 40 Proved Developed RLI $70 Proved RLI Decades 30 of high quality $60 reserves Average $50 20 Low to mid- $40s/bbl $40 breakeven 10 supports
Slide 12: Low-cost source of sustained supply
Canadian Natural’s Differentiating Value Low-cost source of sustained supply Sustaining Capital Sustaining Capital Ratio(1) (US$/bbl) (% of Operating Cash Flow) $20 Oil Sands require 50% significantly lower Peers(2) sustaining capital 40% ~US$4/BOE In Situ $15 ~US$8/BOE Mining 30% $10 20% $5 Low cos
Slide 13: Industry Leading FD&A Costs
Industry Leading FD&A Costs Five-year average FD&A Costs (five-year, 2020-2024) (US$/BOE) $20 Canadian Peers $18 Global Peers Top tier $16 FD&A costs $14 <US$6/BOE $12 Peer average driven by $10 cost effective development of $8 high quality $6 reserves $4 $2 $0 Peers include: APA, BP, COP, CVE, CVX,
Slide 14: Conventional E&P: Top tier plays throughout the asset base
Conventional E&P Top tier plays throughout the asset base Half-Cycle Payout(2) (years) ~25 million net acres 3.0 Canadian Plays US Plays within high quality 2.5 Conventional plays in North America 2.0 Multi-decade inventory with 1.5 >10,000 locations(1) 1.0 Top tier areas of 0.5 focus include the He
Slide 15: World Class Oil Sands Mining Assets
World Class Oil Sands Mining Assets Leading WTI breakeven price WTI Breakeven (US$/bbl) ~592,000 bbl/d $70 of upgrader capacity,(1) $60 90% of which is high value SCO $50 Peer average Long life no decline $40 Oil Sands Mining assets and SCO & Bitumen $30 effective & efficient operations support a Bi
Slide 16: Natural Gas Markets
Natural Gas Markets Balanced portfolio maximizes value 2026B Exports AECO sales Exports ~823 MMcf/d Export Point MMcf/d Percent exported, capturing stronger Dawn 243 29% 35% 33% North American Iroquois 7 1% ~2.5 pricing (1) Emerson 197 24% Bcf/d ~$375 million Empress 103 13% incremental margin in Ma
Slide 17: Crude Oil Markets
Crude Oil Markets Balanced portfolio maximizes value – crude oil Synthetic Crude Oil 256,500 bbl/d of committed exports (SCO) • 169,000 bbl/d on TMX to west coast of Canada 50% ~66% • 77,500 bbl/d on Flanagan South to the USGC high value • 10,000 bbl/d on Base Keystone to the USGC light crude oil, N
Slide 18: 2026 Budget
2026 Budget
Slide 19: Production Guidance & Capital Budget
2026 Budget Production Guidance & Capital Budget Production Guidance(1) 2026B Natural Gas (MMcf/d) 2,477 - 2,577 ~50,000 BOE/d or Conventional E&P Crude Oil & NGLs (Mbbl/d) 325 - 337 Thermal and Oil Sands Mining & Upgrading (Mbbl/d) 852 - 883 ~3% of production growth Total Liquids (Mbbl/d) 1,177 - 1
Slide 20: Conventional and Thermal
2026 Budget Conventional and Thermal Conventional E&P Drilling 2026B Heavy crude oil (net producer wells) • Focused on the successful multilateral horizontal drilling program in Natural Gas wells 86 Primary Heavy Oil Primary Heavy 237 Light crude oil and liquids-rich natural gas drill-to-fill Pelica
Slide 21: Oil Sands Mining & Upgrading
2026 Budget Oil Sands Mining & Upgrading Horizon • Progressing the Naphtha Recovery Unit Tailings Treatment ("NRUTT") project − Targets incremental production in Q3/27 of approximately 6,300 bbl/d of SCO following mechanical completion • Planned turnaround planned in Q3/26 − Targeting a 35-day turna
Slide 22: Shareholder Returns & Balance Sheet Strength
Shareholder Returns & Balance Sheet Strength
Slide 23: Consistently Delivering Long-term Shareholder Value
Canadian Natural Consistently Delivering Long-term Shareholder Value 2025F Low Production Executed on Significant Strong maintenance capital & per share highly shareholder returns of balance sheet disciplined growth of accretive ~$8.2 billion with current liquidity capital program ~16% acquisitions
Slide 24: Leading history of growing returns to shareholders
Canadian Natural Leading history of growing returns to shareholders Annual Dividends(1) 10-year Rolling TSR(2) ($/share) (2016-2025F) $2.50 400% 25 consecutive years of 350% dividend increases with a $2.00 ~21% CAGR since inception 300% 250% $1.50 Base dividend 200% Prairie Sky distribution (2016) &
Slide 25: Long-Term Dividend Growth vs. Global Peers
Long-Term Dividend Growth vs. Global Peers 10-year CAGR CAGR (10-year) 20% Leading long-term dividend growth 15% Sustainable dividend 10% was maintained & increased in low commodity price periods 5% while others cut Peer average 0% $2.35 per share Global Peers current annualized dividend (5%) Peers
