Supplemental Operating Information Comparative Production and Netback Schedule - excluding hedging Note: All amounts expressed are in Canadian Dollars unless noted and per unit amounts are based on sales volumes. 2019 netbacks reflect the adoption of IFRS 16 lease accounting effective January 1, 2019. | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-----------------------------------|--------------------------|--------------------|----------------|-------- ...

Financial Data and Key Metrics Changes - Canadian Natural reported net earnings of over CAD 1 billion and adjusted net earnings of over CAD 1.2 billion for Q3 2019, with cash flow from operations exceeding CAD 2.5 billion and adjusted funds flow around CAD 2.9 billion [32] - Free cash flow for Q3 was approximately CAD 1.5 billion after net capital expenditures of CAD 963 million and dividends of CAD 447 million [32][34] - The company reduced gross debt by over CAD 1 billion in the quarter, with a target to exit 2019 with a debt-to-adjusted EBITDA below 1.9x [33][34] Business Line Data and Key Metrics Changes - Natural gas production for Q3 was 1.469 Bcf, down from 1.532 Bcf in Q2, with operating costs decreasing to CAD 1.07 per Mcf from CAD 1.15 in Q2 [14][15] - North American light oil and NGL production decreased to approximately 96,100 barrels, down 6% from Q2, while heavy oil production increased to approximately 88,000 barrels a day, up from 77,700 barrels in Q2 [16][20] - Oil sands mining operations produced at the top end of guidance with 432,203 barrels per day and industry-leading operating costs of CAD 20.05 per barrel [26] Market Data and Key Metrics Changes - The company noted improved egress capacity with the expectation of additional 225,000 barrels a day from various pipelines and crude by rail in 2020 [29][30] - Canadian Natural's diverse natural gas sales portfolio includes 44% used within operations, 32% exported, and only 24% exposed to AECO pricing [15] Company Strategy and Development Direction - The company focuses on optimizing cash flow allocation between its four pillars and leveraging competitive advantages to drive top-tier value creation [5][6] - Canadian Natural aims to enhance margin growth on existing and future production while continuing to support government decisions to curtail production to stabilize differentials [29][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver robust and sustainable free cash flow, emphasizing the strength of the balance sheet and diverse asset base [35] - The company is currently working through the complexities of the 2020 budget, with expectations for capital spending to remain relatively flat compared to 2019 [47][48] Other Important Information - Canadian Natural has reduced overall corporate emissions intensity by 29% since 2012, with significant achievements in environmental performance [8][9] - The company has a strong commitment to ESG criteria, positioning Canada as a top-tier investment priority for institutional investors [12] Q&A Session Summary Question: Can you move all of those barrels by pipe? - Management indicated that the majority of production should be able to move by pipeline, with some production available for short periods under the curtailment optimization strategy [38] Question: What is the rationale behind the debt reduction strategy? - The company maintains a free cash flow allocation policy of 50% to buybacks and 50% to debt repayment, with no change in strategy expected [42][43] Question: What are the expectations for 2020 capital spending? - Management is currently working through the 2020 budget, indicating complexities and uncertainties that may affect capital spending [47] Question: How do you see the impact of the new greenhouse gas tax structure? - Management noted a positive step forward with the new TIER system, expecting a reduction in costs compared to the previous CCIR structure [61][62]

Canadian Natural Resources Limited (NYSE:CNQ) Q2 2018 Earnings Conference Call August 1, 2019 11:00 AM ET Company Participants Corey Bieber – Executive Advisor Steve Laut – Executive Vice Chairman Tim McKay – President Mark Stainthorpe – Chief Financial Officer Conference Call Participants Neil Mehta – Goldman Sachs Phil Gresh – JP Morgan Roger Reed – Wells Fargo Manav Gupta – Credit Suisse Greg Pardy – RBC Capital Markets Phil Skolnick – Eight Capital Gary Chapman – Guardian Capital Operator Good morning, ...

