Canadian Natural Resources (CNQ) investor relations material

Financial and operational highlights

• Market capitalization of ~$140 billion and enterprise value of ~$156 billion as of March 2026, with net debt at ~$16 billion and a net debt to EBITDA ratio of 0.7x.

• Annualized dividend of ~$2.50/share, yielding 3.7%, with 26 consecutive years of dividend increases and a 10-year CAGR of ~20%.

• 2026 production guidance of 1,615–1,665 MBOE/d, representing ~4% growth from 2025, with capital expenditures forecasted at $6.88 billion.

• Free cash flow allocation policy returns 60–100% of FCF to shareholders depending on net debt levels, with $9.0 billion returned in 2025.

• Strong balance sheet with $6.3 billion in liquidity and investment grade credit ratings from DBRS, Moody’s, and Fitch.

Asset base and reserves

• Holds ~15.9 billion BOE of total proved reserves, the largest in Canada and second largest among global peers, with a ~30-year Reserve Life Index.

• Asset portfolio includes conventional E&P, thermal in situ, and oil sands mining, with 2025 production of 717,000 BOE/d, 275,000 bbl/d, and 565,000 bbl/d respectively.

• Over 27 million net acres, with 48% undeveloped, providing a deep inventory for future growth.

• Oil sands mining assets have a 2P reserve life index of ~42 years and no decline risk.

• Extensive infrastructure ownership and operatorship in core areas enhances operational flexibility.

Capital allocation and shareholder returns

• Capital allocation balances four pillars: balance sheet strength, returns to shareholders, resource value growth, and opportunistic acquisitions.

• 2025 saw ~$4.36/share returned to shareholders, including dividends and share repurchases, with a focus on sustainable dividend growth.

• Free cash flow sensitivity shows significant upside to commodity prices, with FCF per share increasing ~91% at $85 WTI vs $65 WTI.

• Debt metrics improved post-acquisitions, with net debt to adjusted EBITDA at ~0.7x and debt to book capitalization at 26%.

• Bond maturity profile is strategically balanced, providing ample financial flexibility.