Slide 26: Free Cash Flow Allocation Policy
Canadian Natural Free Cash Flow Allocation Policy Adjusted Funds Flow less: Total Capital(1) less: Dividends Free Cash Flow when net debt is when net debt is when net debt is >$15 billion $12 - 15 billion $12 billion 60% 75% 100% of FCF returned to of FCF returned to of FCF returned to Shareholders
Slide 27: Significant returns to shareholders
Free Cash Flow Allocation Significant returns to shareholders Shareholder Returns ($/share) $4.00 $65 WTI 2024 returns to shareholders totaled $3.50 $75 WTI ~$3.40 per share $3.00 when 100% of free cash flow was allocated to shareholders $2.50 $2.00 2025 estimated returns to $1.50 shareholders, incl
Slide 28: Free Cash Flow Sensitivity
Free Cash Flow Sensitivity Adjusted funds flow less capital FCF per share ($ LHS) (FCF $/share)(1) Free cash flow yield (% RHS) (FCF yield)(1) $7 14% ~28% higher 12% free cash flow per share at US$70 WTI vs US$60 WTI 10% $5 8% ~45% higher 6% free cash flow per share $3 at US$80 WTI vs US$60 WTI 4% 2
Slide 29: Balance Sheet continues to strengthen
Canadian Natural Balance Sheet continues to strengthen Net Debt(1) Production ($ billions) (MBOE/d) ~$16.8 billion 25 Production 1,600 net debt at year-end 2025(1) 20 1,400 Strengthening metrics through the commodity price cycle and following acquisitions 15 1,200 Net Debt to Production 10 1,000 mat
Slide 30: Financial position strengthens following acquisitions
Canadian Natural Financial position strengthens following period of opportunistic acquisitions Net Debt/Adjusted EBITDA(2) Debt/Book Capital(2) (x) (%) 4.0 ~$16.8 billion 45% Net debt(1) 40% 3.0 ~29% Debt to book capitalization(1) 35% 75% 27% 2.0 ~0.9x 30% Debt to adjusted EBITDA(1) 1.0 ~$4.3 billio
Slide 31: Robust financial position
Canadian Natural Robust financial position Revolving Credit Facilities Support from 13 banks June 2027(1) $2,425 million diversified by location June 2028(1) $2,425 million 15+ year relationships June 2027(1) $500 million with 12 banks Operating Demand Facility $100 million Term Loans December 2027(
Slide 32: Bond maturity profile
Canadian Natural Bond maturity profile ($ billions) 3.0 US$ Public C$ Public Repurchased 2.5 Balanced & strategically 2.0 built 1.5 debt maturities provide ample 1.0 flexibility 0.5 0.0 Note: US public debt converted to CAD at 1.3763 exchange rate as at September 30, 2025. STRATEGICALLY BALANCED MAT
Slide 33: Unparalleled Assets – Conventional E&P
Unparalleled Assets – Conventional E&P
Slide 34: North America Conventional E&P
North America Conventional E&P Asset overview ~715,000 BOE/d of production(1) • ~290,000 bbl/d of production – largest in Canada − ~130,000 bbl/d heavy crude oil − ~160,000 bbl/d light crude oil & NGLs • ~2.5 Bcf/d of production – 2nd largest in Canada ~6.6 billion BOE of 2P reserves(2) Montney • ~2
Slide 35: Primary Heavy Crude Oil Multilaterals
Primary Heavy Crude Oil Multilaterals Technology advancements create new value on existing lands Multilateral wells unlock areas that were historically unproductive • >4,000 multilateral and slant locations in inventory(1) • Payouts averaging <12 months Single wellbore, Improving the technology to i
Slide 36: Primary Heavy Crude Oil
Primary Heavy Crude Oil Continuous improvement in multilateral technology & costs Production Operating Costs (bbl/d) ($/bbl) 100,000 Multilateral production $22.00 Grown multilateral production Slant production on existing asset base Operating costs from ~7,500 bbl/d to 80,000 $20.00 ~45,000 bbl/d i
Slide 37: Primary Heavy Crude Oil production and value creation
Primary Heavy Crude Oil Production & value creation on existing assets through multilateral technology Production (bbl/d) 160,000 Slant well peak 140,000 production in 2014 Potential to 120,000 double 100,000 production with 80,000 multilateral Potential value creation opportunities well technology
Slide 38: Heavy Crude Oil: Pelican Lake & Driftwood
Heavy Crude Oil Pelican Lake & Driftwood core area – proven, expanding EOR technology 2025F production: ~43,000 bbl/d Pelican Lake Polymer Flood – Wabiskaw A Formation • North America’s leading polymer flood • Long life low decline asset • ~4.4 billion barrels of Original Oil in Place CNQ land • >54
