CANADIAN NATURAL RESOURCES LIMITED 2022 FIRST QUARTER RESULTS

Commenting on the Company’s first quarter 2022 results, Tim McKay, President of Canadian Natural, stated “Our
world class asset base is one of our key strengths, which is strategically balanced across commodity types so we can
capture opportunities throughout the commodity price cycle. This drove total corporate quarterly production of
approximately 1,280 MBOE/d in Q1/22, including record natural gas production of over 2.0 Bcf/d, an increase of
approximately 0.4 Bcf/d from Q1/21 levels. Financially we delivered strong quarterly free cash flow of approximately
$3.4 billion, after dividends of approximately $0.7 billion and net capital expenditures of approximately $0.8 billion,
excluding acquisitions and strategic growth capital.

Our unique, diverse, long life low decline asset base with large, low risk, high value reserves is a differentiating factor
that makes Canadian Natural a truly unique energy company. We have an industry leading WTI break-even in the midUS$30s per barrel, which covers base maintenance capital requirements and dividend commitments and when combined with our top tier cost structure and effective and efficient operations we are resilient through the commodity price cycle while generating substantial returns in today’s environment.

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CNRL Wells Drilled Since 2021

CNRL Facility Permits Since 2021

Canadian Natural is a leader on Environmental, Social and Governance (“ESG”) and has made it a priority to work
together in collaboration with industry peers, including the Pathways initiative. By working together, we have
developed an actionable plan that can help us collectively be more effective and efficient from a time and cost
perspective for Carbon Capture, Utilization and Storage (“CCUS”) projects. We are taking positive steps forward in our
efforts to help Canada achieve its climate and economic growth objectives.”

Canadian Natural’s Chief Financial Officer, Mark Stainthorpe, added “At Canadian Natural our culture of continuous
improvement has created a sense of ownership and enables our teams to create significant value for our
shareholders. Our effective and nimble capital allocation to our four pillars; returns to shareholders, balance sheet
strength, resource value growth and opportunistic acquisitions continues to deliver robust financial results. In Q1/22
net earnings and adjusted funds flow were strong at approximately $3.1 billion and approximately $5.0 billion
respectively, and our balance sheet continued to strengthen. So far in 2022 up to and including May 4, 2022, returns
to shareholders have been significant as we have returned a total of approximately $3.1 billion through dividends and
share repurchases. This includes the increase to our sustainable and growing quarterly dividend in March 2022 by
28% to $0.75 per share, up from $0.5875 per share, marking 2022 as the 22nd consecutive year of dividend
increases. The increasing dividend demonstrates the confidence that the Board of Directors has in the Company’s
world class assets and its ability to generate significant and sustainable free cash flow through the commodity price
cycle.

In addition, the Company’s Board of Directors has decided to further enhance the Company’s free cash flow allocation
policy by stating that when the Company’s net debt reaches $8 billion, which the Board sees as a base level of
corporate debt, the Company will allocate additional free cash flow as incremental returns to shareholders.
When you combine our leading financial results with our top tier asset base, this provides unique competitive
advantages in terms of capital efficiencies, flexibility and sustainability, all of which drive material free cash flow
generation and return of capital.”

