Canadian Natural Resources Limited · TSX:CNQ
Canadian Natural Resources — Investor Presentation (September 2025)
68 slides from Canadian Natural Resources's investor presentation, September 2025
Slide 1: Corporate Presentation September 2025
CORPORATE PRESENTATION SEPTEMBER 2025
Slide 2: The Canadian Natural Advantage
The Canadian Natural Advantage Large, Low Risk, Lower Capital Diversified, Flexible Effective & High Value Reinvestment Balanced Capital Efficient Reserves Requirements Asset Base Allocation Operations PREMIUM VALUE CREATION MATERIAL FREE CASH FLOW GENERATION & STRONG RETURN ON CAPITAL 2
Slide 3: Strategy: Premium Value Creation
Canadian Natural Strategy: Premium Value Creation Driving material free cash flow & maximizing returns to shareholders • Significant and sustainable returns to shareholders – Strong Balance Sheet • Defined growth/value enhancement – high value returns, disciplined growth plans and opportunistic acqu
Slide 4: Balancing the Four Pillars
Canadian Natural Balancing the Four Pillars Disciplined capital allocation, focused on value creation Balance Sheet Strength Maximizing Balance Sheet strengthens with Shareholder Value free cash flow generation Returns to Shareholders Growing, sustainable dividends & Balance Returns to Resource Oppo
Slide 5: Total Proved Reserves
Total Proved Reserves Global energy peers (BP, COP, CVX, SHEL, TTE & XOM) TP Reserves to Market Cap(1) (BOE/US$1,000) 41.2XOM 173.7 CNQ Canadian Natural has the 2nd largest reserves 79.8TTE when compared to 38.1CVX our global energy peers SHEL 45.5 Only Canadian company with >5 billion BOE 65.8COP T
Slide 6: Leading Proved Developed & Total Proved Reserves
Leading Proved Developed & Total Proved Reserves Canadian energy peers (CVE, IMO & SU) PD Reserves to TP Reserves to Significant portion of Market Cap(1) Market Cap(1) reserves are high value (BOE/US$1,000) (BOE/US$1,000) SCO, light crude oil & NGLs ~32 year total proved 115.4 173.7 Reserve Life Ind
Slide 7: Canadian Natural's Assets are Unique
Canadian Natural’s Assets are Unique Robust through all cycles Long life low decline assets provide sustainable production & free cash flow even in lower price environment Ability to ramp up Exercising capital flexibility by production with reducing spend on low capital exposure assets improving pri
Slide 8: Canadian Natural's Advantage
Canadian Natural’s Advantage Low corporate decline rate results in lower capital reinvestment requirements Production Mix(1) ~57% Long Life Low Decline production Oil Sands Mining Pelican & & Upgrading ~11% ~0% Decline Thermal Corporate ~15% Decline Decline Rate Conventional E&P ~19% Decline ~43% Co
Slide 9: Balanced, diverse asset portfolio
Canadian Natural Balanced, diverse asset portfolio 2025B North Sea Production Mix(1) North America 2.425 - 2.480 Bcf/d of natural gas Natural Gas ~27% 2nd largest natural gas producer in Canada Offshore Africa ~26% Heavy Oil 1,106 - 1,142 Mbbl/d of total liquids • Vast, balanced resource base to dev
Slide 10: Balanced, diverse marketing portfolio
Canadian Natural Balanced, diverse marketing portfolio Balanced Sales 2025B Points & Products Production Mix(1) AECO sales ~790 MMcf/d exported Natural Gas ~27% outside of Alberta, 35% 32% capturing North American natural gas pricing 33% Canadian Natural ~26% requirement Heavy Oil ~725,000 bbl/d of
Slide 11: Top Tier Conventional E&P, Thermal In Situ and Oil Sands Mining & Upgrading Assets
Top Tier Conventional E&P, Thermal In Situ and Oil Sands Mining & Upgrading Assets
Slide 12: Conventional E&P: Top tier plays throughout the asset base
Conventional E&P Top tier plays throughout the asset base Clearwater Nipisi/West Marten Hills Frobisher Dual Leg SK Mississippian Conventional Conventional Heavy Oil Multilateral Top North American plays Montney Oil Alberta Charlie Lake Montney Greater Dawson/Septimus Montney Pipestone/Wapiti/Karr/L