Slide 39: Montney
Montney Premium light crude oil & liquids-rich natural gas 2025F Montney production: ~247,000 BOE/d • ~1,140 MMcf/d and ~57,000 bbl/d North Montney − Nig / Umbach ~1.65 million net acres of Montney rights − Townsend − Farrel Creek Extensive owned and controlled processing capacity • ~1,560 MMcf/d ne
Slide 40: Duvernay
Duvernay Kaybob core area 2025F production: ~60,000 BOE/d • ~177 MMcf/d and ~30,000 bbl/d Dedicated processing capacity enables growth • Current net capacity of ~210 MMcf/d • Option to increase capacity by 100 MMcf/d ~320,000 net acres of Duvernay rights Premium light crude oil & liquids-rich natura
Slide 41: Unparalleled Assets – Thermal In Situ
Unparalleled Assets – Thermal In Situ
Slide 42: Thermal In Situ Oil Sands
Thermal In Situ Oil Sands Asset overview 2025F production: ~274,000 bbl/d • 100% working interest Jackfish • Long life low decline production Kirby ~5.2 billion barrels of 2P reserves(1) Pike • 2nd largest 2P bitumen reserves in Canada Highly capital efficient growth • Facility capacity of ~340,000
Slide 43: Primrose / Wolf Lake overview
Thermal In Situ Oil Sands Primrose / Wolf Lake overview 2025F production: ~95,000 bbl/d • Facility capacity: ~140,000 bbl/d • Available drill to fill capacity: ~45,000 bbl/d Primrose Primrose North East Low cost, low risk and repeatable CSS pad development • 90 potential future pad additions(1) • Re
Slide 44: Kirby / Jackfish / Pike SAGD overview
Thermal In Situ Oil Sands Kirby / Jackfish / Pike SAGD overview 2025F production: ~177,000 bbl/d • Facility capacity: ~200,000 bbl/d(1) Jackfish • Available drill to fill capacity: ~23,000 bbl/d Economies of scale lower costs across land base • Five central processing facilities • Pike 1 pads tied i
Slide 45: Medium-term value creation opportunities
Thermal In Situ Oil Sands Medium-term value creation opportunities Jackfish Pike 2 Brownfield expansion Greenfield expansion Capital Estimate Capital Estimate Adding Year 1 $0.02 - $0.02 B high value, Year 1 $0.02 - $0.02 B Year 2 $0.18 - $0.19 B low decline Year 2 $0.28 - $0.30 B Year 3 $0.20 - $0.
Slide 46: Unparalleled Assets – Oil Sands Mining & Upgrading
Unparalleled Assets – Oil Sands Mining & Upgrading
Slide 47: Oil Sands Mining & Upgrading Asset overview
Oil Sands Mining & Upgrading Asset overview World-class Oil Sands Mining & Upgrading assets Total capacity of ~592,000 bbl/d(1) • ~90% of which is high value SCO No decline, no reservoir risk • ~8.3 billion barrels of 2P reserves(2) Horizon − Represents ~41% of total Company 2P reserves − 2P reserve
Slide 48: Leading utilization & operating costs
Oil Sands Mining & Upgrading Leading utilization & operating costs Utilization(1) Operating Costs (two-year) ($/bbl) 105% ~9% $28 higher utilization than peer average $26 100% 12% 9% $24 ~12% 95% reduction in annual operating costs $22 since acquisition of 90% AOSP and completion $20 of Horizon Phas
Slide 49: AOSP Mine Value Creation
AOSP Mine Value Creation Strategic & cultural expertise drives long-term shareholder value 38% ~57,000 reduction in bbl/d of operating production costs Albian gross production Albian continuous improvement, optimization & creep capacity Albian gross production ~258,000 bbl/d at ~315,000 bbl/d at tim
Slide 50: AOSP Swap Transaction – Value of Owning 100% of Albian Mines
AOSP Swap Transaction – Value of Owning 100% of Albian Mines Increased ownership benefits Horizon & Albian mines Mine Increases Reduces integration efficiencies costs Increases Oil Sands Mining production by ~5% Additional cash flow and shareholder returns ~31,000 bbl/d Allows increased utilization
Slide 51: Horizon Value Creation
Horizon Value Creation Value added through creep capacity & continuous improvement Capacity increases to Capacity increases to First year without a ~250,000 bbl/d ~264,000(1) bbl/d planned turnaround following the completion following the adding ~28,000 bbl/d of Phase 2/3, which completion of the re
Slide 52: Long-term value creation opportunity – production growth
Oil Sands Mining & Upgrading Long-term value creation opportunity – production growth Gross Capacity (bbl/d) 900,000 Significant IPEP + PFT zero decline 800,000 ~240,000 expansion production growth bbl/d 700,000 opportunities Jackpine Mine expansion 600,000 ~840,000 bbl/d 500,000 total gross SCO Gro