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QUARTERLY HIGHLIGHTS
Canadian Natural delivered net earnings of approximately $3.1 billion and adjusted net earnings from operations
of approximately $3.4 billion in Q1/22.
▪ Cash flows from operating activities were approximately $2.9 billion in Q1/22.
▪ Canadian Natural generated strong quarterly adjusted funds flow of approximately $5.0 billion in Q1/22, an
increase of approximately $2.3 billion from Q1/21 levels.
▪ The strength of the Company’s asset base, supported by safe, effective and efficient operations generates
significant free cash flow(1) over the long-term, making Canadian Natural’s business unique, robust and
sustainable.
• Effective and efficient operations combined with our high quality, long life low decline asset base generated
substantial quarterly free cash flow of approximately $3.4 billion after dividend payments of approximately
$0.7 billion and net capital expenditures of approximately $0.8 billion (excluding net acquisitions and strategic
growth capital as per the Company’s free cash flow allocation policy).
• Direct returns to shareholders in Q1/22 were strong, totaling approximately $1.8 billion, comprised of
approximately $0.7 billion of dividends and approximately $1.1 billion of share repurchases.
Canadian Natural Resources Limited 2 Three months ended March 31, 2022
◦ Canadian Natural increased its sustainable and growing quarterly dividend in March 2022 by 28% to
$0.75 per share, up from $0.5875 per share, marking 2022 as the 22nd consecutive year of dividend
increases.
◦ The Company repurchased a total of approximately 15.8 million common shares for cancellation at a
weighted average price of $68.78 per share in Q1/22 for a total of approximately $1.1 billion.
◦ In March 2022, the Board of Directors approved the renewal and increase of our Normal Course Issuer Bid
(“NCIB”) so that Canadian Natural can repurchase for cancellation up to 10% of the public float during the
12 month period commencing March 11, 2022 and ending March 10, 2023.
• Year-to-date up to and including May 4, 2022, the Company has returned approximately $3.1 billion to
shareholders through approximately $1.6 billion in dividends and $1.5 billion from the repurchase and
cancellation of 21.5 million common shares.
◦ Subsequent to quarter end, the Company declared a quarterly dividend of $0.75 per share, payable on
July 5, 2022.
▪ During Q1/22, the Company continued to strengthen our financial position and flexibility.
• Repaid $1.0 billion of 3.31% medium-term notes.
• Repaid $0.5 billion of the $1.15 billion non-revolving term credit facility, reducing the outstanding balance to
$0.65 billion.
• Amended the $1.0 billion non-revolving term credit facility to a $0.5 billion non-revolving facility and a
$0.5 billion revolving facility; both maturing February 2023.
• Strengthened the balance sheet by reducing Q1/22 ending net debt to $13.8 billion.
• Undrawn revolving bank credit facilities totaling approximately $5.6 billion were available at March 31, 2022.
Including cash and cash equivalents and short-term investments, the Company had significant liquidity(1) of
approximately $6.1 billion.
▪ Subsequent to quarter end on April 21, 2022, Moody’s Investors Service (“Moody’s”) upgraded Canadian Natural’s
senior unsecured investment grade credit ratings to Baa1 from Baa2, with a stable rating outlook.
▪ In Q1/22, the Company continued its focus on safe, effective and efficient operations, driving average quarterly
production volumes of 1,280,180 BOE/d, an increase of 3% over Q1/21 levels.
• The Company delivered record average natural gas production of 2,006 MMcf/d in Q1/22, a significant
increase of more than 400 MMcf/d or 26% over Q1/21 levels. The increase over Q1/21 primarily reflects strong
drilling results and production volumes from acquisitions, partially offset by natural field declines.
◦ Corporate natural gas operating costs(2) averaged $1.31/Mcf in Q1/22, an increase of 3% over Q1/21
levels, primarily reflecting higher energy related costs.
• Quarterly liquids production averaged 945,809 bbl/d in Q1/22, a decrease of 3% from Q1/21 levels, primarily
due to facility restrictions at the non-operated Scotford Upgrader (“Scotford”) and the commencement of the
planned turnaround, partially offset by strong light crude oil and NGL volumes.
◦ Canadian Natural’s North America E&P liquids production, including thermal in situ, averaged
484,280 bbl/‌d during Q1/22, comparable to Q1/21 levels.
– North America E&P liquids production, excluding thermal in situ, averaged 222,537 bbl/d in Q1/22, an
increase of 5% over Q1/21 levels. The increase over Q1/21 levels primarily reflects strong drilling
results and production volumes from acquisitions, partially offset by natural field declines.
▪ In Q1/22 the Company completed a number of strategic acquisitions in our core areas which will add long term
value to our shareholders, two of which are highlighted below. These strategic premium assets enhance the
Company’s long term growth opportunities, while not impacting share repurchases as per the Company’s free
cash flow policy.
• In the Jackfish and Kirby areas the Company acquired the remaining 50% working interest in the Pike lands. As
a result the Company will be able to cost effectively develop these lands through both the Jackfish and Kirby
facilities, that will lower costs to develop and improve timelines to first oil.
• In the Wembley Area, premium liquids rich Montney lands were acquired, which are essentially surrounded by
the Company’s development plans. The value in these lands will be further enhanced by leveraging the
Company’s plans in the area. The Company is targeting 8 wells this year on these lands, which is incorporated
in the Company’s 2022 capital budget.

