Canadian Natural Resources

We returned approximately $1.6 billion to our shareholders in the quarter, including $1.2 billion in dividends and $0.4 billion in share repurchases.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Our business model is robust and sustainable, resulting in a top tier WTI breakeven in the low to mid-US$40 per barrel range at which prices we generate the adjusted funds flow required to cover both maintenance capital levels and dividends.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Subsequent to quarter end, the Company repaid US$600 million of US dollar debt securities due in July 2025.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Canadian Natural Resources Limited 4 Three and six months ended June 30, 2025 RETURNS TO SHAREHOLDERS Concurrent with the closing of the Chevron acquisition in December 2024 the Company revised its free cash flow policy to be as follows 60% of free cash flow to shareholder returns and 40% to the balance sheet until net debt reaches $15 billion.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

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.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

When net debt is at or below $12 billion, up from the previous target of $10 billion, free cash flow allocation will be 100% to shareholder returns.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

htm EX-99.1 Document CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2025 SECOND QUARTER RESULTS CALGARY, ALBERTA AUGUST 7, 2025 FOR IMMEDIATE RELEASE Canadian Natural's President, Scott Stauth, commented on the Company's second quarter results, Our relentless focus on continuous improvement combined with effective and efficient operations drove strong performance year to date in 2025.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

This is being achieved through our commitment to continuous improvement and a strong team culture that focuses on improving our operating costs.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Canadian Natural Resources Limited 3 Three and six months ended June 30, 2025 Canadian Natural continues to focus on safe, reliable, effective and efficient operations, delivering strong quarterly average production of 1,420,358 BOE d in Q2 25, consisting of total liquids production of 1,019,149 bbl d and natural gas production of 2,407 MMcf d.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

As a result of operating synergies and our focus on continuous improvement, the Company achieved strong operating costs in our first six months of operating the Duvernay assets, averaging $8.43 BOE in Q2 25, a decrease of 11% compared to Q1 25 levels of $9.52 BOE.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Canadian Natural has a balanced and diverse product mix of natural gas, NGLs, heavy crude oil, light crude oil, bitumen and SCO, complemented with a balanced and diverse marketing strategy.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

The decreases reflect weaker global demand outlooks amid ongoing trade and tariff uncertainty, combined with larger than expected OPEC+ output hikes in Q2 25.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

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.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

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.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

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.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Uncertainty surrounding the interpretation and enforcement of this legislation 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.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025

Natural gas pricing Fluctuations in both the demand for natural gas and inventory storage levels, the impact of third-party pipeline maintenance and outages, the impact of geopolitical and market uncertainties, the impact of seasonal conditions, and the impact of shale gas production in the US.

SEC original ↗Canadian Natural Resources — Earnings release (6-K exhibit)EX-99Aug 7, 2025