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Canadian Natural Resources Limited Reports Voting Results at Annual and Special Meeting

Canadian Natural held its Annual and Special Meeting of the Shareholders on May 5, 2022. The result of the vote by shareholders for each resolution is reported below.

  1. The election of the following nominees as directors of the Corporation for the ensuing year or until their successors are elected or appointed.
Votes For Votes Withheld
Catherine M. Best 872,896,490
95.23%
43,706,921
4.77%
M. Elizabeth Cannon 909,462,662
99.22%
7,140,749
0.78%
N. Murray Edwards 873,147,734
95.26%
43,455,677
4.74%
Dawn L. Farrell 912,064,460
99.50%
4,538,951
0.50%
Christopher L. Fong 894,350,478
97.57%
22,252,933
2.43%
Ambassador Gordon D. Giffin 839,261,506
91.56%
77,341,905
8.44%
Wilfred A. Gobert 905,880,541
98.83%
10,722,870
1.17%
Steve W. Laut 890,129,921
97.11%
26,473,490
2.89%
Tim S. McKay 906,075,422
98.85%
10,527,989
1.15%
Honourable Frank J. McKenna 882,311,199
96.26%
34,292,211
3.74%
David A. Tuer 872,106,041
95.15%
44,497,370
4.85%
Annette M. Verschuren 908,042,529
99.07%
8,560,882
0.93%

 

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Canadian Natural Resources Limited Announces 2022 First Quarter Results

Commenting on the Company's first quarter 2022 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ), stated, "Our world class asset base is one of our key strengths, which is strategically balanced across commodity types so we can capture opportunities throughout the commodity price cycle. This drove total corporate quarterly production of approximately 1,280 MBOE‍‍d in Q122, including record natural gas production of over 2.0 Bcfd, an increase of approximately 0.4 Bcf‍‍d from Q121 levels. Financially we delivered strong quarterly free cash flow of approximately $3.4 billion, after dividends of approximately $0.7 billion and net capital expenditures of approximately $0.8 billion, excluding acquisitions and strategic growth capital.

"Our unique, diverse, long life low decline asset base with large, low risk, high value reserves is a differentiating factor that makes Canadian Natural a truly unique energy company. We have an industry leading WTI break-even in the mid-US$30s per barrel, which covers base maintenance capital requirements and dividend commitments and when combined with our top tier cost structure and effective and efficient operations we are resilient through the commodity price cycle while generating substantial returns in today's environment.

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Canadian Natural Resources Limited Announces 2021 Fourth Quarter and Year End Results

Commenting on the Company's 2021 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ), stated, "Our unique and diverse asset base, combined with our track record of operational excellence delivered by our dedicated teams, achieved record average production volumes in 2021 of approximately 1,235 MBOEd, representing an increase of 6% or approximately 71 MBOEd over 2020 levels. During Q421, daily production volumes averaged a record 1,314 MBOEd, including 1,004 Mbbld of liquids, primarily driven by strong quarterly production volumes from oil sands mining and thermal in situ. Our strong operational results during 2021 delivered robust annual adjusted funds flow of approximately $13.7 billion, which after capital expenditures of approximately $3.5 billion, excluding acquisitions, and dividends of approximately $2.2 billion, resulted in annual free cash flow of approximately $8.0 billion.

One of Canadian Natural's key strengths is the diversity of our world class assets. Strategically assembled and developed over several decades, our top tier assets have a low decline rate as well as low maintenance capital relative to the size and quality of our reserves, which affords us significant flexibility when balancing our four pillars of capital allocation to maximize shareholder value. Canadian Natural continues to deliver strong finding, development and acquisition ("FD&A") costs and reserves replacement ratios in 2021. Canadian Natural's total proved reserves increased 6% to 12.813 billion BOE, replacing 2021 production by 257% and resulting in a reserves life index of approximately 30 years. Total proved FD&A costs, including changes in future development costs, were $5.88/BOE in 2021.

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