Canadian Natural Resources Limited 3 Three months ended March 31, 2022
▪ The Company’s 2022 capital budget remains on track with targeted base capital(3) of approximately $3.6 billion
that delivers targeted production of approximately 1,270,000 BOE/d to 1,320,000 BOE/d, resulting in disciplined
year over year near-term growth of approximately 60,000 BOE/d derived primarily from conventional E&P
operations.
▪ Budgeted strategic growth capital(3) in 2022 of approximately $0.7 billion is allocated to our long life low decline
assets, which targets to add incremental annual production growth starting in 2023 and beyond of approximately
63,000 bbl/d by 2025.

OPERATIONS REVIEW AND CAPITAL ALLOCATION
Canadian Natural has a balanced and diverse portfolio of assets, primarily Canadian-based, with international
exposure in the UK section of the North Sea and Offshore Africa. Canadian Natural’s production is well balanced
between light crude oil, medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil)
and Synthetic Crude Oil (“SCO”) (herein collectively referred to as “crude oil”) and natural gas and NGLs. This balance
provides optionality for capital investments, maximizing value for the Company’s shareholders.

Underpinning this asset base is the Company’s long life low decline production, representing approximately 79% of
total liquids production in Q1/22, the majority of which is zero decline high value SCO production from the Company’s
world class Oil Sands Mining and Upgrading assets. The remaining balance of long life low decline production comes
from Canadian Natural’s top tier thermal in situ oil sands operations and the Company’s Pelican Lake heavy crude oil
assets. The combination of these long life low decline assets, low reserves replacement costs, and effective and
efficient operations results in substantial and sustainable adjusted funds flow throughout the commodity price cycle.

In addition, Canadian Natural maintains a substantial inventory of low capital exposure projects within the Company’s
conventional asset base. These projects can be executed quickly and, in the right economic conditions, provide
excellent returns and maximize value for our shareholders. Supporting these projects is the Company’s undeveloped
land base which enables large, repeatable drilling programs that can be optimized over time. Additionally, by owning
and operating most of the related infrastructure, Canadian Natural is able to control major components of the
Company’s operating costs and minimize production commitments. Low capital exposure projects can be quickly
stopped or started depending upon success, market conditions or corporate needs.


▪ North America E&P liquids, excluding thermal in situ, production averaged 222,537 bbl/d in Q1/22, an increase of
5% over Q1/21 levels. The increase over Q1/21 levels primarily reflects strong drilling results and production
volumes from acquisitions, partially offset by natural field declines.
• Primary heavy crude oil production averaged 63,068 bbl/d in Q1/22, comparable with Q1/21 levels as a result
of strong drilling results that completely offset natural field declines.
◦ Operating costs in the Company’s primary heavy crude oil operations averaged $22.00/bbl (US$17.38/bbl)
in Q1/22, an increase of 16% compared to Q1/21 levels, primarily due to higher energy related costs.
Canadian Natural Resources Limited 5 Three months ended March 31, 2022
◦ At the Company’s Clearwater play at Smith, 7 net horizontal multilateral wells were completed on time in
the quarter with early production rates totaling approximately 2,100 bbl/d, resulting in a strong capital
efficiency(1) of approximately $7,600/bbl/d as budgeted.
◦ The 2022 capital budget remains on track with targeted drilling of approximately 11 wells per quarter
through a level loaded schedule that drives cost efficiencies.
• Pelican Lake production averaged 51,991 bbl/d in Q1/22, a decrease of 6% from Q1/21 levels. The modest
production decrease reflects the low decline nature of this long life asset and the continued success of the