Slide 13: Thermal In Situ Oil Sands breakeven
Thermal In Situ Oil Sands Top tier WTI breakeven price (US$/bbl) $55 Effective & efficient operations support a low WTI breakeven price, delivering superior returns $50 Peer Average $45 $40 $35 Canadian Thermal In Situ Peers Peers include: ATH, CVE, GFR, IMO, MEG and SCR. Some thermal peers not incl
Slide 14: World Class Oil Sands Mining Assets
World Class Oil Sands Mining Assets Top tier WTI breakeven price (US$/bbl) Canadian Natural’s world class assets deliver top tier results on $70 ~592,000 bbl/d capacity(1), 90% of which is high value SCO $60 Peer Average $50 $40 Bitumen SCO & Bitumen Bitumen $30 SCO SCO $20 SCO $10 $0 Canadian Peer
Slide 15: Typical Shale Well vs. Oil Sands Mining & Upgrading
Typical Shale Well vs. Oil Sands Mining & Upgrading Unique, Sustainable & Robust Typical Shale Well Oil Sands Mining & Upgrading • High decline ~70% in year one ✓No decline • More reservoir risk ✓No reservoir risk • More reserve replacement risk ✓No reserve replacement risk • Shorter reserve life of
Slide 16: Shale Well Example vs. Oil Sands Mining & Upgrading
Shale Well Example vs. Oil Sands Mining & Upgrading Annual capital required to maintain ~500,000 bbl/d Shale Well Example Oil Sands Mining & Upgrading • ~1,100 wells required initially ✓ No reservoir risk • ~530 wells required annually to maintain oil production ✓ Low maintenance capital requirement
Slide 17: Leading Free Cash Flow & Returns to Shareholders
Leading Free Cash Flow & Returns to Shareholders
Slide 18: Asset base drives long-term value: 2024
Canadian Natural Asset base drives long-term value: 2024 Low Significant Increased Production Strong Executed maintenance total Shareholder quarterly per share balance sheet on highly capital & returns of dividend growth with liquidity of accretive disciplined ~$7.1 billion twice of ~5% ~$4.7 billio
Slide 19: Leading history of growing returns to shareholders
Canadian Natural Leading history of growing returns to shareholders ($/share) $3.50 25 consecutive years of dividend increases ~$5.25/share in share repurchases $3.00 with a ~21% CAGR since inception from 2022 to 2024 $2.50 $2.00 Special Dividend $1.50 Horizon Phase 3 PSK complete $1.00 distribution
Slide 20: Long-Term Dividend Growth vs. Global Peers
Long-Term Dividend Growth vs. Global Peers 10 year CAGR: 2025 (CAGR) 20% ✓ Leading long-term dividend growth ✓ Sustainable dividend; was maintained & increased in low commodity price periods while others cut 15% ✓ ~$1.775 per share of dividends paid in 2023 ✓ ~$2.075 per share of dividends paid in 2
Slide 21: 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 $12 billion 60% 75% 100% of FCF returned of FCF returned of FCF returned to Shareholders to Sh
Slide 22: Free Cash Flow Sensitivity
Free Cash Flow Sensitivity Adjusted funds flow less capital Free cash flow ($/share) (yield)(1) $10 per share is 20% ~30% higher at Diverse, balanced asset base underpinned by US$85 WTI vs. US$75 WTI long life low decline production 15% Effective & efficient operations combined with execution excell
Slide 23: 2025 Budget & Forecast
2025 Budget & Forecast
Slide 24: Q2/25 Updates
Q2/25 Updates • Successfully completed the turnaround at AOSP ‒ July 2025 net production of ~602,000 bbl/d with utilization of 106% in Oil Sands Mining & Upgrading • Closed the acquisition of the Palliser Block assets on June 26, 2025 ‒ ~50,000 BOE/d, including ~20,000 bbl/d light oil & NGLs ‒ 1.1 m
Slide 25: 2025 Budget: Strategy
Canadian Natural 2025 Budget: Strategy Driving material free cash flow & maximizing returns to shareholders • Disciplined and flexible capital budget ‒ Level loaded drilling program ‒ Can be nimble – optimize product mix based on price environment ‒ Allocate to highest return projects and maximize v
Slide 26: 2025 Capital Forecast
