Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it entered into an agreement
to acquire, subject to regulatory approvals, from Chevron Canada Limited (“Chevron”) its 20% interest in the Athabasca Oil
Sands Project (“AOSP”), which includes 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the
Quest Carbon Capture and Storage facility. This acquisition brings Canadian Natural’s total current working interest in AOSP
to 90%. The acquisition adds approximately 62,500 bbl/d(1) of long life no decline Synthetic Crude Oil (”SCO”) production,
contributing to Canadian Natural’s significant sustainable free cash flow generation. The agreement also includes the
acquisition of additional various working interests in a number of other non-producing oil sands leases with aggregate
acreage of approximately 267,000 gross / 100,000 net acres.
In addition, Canadian Natural has also agreed to acquire, subject to regulatory approvals, Chevron’s 70% operated working
interest of light crude oil and liquids rich assets in the Duvernay play in Alberta. Production from these assets is targeted to
average in 2025 approximately 60,000 BOE/d, consisting of 179 MMcf/d of natural gas and 30,000 bbl/d of liquids. These
Duvernay assets provide the opportunity for meaningful near term growth while contributing additional free cash flow.
The effective date for these acquisitions is September 1st, 2024 and are targeted to close in the fourth quarter of 2024.
The aggregate consideration for these acquisitions will be a cash payment at close to Chevron of US$6.5 billion, before
closing adjustments. These acquisitions add targeted 2025 production of approximately 122,500 BOE/d, and the addition of
approximately 1,448 MMBOE of Total Proved plus Probable reserves(1)
.
Commenting on the acquisitions, Canadian Natural’s President Scott Stauth stated, “These assets are a great fit for
Canadian Natural and will allow us to further implement our strong operating culture and drive significant value for
shareholders. We have made significant progress in driving efficiencies at AOSP over the last 7 years since the original
acquisition in May 2017. We expect further efficiencies and improved performance going forward as a result of our
relentless focus on continuous improvement. The light crude oil and liquids rich Duvernay assets fit well with our current
operations in the area and will drive significant value from our area knowledge and significant experience in this type of
resource play. Both acquisitions provide Canadian Natural with immediate free cash flow generation and further
opportunities to drive long term shareholder value.”
Mark Stainthorpe, Canadian Natural’s Chief Financial Officer added, “This is a great opportunity to add to our world class
Oil Sands Mining and Upgrading asset at AOSP, as well as light crude oil and liquids rich assets in Alberta. Both of these
acquisition properties are targeted to provide significant free cash flow generation on a go forward basis. Having operated
the AOSP mines and knowing the assets well, eliminates the risks associated with a brownfield or greenfield project.
These transactions are immediately cash flow and earnings accretive to Canadian Natural shareholders. Given our strong
balance sheet and significant free cash flow generation we are in an excellent position to take advantage of these
opportunities that don’t come along very often.
Given our strong financial position and significant and sustainable free cash flow generation the Board of Directors have
agreed to increase the quarterly dividend by 7% to $0.5625 per share payable at the next regular quarterly dividend
payment in January 2025. This will make 2025 the 25th consecutive year of dividend increases by Canadian Natural, with a
compound annual growth rate (“CAGR”) of 21% over that time. Concurrently with the acquisitions closing, the Board of
Directors have agreed to amend our free cash flow allocation policy so that it will continue to provide significant
distributions to shareholders while maintaining our strong balance sheet. Post closing of the acquisitions, free cash flow
will be allocated 60% to shareholders and 40% to the balance sheet until net debt reaches $15 billion. When net debt is
between $12 billion and $15 billion, free cash flow will be allocated 75% to shareholders and 25% to the balance sheet and
when net debt is at or below $12 billion, 100% of free cash flow will be allocated to shareholders.
(1) All Production and Reserves are presented on a “before royalties” basis and reflect Canadian Natural estimates.

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CANADIAN NATURAL RESOURCES LIMITED
ANNOUNCES INCREASED QUARTERLY DIVIDEND
CALGARY, ALBERTA – OCTOBER 7, 2024 – FOR IMMEDIATE RELEASE
Canadian Natural Resources Limited announces that, in conjunction with the acquisition of Chevron Canada Limited's
("Chevron") Alberta assets and as a result of Canadian Natural’s significant free cash flow, including targeted additional free
cash flow generation from the acquired assets and the Company’s strong financial position, the Board of Directors have
agreed to increase the quarterly cash dividend by 7% to $0.5625 (fifty-six and one quarter cents) per common share, up
from the previous quarterly cash dividend of $0.525 (fifty-two and one half cents) per common share. The dividend will be
payable on January 3, 2025 to shareholders of record at the close of business on December 13, 2024. This will make 2025
the 25th consecutive year of dividend increases by Canadian Natural, with a CAGR of 21% over that time.
Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED