Canadian Natural Resources (CNQ) Registration Filing summary

Company overview and business model

• Senior independent energy company focused on acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and NGLs, with core operations in western Canada, the UK North Sea, and Offshore Africa.

• Common shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol “CNQ”.

Financial performance and metrics

• Earnings coverage ratios for the twelve months ended June 30, 2025, and December 31, 2024, were 14.0x and 14.6x, respectively.

• Borrowing cost requirements were $792 million for the twelve months ended June 30, 2025, and $592 million for the twelve months ended December 31, 2024.

• Earnings before borrowing costs and income tax were $11,093 million for the twelve months ended June 30, 2025, and $8,651 million for the twelve months ended December 31, 2024.

Use of proceeds and capital allocation

• Net proceeds from debt securities will be used for general corporate purposes in core regions, including financing capital expenditures, working capital, and repayment of indebtedness.

• Pending use, proceeds may be invested in short-term marketable securities.