Company’s world class polymer flood.
◦ Effective and efficient operations and the Company’s continued focus on cost control drove strong
operating costs at Pelican Lake that averaged $7.48/bbl (US$5.91/bbl) in Q1/22, comparable with Q1/21
levels of $7.38/bbl.
• North America light crude oil and NGL production averaged 107,478 bbl/d in Q1/22, an increase of 16% over
Q1/21 levels. The increase over Q1/21 primarily reflects strong drilling results and production volumes from
acquisitions, partially offset by natural field declines.
◦ Operating costs in the Company’s North America light crude oil and NGL areas averaged $15.24/bbl
(US$12.04/bbl) in Q1/22, a decrease of 5% from Q1/21 levels, primarily as a result of increased production
volumes and the Company’s continued focus on cost control.
◦ At Gold Creek, a 2 net well light crude oil pad is on stream in Q1/22 with strong production totaling
approximately 1,750 bbl/d of liquids and 5 MMcf/d of natural gas. Production is exceeding budgeted liquids
by approximately 750 bbl/d and is on budget for natural gas.
▪ The Company’s thermal in situ assets achieved average production of 261,743 bbl/d in Q1/22, a decrease of 2%
from Q1/21 levels. Our long life low decline Thermal in situ operations continue to be strong as Q1/22 production
was above our 2021 average annual production of approximately 259,300 bbl/d.
• Thermal in situ operating costs averaged $14.35/bbl (US$11.34/bbl) in Q1/22, an increase of 26% over Q1/21
levels. The increase in operating costs was primarily due to higher energy costs.
▪ Drilling within our Thermal in situ assets has commenced in Q1/22 and is currently on track as budgeted.
• At Kirby, drilling has commenced on the first of three Steam Assisted Gravity Drainage (“SAGD”) pads to be
drilled. This pad at Kirby South is targeted to come on stream in mid-2023 at a targeted average SAGD capital
efficiency of approximately $8,000/bbl/d.
• At Primrose, drilling has commenced on the first of two Cyclic Steam Stimulation (“CSS”) pads targeted to be
drilled. This pad is targeted to come on stream in mid-2023 at a targeted average capital efficiency of
approximately $10,000/bbl/d.
• Solvent enhanced oil recovery technology is being piloted by the Company with an objective to increase
bitumen production, reduce the Steam to Oil Ratio (“SOR”), reduce greenhouse gas (“GHG”) intensity and
realize high solvent recovery. This technology has the potential for application throughout the Company’s
extensive thermal in situ asset base.

Canadian Natural Resources Limited 6 Three months ended March 31, 2022
◦ Canadian Natural’s second pilot in the steam flood area of Primrose progressed in Q1/22 with early
positive results, including SOR reductions of approximately 50%. The pilot consists of 9 net wells,
5 producers and 4 injectors and is targeted to operate for two years with targeted SOR and GHG intensity
reductions of 40% to 45% and solvent recoveries of greater than 70%.
◦ Canadian Natural is progressing with engineering and design of a commercial scale solvent SAGD pad
development at Kirby North and targets to commence solvent injection in early 2024.
▪ North America natural gas achieved record quarterly production in Q1/22, averaging approximately 1,988 MMcf/d,
an increase of more than 400 MMcf/d or 25% over Q1/21 levels. The increase primarily reflects strong drilling
results and acquired production volumes, partially offset by natural field declines.
• North America natural gas operating costs averaged $1.28/Mcf in Q1/22, an increase of 3% over Q1/21 levels,
primarily reflecting higher energy related costs.
▪ Within the Company’s liquids-rich Montney areas, we continue to utilize our low cost, high value drill-to-fill strategy
that maximizes liquids rich natural gas production volumes.
• At Septimus, strong performance continued as targeted, with average natural gas production of approximately
160 MMcf/d in Q1/22 and low operating costs averaging $0.31/Mcfe.
• In North East British Columbia, 7.5 net wells (10 gross) recently drilled are on stream with strong production
levels totaling approximately 59 MMcf/d of natural gas and 4,200 bbl/d of liquids. Production has exceeded
budgeted levels resulting in top tier capital efficiency of approximately $3,100/BOE/d.
▪ Within our liquids rich Deep Basin core area, 6 net wells came on stream at strong production levels totaling
approximately 78 MMcf/d of natural gas and 2,700 bbl/d of liquids. Production has exceeded budgeted levels
resulting in a top tier capital efficiency of $2,800/BOE/d.
International Exploration and Production
▪ The Company’s world class Oil Sands Mining and Upgrading assets continue to deliver safe and reliable
production which has resulted in Horizon reaching payout in April 2022. Quarterly production averaged
429,826 bbl/d of SCO in Q1/22, a decrease of 8% from Q1/21 levels, primarily due to facility restrictions at the
non-operated Scotford Upgrader which led to decreased mined production at the Athabasca Oil Sands Project
(“AOSP”) of approximately 31,000 bbl/d in the quarter, together with decreased production of approximately
15,000 bbl/d due to the commencement of the planned turnaround at Scotford.
• Operating costs remain top tier, averaging $24.60/bbl (US$19.43/bbl) of SCO in Q1/22, an increase of 24%
over Q1/21 levels, primarily as a result of lower production volumes at Scotford, together with higher energy
costs, turnaround and maintenance related costs.
• As previously announced, the Company’s targeted turnaround schedule for its Oil Sands Mining and
Upgrading operations in 2022 includes:
◦ The planned turnaround at the non-operated Scotford Upgrader began on March 15, 2022 and is currently
trending 5 to 10 days longer than the original target of 65 days.
◦ The planned turnaround at Horizon is targeted to begin on May 17, 2022 and is targeting a full plant
outage of approximately 32 days with an impact of approximately 23,000 bbl/d to 2022 annual production.
• At Horizon, the reliability enhancement project is progressing as planned, with tie-in activities targeted during
the turnaround in May 2022 as part of the ongoing installation of an additional Vacuum Distillation Unit (“VDU”)
furnace.
◦ This project is part of the 2022 budgeted strategic growth capital and is targeted to extend the major
maintenance cycle from once per year to once every second year, increasing the capacity of zero decline,
high value production by approximately 5,000 bbl/d of SCO in 2023, increasing to approximately
14,000 bbl/d of SCO in 2025.
• As a part of the 2022 capital budget, front end engineering for the In-Pit Extraction Plant (“IPEP”)
demonstration plant is progressing as planned and is targeted to be completed by the end of Q3/22.
Canadian Natural Resources Limited 8 Three months ended March 31, 2022