2025 Capital Forecast Updated May 8, 2025 Capital Forecast(1) ($ millions) 2025F Conventional E&P $3,140 Thermal In Situ and Oil Sands Mining & Upgrading $2,775 Subtotal – Operating Capital Forecast $5,915 Carbon Capture ($90 million) & One-time Office Move ($45 million) $135 Total Capital Forecast
Slide 27: 2025 Budget: Production
2025 Budget Production Targeted Production(1) 2025B Natural Gas (MMcf/d) 2,425 - 2,480 Conventional E&P Crude Oil & NGLs (Mbbl/d) 296 - 307 Thermal and Oil Sands Mining & Upgrading (Mbbl/d) 810 - 835 Total Liquids (Mbbl/d) 1,106 - 1,142 Total (MBOE/d) 1,510 - 1,555 Resource value growth & opportunis
Slide 28: 2025 Budget: Thermal In Situ development program
2025 Budget Thermal In Situ development program • Highly capital efficient SAGD pads and infill wells in 2025 ‒ 1 SAGD pad at Kirby ▪ Targeted to come on production in Q4/25 ‒ 1 CSS pad at Primrose ▪ Targeted to come on production in 2026 ‒ 2 SAGD pads at Pike which will be tied into Jackfish facili
Slide 29: 2025 Budget: Oil Sands Mining & Upgrading plan
2025 Budget Oil Sands Mining & Upgrading plan • Increasing high value, zero decline Oil Sands Mining & Upgrading capacity and production through debottlenecking & increased reliability ‒ Horizon ▪ The Reliability Enhancement Project completed in 2024 shifts maintenance schedule to once every two yea
Slide 30: Production per share growth: 2021 - 2025B
Canadian Natural Production per share growth: 2021 - 2025B (BOE production/share) 0.30 ~9% CAGR per share 0.25 0.20 0.15 0.10 2021 2022 2023 2024 2025B Targeting annual production per share growth of 12% to 16% from 2024 to 2025B Note: Based upon actual and forecasted ending period shares outstandin
Slide 31: Environmental, Social & Governance
Environmental, Social & Governance
Slide 32: The World Needs More Canadian Energy
The World Needs More Canadian Energy Overview Canadian Natural is part of the solution • Canada is the top rated ESG country among the top crude oil exporting nations • Canada has world class CCUS infrastructure ‒ Canadian Natural is the largest owner of carbon capture capacity in Canada • Industry
Slide 33: ESG Performance Among Nations with Largest Crude Oil Reserves
ESG Performance Among Nations with Largest Crude Oil Reserves The world needs more Canadian energy (Aggregate ESG Score) 300 Environment (1) Social (2) 250 Governance (3) 200 Average 150 100 50 0 (1) 2024 Yale Environment Performance Index (EPI). (2) 2024 Social Progress Index (SPI) prepared by Soci
Slide 34: 2024 Stewardship Report to Stakeholders Highlights
Canadian Natural 2024 Stewardship Report to Stakeholders 2024 Highlights: ✓ Governance • 4 of 10 independent Directors are Women ✓ Workplace & Process Safety • 55% decrease in Tier 1 and Tier 2 process safety events from 2020 • >101,800 Worksite Safety Observations identifying improvement opportunit
Slide 35: Technology & Innovation
Technology & Innovation One of Canada’s leading R&D investors • Ongoing investment in technology and innovation will ensure crude oil and natural gas remains sustainable, competitive and productive for years to come • Advancing innovation drives performance ~$572 million invested in technology, deve
Slide 36: Environment: Land management
Environment Land management Abandoned ~11,300 inactive wells in 5 years, from 2020 to 2024 ~4.9 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 certifica
Slide 37: Social: Frontline driven incident prevention
Social Frontline driven incident prevention Total Recordable Injury Frequency (TRIF) Incidents (per 200,000 exposure hours)(1) Comprehensive frontline driven safety 0.20 management system 37% TRIF reduction ~101,800 Worksite Safety Observations in 2024 0.18 since 2020 70% reduction in Lost Time Inci
Slide 38: Social: Working together with communities
Social Working together with communities In 2024 Canadian Natural worked with 212 Indigenous businesses Awarded ~$855 million in contracts with local Indigenous businesses ~$3.1 million donated to United Way through employee giving & corporate matching ($30+ million over 30+ years) Canadian Natural
