Canadian Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian Natural" or the "Company") announces it has closed the asset swap with Shell Canada Limited and affiliates ("Shell") related to the Athabasca Oil Sands Project ("AOSP"), whereby Canadian Natural swapped 10% of its working interest in the Scotford Upgrader and Quest Carbon Capture and Storage ("Quest") facilities for Shell's remaining 10% working interest in the Albian oil sands mines, associated reserves and additional various working interests in a number of other non-producing oil sands leases. Canadian Natural now owns and operates 100% of the Albian mines and retains a non-operated 80% interest in the Scotford Upgrader and Quest facilities. As part of the transaction, Shell will own a 20% interest in the Scotford Upgrader and Quest facilities and will remain an important partner as the operator of the Scotford Upgrader, which is connected to Shell's 100% owned Scotford refinery. The swap did not include any cash consideration, with the exception of normal closing adjustments to reflect the effective date of this swap being March 1, 2025.

Canadian Natural's President, Scott Stauth, commented, "This is a significant milestone for our Company, enabling more effective and efficient operations between our now 100% owned Horizon and Albian mines, enhancing our ability to integrate equipment and services across our mining operations and unlocking further value through continuous improvement initiatives in our Oil Sands Mining and Upgrading business. The transaction adds approximately 31,000 bbl/d of annual, zero decline, bitumen production to our portfolio, providing additional cash flow and driving long-term value creation for our shareholders.

We are now in a position to update our 2025 production guidance with the addition of the 31,000 bbl/d from the swap transaction, included effective November 1, 2025, which results in current production volumes of approximately 1,670‌‌ MBOE/‌d. Annual 2025 production guidance is now targeted to be between 1,560 MBOE/d and 1,580 MBOE/d and represents production growth in 2025 of approximately 207 MBOE/‌d or 15% over 2024 production levels, based on the mid-point of the updated guidance.

Our 2025 operating capital forecast, excluding unbudgeted net acquisition capital in 2025 of $690 million, remains unchanged at approximately $5.9 billion, after the $100 million capital reduction previously announced in May 2025. As a result of our strong execution and capital discipline, we have been able to maintain targeted capital levels in 2025 on a larger asset base following opportunistic acquisitions in the year, excellent results by our teams."

UPDATED 2025 PRODUCTION GUIDANCE & CAPITAL FORECAST