FINANCIAL REVIEW
The Company continues to implement proven strategies including its disciplined approach to capital allocation. As a
result, the financial position of Canadian Natural remains strong. Canadian Natural’s adjusted funds flow generation,
credit facilities, US commercial paper program, access to capital markets, diverse asset base and related flexible
capital expenditure program, all support a strong financial position and provide the appropriate financial resources for
the near-, mid- and long-term.
▪ Effective and efficient operations combined with our high quality, long life low decline asset base generated
substantial quarterly free cash flow of approximately $3.4 billion after dividend payments of approximately
$0.7 billion and net capital expenditures of approximately $0.8 billion (excluding net acquisitions and strategic
growth capital as per the Company’s free cash flow allocation policy).
▪ Direct returns to shareholders in Q1/22 were strong, totaling approximately $1.8 billion, comprised of
approximately $0.7 billion of dividends and approximately $1.1 billion of share repurchases.
• Canadian Natural increased its sustainable and growing quarterly dividend in March 2022 by 28% to $0.75 per
share, up from $0.5875 per share, marking 2022 as the 22nd consecutive year of dividend increases.
• The Company repurchased a total of approximately 15.8 million common shares for cancellation at a weighted
average price of $68.78 per share in Q1/22 for a total of approximately $1.1 billion.
• In March 2022, the Board of Directors approved the renewal and increase of our NCIB so that Canadian
Natural can repurchase for cancellation up to 10% of the public float during the 12 month period commencing
March 11, 2022 and ending March 10, 2023.
▪ Year-to-date up to and including May 4, 2022, the Company has returned approximately $3.1 billion to
shareholders through approximately $1.6 billion in dividends and $1.5 billion from the repurchase and cancellation
of 21.5 million common shares.
• Subsequent to quarter end, the Company declared a quarterly dividend of $0.75 per share, payable on
July 5, 2022.
▪ During Q1/22, the Company executed on a number of strategic initiatives to further strengthen our financial
flexibility.
• Repaid $1.0 billion of 3.31% medium-term notes.
• Repaid $0.5 billion of the $1.15 billion non-revolving term credit facility, reducing the outstanding balance to
$0.65 billion.
• Amended the $1.0 billion non-revolving term credit facility to a $0.5 billion non-revolving facility and a
$0.5 billion revolving facility; both maturing February 2023.
• Strengthened the balance sheet by reducing Q1/22 ending net debt to $13.8 billion.
• Undrawn revolving bank credit facilities totaling approximately $5.6 billion were available at March 31, 2022.
Including cash and cash equivalents and short-term investments, the Company had significant liquidity of
approximately $6.1 billion. At March 31, 2022, the Company had $0.3 billion drawn under its commercial paper
program, and reserves capacity under its revolving bank credit facilities for amounts outstanding under this
program.
▪ Subsequent to quarter end on April 21, 2022, Moody’s upgraded Canadian Natural’s senior unsecured investment
grade credit ratings to Baa1 from Baa2, with a stable rating outlook.
▪ Effective July 1, 2021, Canadian Natural enhanced its free cash flow allocation policy that states when net debt
levels are below $15 billion, the Company will target to allocate 50% of free cash flow to share repurchases and
50% of free cash flow to the balance sheet. To the extent net debt is below $15 billion, such amount will be made
available for strategic growth / acquisition opportunities.
▪ In addition, the Company’s Board of Directors has decided to further enhance the Company’s free cash flow
allocation policy by stating that when the Company’s net debt reaches $8 billion, which the Board sees as a base
level of corporate debt, the Company will allocate additional free cash flow as incremental returns to shareholders.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE HIGHLIGHTS
Canada and Canadian Natural are well positioned to deliver responsibly produced energy that the world needs
through leading ESG performance. Canadian Natural’s culture of continuous improvement provides a significant
advantage and results in ongoing enhancements to the Company’s environmental performance.
Canadian Natural Resources Limited 10 Three months ended March 31, 2022
Government Support for Carbon Capture, Utilization and Storage (“CCUS”)
The Government of Canada’s 2022 budget was released on April 7, 2022, which included an investment tax credit for
CCUS projects for industries across Canada. This announcement is a positive step forward in the Company and
industry’s efforts to work collaboratively with governments to support Canada in achieving its climate and economic
growth objectives. Canadian Natural is a leader in CCUS and GHG reduction projects and sees many opportunities for
industry to advance investments in CCUS projects. Implementation details of the investment tax credit are important
and the Company looks forward to understanding how it can be applied to Canadian Natural’s projects.
Sustainability Reporting

