Canadian Natural Resources Limited Announces Closing of AOSP Swap Transaction and Updated 2025 Guidance

Core Viewpoint - Canadian Natural Resources Limited has successfully completed an asset swap with Shell Canada, enhancing its operational efficiency and production capacity in the Athabasca Oil Sands Project, while updating its 2025 production guidance to reflect the changes from the transaction [1][2][3]. Production and Operational Updates - The asset swap involved Canadian Natural exchanging 10% of its working interest in the Scotford Upgrader and Quest Carbon Capture and Storage facilities for Shell's remaining 10% interest in the Albian oil sands mines, resulting in Canadian Natural owning 100% of the Albian mines [1]. - The transaction adds approximately 31,000 barrels per day (bbl/d) of annual, zero decline, bitumen production to Canadian Natural's portfolio, contributing to additional cash flow and long-term value creation for shareholders [2]. - The updated production guidance for 2025 is now targeted between 1,560 thousand barrels of oil equivalent per day (MBOE/d) and 1,580 MBOE/d, reflecting a growth of approximately 207 MBOE/d or 15% over 2024 production levels [3]. Capital Expenditure Forecast - The 2025 operating capital forecast remains unchanged at approximately $5.9 billion, excluding unbudgeted net acquisition capital of $690 million, following a previously announced capital reduction of $100 million [4]. - The total capital forecast for 2025 is projected at $6.68 billion, which includes capital for conventional exploration and production, thermal and oil sands mining, and additional costs related to carbon capture and office relocation [6][7].