Slide 39: Governance
Governance Risk assessment & mitigation • Strong track record of identifying, assessing, adapting, aligning and executing • Board of Directors as well as Board Governance and Risk Committees ‒ Review and hold management accountable to identify and mitigate risks • Strong, effective strategies and pl
Slide 40: Technology & Innovation
Technology & Innovation Current Actions Medium-Term Actions Long-Term Actions • Carbon capture and storage • Leverage CCUS advancements • Expand / develop future ‒ Horizon’s CCUS and learnings into the next CCUS projects ‒ Quest CCS generation of CCUS facilities • In-Pit Extraction Process ‒ North W
Slide 41: 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 h
Slide 42: 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 43: Balance Sheet Strength
Balance Sheet Strength
Slide 44: Robust financial position
Canadian Natural Robust financial position Credit Rating Agency Long-Term Ratings Outlook Short-Term Ratings DBRS A (low) Negative R-1 Moody’s Baa1 Stable P-2 Fitch BBB+ Stable F2 • Balance Sheet strength as at June 30, 2025 ‒ Net debt → ~$17.0 billion ‒ Debt to book capitalization → ~29% ‒ Debt to
Slide 45: Balanced credit facility profile
Canadian Natural Balanced credit facility profile (C$ millions) Revolving Credit Facilities June 2027(1) $2,425 June 2028(1) $2,425 Support from 14 banks (1) June 2027 $500 diversified by location Operating demand facility $100 15+ year relationships with 12 banks Term Loans December 2027(1) $4,000
Slide 46: Debt maturity profile
Canadian Natural Debt maturity profile ($ billions) 3.0 Repurchased ~$235 million of 2.5 bonds outstanding 2.0 1.5 1.0 0.5 0.0 US$ Public C$ Public Repurchased Note: US public debt converted to CAD at 1.3621 exchange rate as at June 30, 2025. STRATEGICALLY BALANCED MATURITY PROFILE 46
Slide 47: Asset Overview
aa) Canadian Natural Asset Overview
Slide 48: Conventional E&P Overview
Conventional E&P Overview ~594,000 BOE/d of production(1) Largest conventional E&P reserves in Canada ~6.6 billion BOE total proved plus probable, representing ~33% of 2P reserves(2) Significant infrastructure in place for Montney Pelican Lake & drill to fill strategy Clearwater Bonnyville / • Natur
Slide 49: Montney, Duvernay & Deep Basin: Asset overview
Natural Gas, NGLs & Light Crude Oil: Montney, Duvernay & Deep Basin Asset overview ~1.5 million net acres of Montney rights Nig/Umbach West Nig ~2.2 million net acres of Blair/Daiber Montney Duvernay & Deep Basin rights Farrel Creek Stoddart Significant high value drill to fill opportunities Septimu
Slide 50: Montney, Duvernay & Deep Basin: Infrastructure advantage
Natural Gas, NGLs & Light Crude Oil: Montney, Duvernay & Deep Basin Infrastructure advantage Nig/Umbach Significant high value drill to fill West Nig growth opportunities Blair/Daiber Montney Farrel Creek Significant available facility capacity Stoddart Septimus Gordondale Greater Wembley • Extensiv
Slide 51: International Light Crude Oil
International Light Crude Oil Overview ~24,000 bbl/d of light crude oil production(1) High return international light crude oil North Sea with exposure to Brent pricing • North Sea ‒ Leveraging expertise to manage costs in a mature basin ‒ Industry leading abandonment and decommissioning results • C
Slide 52: Heavy Crude Oil
Heavy Crude Oil Overview ~124,000 bbl/d of production(1) Cliffdale Large land base ~3.5 million net acres High value drill to fill opportunities AB SK ~60,000 BOE/d available facility capacity Pelican Lake / Clearwater • Largest primary and polymer flood heavy crude oil producer in Canada • Economie
Slide 53: Thermal In Situ Oil Sands: Asset overview
