Canadian Natural Resources Limited (CNRL)

Operations

Townsend – the Company brought a 6 well pad on production in Q2/22 at a strong capital efficiency of approximately $4,500/BOE/d with total July monthly production of approximately 54 MMcf/d.

Edson – the Company brought 3 wells on production late in Q1/22 at top tier capital efficiency of approximately $2,800/BOE/d, with total July monthly production of approximately 32 MMcf/d and 560 bbl/d of liquids.

Pelican Lake, the Company targets to drill 8 net crude oil wells, all incremental from budgeted levels.

Clearwater – as part of this Strategic Growth Capital, the Company will be investing additional capital to delineate its large, undeveloped Clearwater land base of approximately 940,000 net acres, one of the largest land bases of Clearwater rights.

Pike – the Company is targeting to progress engineering and long leads for 2 thermal in situ pad additions at Pike, targeting to add approximately 28,000 bbl/d of capacity by 2026. Capital efficiencies average approximately $8,000/BOE/d on Steam Assisted Gravity Drainage (“SAGD”) pads and approximately $10,000‍/BOE/d on Cyclic Steam Stimulation (“CSS”) pads.

Horizon – the Company targets to add additional shovels and tailings pipe at Horizon supporting the reliability project, for total incremental Strategic Growth Capital of approximately $70 million.