Canadian Natural Resources Limited (NYSE:CNQ) Q1 2019 Earnings Conference Call May 9, 2019 10:00 AM ET Company Participants Corey Bieber - Executive Advisor, Capital Markets Steve Laut - Executive Vice Chairman Tim McKay - President Mark Stainthorpe - Chief Financial Officer Conference Call Participants Manav Gupta - Credit Suisse Neil Mehta - Goldman Sachs Phil Gresh - JPMorgan Greg Pardy - RBC Capital Markets Phil Skolnick - Eight Capital Joe Gemino - Morningstar Asit Sen - Bank of America Merrill Lynch R ...

Financial Data and Key Metrics Changes - In Q4 2018, Canadian Natural delivered cash flow of $1.22 billion despite low prices, showcasing the strength of its assets and operations [7] - For the full year 2018, cash generated from operating activities reached a record $10.1 billion, with adjusted fund flow at $9.1 billion, resulting in net earnings of $2.6 billion and adjusted earnings of $3.3 billion, an increase of about $1.9 billion compared to 2017 [43][44] - The company reduced long-term debt by $1.8 billion, with gross debt to total capitalization decreasing to 39.1% from 41.4% at the end of 2017 [44] Business Line Data and Key Metrics Changes - Natural gas production for 2018 was 1.548 billion cubic feet (bcf), down from 1.662 bcf in 2017, primarily due to proactive reductions in response to low prices [18] - North American light oil and NGL production was strong at 93,728 barrels per day, up 2% from 2017, with Q4 production at 98,826 barrels per day, a 6% increase from Q3 [20] - Heavy oil production for 2018 was 86,312 barrels per day, down approximately 10% from 2017, with Q4 production at 79,678 barrels per day [27] Market Data and Key Metrics Changes - The Canadian oil market experienced high differentials for both heavy and light oil in Q4 2018, but prices for SCO, light oil, and heavy oil increased significantly in Q1 2019, with light oil up 66% and heavy oil pricing up 400% [8] - WCS differentials tightened to $1,238 per barrel, approximately 23% of WTI, indicating a return to more normal pricing levels [25] Company Strategy and Development Direction - Canadian Natural focuses on creating shareholder value through disciplined cash flow allocation across four pillars: balance sheet, returns to shareholders, resource development, and opportunistic acquisitions [9] - The company emphasizes reducing its environmental footprint, having invested $3.1 billion in R&D since 2009, and achieved significant reductions in greenhouse gas emissions [10][11] - The company believes that oil sands will withstand price fluctuations due to their low environmental footprint and total costs, with operating costs at Horizon reduced to approximately $14.5 per barrel [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant and sustainable free cash flow, which is less impacted by short-term commodity price volatility [9] - The company is optimistic about future pricing and market access improvements, with ongoing discussions regarding the nomination process with the government [57][59] - Management highlighted the importance of maintaining a strong balance sheet and the potential for further debt reduction and shareholder returns in 2019 [44][50] Other Important Information - The company has a robust succession plan in place, with the CFO transitioning to a new role and Mark Stainthorpe appointed as the new CFO [48] - Canadian Natural's disciplined resource development has resulted in a 359% replacement of 2018 production for proven reserves, with a reserve life index of 27.7 years [50] Q&A Session Summary Question: Should Canadian Natural expect to look for more crude by rail due to Line 3 delays? - Management indicated they would consider rail options if the terms are favorable for shareholders, recalling past flexibility in rail usage [52][53] Question: Will the startup of Kirby North and Primrose pads still make sense with Line 3 delays? - Management stated it is too early to decide on deferring the startup of projects, noting that they are ahead of schedule and on cost [54] Question: What efforts are being made to fix the dysfunctional nomination process? - Management confirmed ongoing collaboration with the government and industry players to propose changes to the nomination process [57] Question: How does the company view the potential for curtailments extending through the year? - Management expressed uncertainty but noted that curtailments may diminish due to declining production rates and other factors [69] Question: What is the strategy around capital returns amidst uncertainty in Alberta? - Management emphasized the importance of sustainable dividends and the need for stress testing to ensure long-term growth [78]