Thermal In Situ Oil Sands Asset overview Long life low decline assets producing ~271,000 bbl/d in 2024 Second largest total proved plus probable bitumen reserves in Canada with ~5.2 billion barrels, representing ~26% of 2P reserves(1) Facility capacity of ~340,000 bbl/d(2) with ~70,000 bbl/d of avai
Slide 54: Primrose / Wolf Lake overview
Thermal In Situ Oil Sands Primrose / Wolf Lake overview Total facility capacity ~140,000 bbl/d Leverage available facility capacity of ~55,000 bbl/d Primrose Primrose North East ~309 net sections of undeveloped land Primrose • Low cost, low risk and repeatable CSS pad development South • Steam Flood
Slide 55: Kirby / Jackfish / Pike SAGD overview
Thermal In Situ Oil Sands Kirby / Jackfish / Pike SAGD overview (1) Total facility capacity of ~200,000 bbl/d Kirby Jackfish North Leverage available facility capacity of ~16,000 bbl/d Consolidated land base ~432 net sections of undeveloped land • 5 central processing facilities Kirby Pike • Strong
Slide 56: Technology & Innovation with Solvents: SAGD & CSS
Thermal In Situ Oil Sands Technology & Innovation with Solvents: SAGD & CSS Co-injecting solvent with steam Results • Kirby South solvent SAGD pilot was a success to-date ̶ SOR reductions of ~45% Steam Assisted Gravity Drainage ̶ Solvent recovery of ~85% (SAGD) Current • Kirby North commercial scale
Slide 57: Oil Sands Mining & Upgrading: Asset overview
Oil Sands Mining & Upgrading Asset overview Industry leading oil sands operator Total capacity of ~592,000 bbl/d(1), ~90% of which is high value SCO No decline, reservoir risk or reserve replacement cost CNQ Operating Oil Sands Mines Total proved plus probable reserves of CNQ lands ~8.3 billion barr
Slide 58: Oil Sands Mining & Upgrading: Top tier utilization
Oil Sands Mining & Upgrading Top tier utilization (Utilization)(1) 105% 100% 95% 90% 85% 1 Year 2 Year Canadian Natural Peer average(2) (1) Trailing 12 and 24 month utilization, up to February 2025. Source: TD Cowen Mine Your Own Business report dated June 2, 2025. (2) Peer average includes Kearl (I
Slide 59: Operating cost reductions
Oil Sands Mining & Upgrading Operating cost reductions ($/bbl) $40 ~38% reduction in ~$14/bbl operating costs $35 reduction since (including energy costs) 2014 $30 Equates to a ~$2.5 billion $25 savings in annual operating costs in 2024 $20 $15 $10 2014(1) 2014 (1) 2024 2024 (C$) (US$) (C$) (US$) Ca
Slide 60: Horizon Oil Sands: Increasing long-term SCO production
Horizon Oil Sands Increasing long-term SCO production • Naphtha Recovery Unit Tailings Treatment (NRUTT) Project ‒ Increase hydrocarbon recovery from treated tailings, adding ~6,300 bbl/d of SCO production ‒ Capital cost: ~$350 million ▪ Began investing capital in 2024 ‒ Targeted to be operational i
Slide 61: Horizon Oil Sands: Long-term opportunity
Horizon Oil Sands Long-term opportunity: Combine & leverage technology for cost effective expansion IPEP Field Pilot at Horizon • IPEP: In-Pit Extraction process ‒ A relocatable, modular extraction plant that processes ore and separates bitumen in the mine pit ‒ Results in dry, stackable tailings in
Slide 62: Proven Effective Strategy
PROVEN EFFECTIVE STRATEGY
Slide 63: 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 64: 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 65: 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 66: 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. Thermal In Situ Oil Sands Overview – Clearwater, McMurray, Bluesky, Grand Rapids
Slide 67: Advisory (Continued): Pricing Assumptions & Glossary
Advisory (Continued) Pricing Assumptions(1) 2025B 2024 Glossary of Terms Strip AECO – Alberta Energy Company (benchmark pricing) AOSP – Athabasca Oil Sands Project WTI US$/bbl $ 70.00 $ 75.72 BOE – barrels of oil equivalent AECO C$/GJ $ 1.89 $ 1.36 BBL – barrels of oil SCO Diff/(Prem) US$/bbl $ 0.61
Slide 68: Advisory (Continued): Reserves Notes
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
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