Slide 53: Long-term value creation opportunities
Oil Sands Mining & Upgrading Long-term value creation opportunities Albian Horizon JPM expansion PFT & IPEP expansion Capital Estimate Capital Estimate Adding Year 1 $0.2 - $0.3 B high value, Year 1 $0.1 - $0.2 B Year 2 $1.0 - $1.2 B zero decline Year 2 $0.1 - $0.2 B Year 3 $1.8 - $2.1 B production
Slide 54: Total development potential
Canadian Natural Growth Potential Total development potential Production (MBOE/d) 2,500 Conventional E&P ~745,000 BOE/d(1) 2,000 Thermal In Situ of future Oil Sands Mining growth potential 1,500 1,000 Current Potential Production Growth (1) Assumes US$65/bbl WTI, US$12/bbl WCS differential, C$2.50/G
Slide 55: Unparalleled Assets summary
Canadian Natural Unparalleled Assets summary Conventional Thermal Oil Sands Mining E&P In Situ & Upgrading • 2P reserves of ~6.6 billion BOE • 2P reserves of ~5.2 billion barrels • 2P reserves of ~8.3 billion barrels and a RLI of ~35 years(1) and a RLI of ~56 years(1) and a RLI of ~47 years(1) • 202
Slide 56: Environment
Environment Land management Abandoned ~11,300 inactive wells in five years, from 2020 to 2024 ~5.0 million trees planted in our oil sands mining operations since 2009 ~5.9 million trees planted to date in our NA E&P operations ~17,600 hectares reclaimed in NA E&P since 2016 ~1,300 reclamation certif
Slide 57: Safety
Safety Frontline driven incident prevention Total Recordable Injury Frequency (TRIF) Incidents Comprehensive frontline driven (per 200,000 exposure hours)(1) 0.20 safety management system ~101,800 Worksite Safety Observations 0.18 in 2024 37% 0.16 70% reduction in Lost Time Incident (LTI) frequency
Slide 58: Carbon Capture & Sequestration / Storage Technology
Carbon Capture & Sequestration / Storage Technology Canadian Natural today Capture Capacity (tonnes/year) Horizon ~0.4 million Quest(2) ~1.1 million A global leader in Quest CO2 capture & sequestration(1) NWR(3) ~1.2 million Total ~2.7 million A portion of the CO2 for these projects is captured from
Slide 59: Pathways Alliance
Pathways Alliance Proposed CO2 transportation line Highlights • Front-end engineering and design study on main transportation line and connecting pipelines has been completed • Filed key regulatory applications for the Pathways CO2 transportation network • >10,000 hours of environmental field work c
Slide 60: Proven Effective Strategy
PROVEN EFFECTIVE STRATEGY
Slide 61: Advisory
Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the "Company") in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as "forwar
Slide 62: Advisory (Continued)
Advisory (Continued) Special Note Regarding Common Share Split and Comparative Figures At the Company's Annual and Special Meeting held on May 2, 2024, shareholders passed a Special Resolution approving a two for one common share split effective for shareholders of record as of market close on June
Slide 63: Advisory (Continued)
Advisory (Continued) Capital Efficiency Capital efficiency is a supplementary financial measure that represents the capital spent to add new or incremental production divided by the current rate of the new or incremental production. It is expressed as a dollar amount per flowing volume of a product
Slide 64: Advisory (Continued)
Advisory (Continued) Cautionary Statement Project progress and financial results are dependent upon economic and regulatory conditions, commodity prices, global economic factors, project sanction and capital allocation. Pelican Lake & Driftwood ~4.9 billion barrels of Original Oil in-place is compri
Slide 65: Advisory (Continued)
Advisory (Continued) Pricing Assumptions(1) 2024 2025F 2026B Glossary of Terms Strip AECO – Alberta Energy Company (benchmark pricing) AOSP – Athabasca Oil Sands Project WTI US$/bbl $ 75.72 $ 64.97 $ 60.00 BOE – barrels of oil equivalent AECO C$/GJ $ 1.36 $ 1.76 $ 3.00 BBL – barrels of oil SCO Diff/
Slide 66: Advisory (Continued)
Advisory (Continued) Reserves Notes: 1. Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests. 2. Information in the reserves data tables may not add due to rounding. BOE values and oil and gas metrics may not calculate exactly due to rou
Canadian Natural Resources — Investor Presentation (February 2026) on 6ix