Canadian Natural has been producing its sustainability report, the Stewardship Report to Stakeholders, since 2004 to
report on our ongoing commitment to environmental performance, social responsibility and continuous improvement.
This report provides a performance overview across the full range of Canadian Natural’s operations in Western
Canada, the UK portion of the North Sea and Offshore Africa.

The Company aligns its reporting with recommendations from the Task Force on Climate-related Financial Disclosures
and the reporting framework from the Sustainability Accounting Standards Board. Canadian Natural targets to publish
its 2021 Stewardship Report to Stakeholders in Q3/22. Canadian Natural’s 2021 report will include third-party
independent “reasonable assurance” on its scope 1 and 2 emissions (including methane emissions) and “limited
assurance” on its scope 3 emissions.

Additionally, Canadian Natural will continue to outline its pathway to lower carbon emissions and its journey to achieve
its goal of net zero GHG emissions in the oil sands. The report will display how Canadian Natural leverages
technology and innovation to reduce its environmental footprint while ensuring safe, reliable, effective and efficient
operations.


Oil Sands Pathway to Net Zero Initiative
In 2021, Canadian Natural together with oil sands industry participants formed the Oil Sands Pathways to Net Zero
initiative (“Pathways”). Canadian Natural and these companies operate approximately 95% of Canada’s oil sands
production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to
achieve net zero GHG emissions from oil sands operations by 2050 to help Canada meet its climate goals, including
its Paris Agreement commitments and 2050 net zero aspirations.
▪ The Pathways vision is anchored by a major CCUS trunkline connected to a carbon sequestration hub to enable
multi-sector ‘tie-in’ projects for expanded emissions reductions. The proposed CCUS system will involve significant
collaboration between industry and government, which is similar to the Longship/Northern Lights project in Norway
as well as other CCUS projects in the Netherlands, UK and USA.
▪ The companies involved look forward to continuing to work with governments and to engage with Indigenous and
local communities in northern Alberta, to make this ambitious, major emissions-reduction vision a reality so those
communities can continue to benefit from Canadian resource development.
▪ As part of securing carbon sequestration tenure for the Pathways foundational project, a project proposal was
submitted by the Pathways alliance to the Government of Alberta for a proposed carbon storage hub located in the

Cold Lake region.
▪ Through the Company’s participation in the Pathways initiative with our industry partners and collaboration with
the federal and Alberta governments, Canadian Natural is further refining its goal by targeting to achieve net zero
emissions in its oil sands operations by 2050.

ENVIRONMENTAL TARGETS
▪ As previously announced, Canadian Natural has committed to environmental targets as follows:
• 50% reduction in North America E&P, including thermal in situ, methane emissions by 2030, from a
2016 baseline.
• 40% reduction in thermal in situ fresh water usage intensity by 2026, from a 2017 baseline.
• 40% reduction in mining fresh river water usage intensity by 2026, from a 2017 baseline

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