2023 Production Guidance and Budget Highlights

ESG HIGHLIGHTS Canadian Natural is pleased to see the Pathways Alliance ("Pathways") progressing with government support and looks forward to continuing to work with the Government of Alberta on details of its carbon capture and storage ("CCS") policy. Pathways is progressing with phase 1 of its goal to achieve net zero GHG emissions from the oil sands operations, which includes an interim target to reduce GHG emissions by 22 megatonnes per year by 2030 through carbon capture and storage technology as well as other emission reductions technologies such as solvents, energy efficiency, cogeneration and electrification. Members of Pathways have completed feasibility studies and are advancing engineering work and environment field programs. Canadian Natural is committed to supporting Canada's climate goals and continuing to reduce its environmental footprint and progress with its aspirational goal of net zero GHG emissions in the oil sands. As a result of support from the federal and provincial governments and the progression of the Pathways Alliance, Canadian Natural now has the confidence to progress with an aggressive new GHG target to our existing robust environmental performance targets. Setting a target based on absolute emissions is important to support Canada's overall environmental goals and demonstrates we are committed to reducing our overall carbon footprint. • • New target: 40% reduction in total corporate absolute Scope 1 and Scope 2 GHG emissions by 2035, from a 2020 baseline. This is in addition to the other environmental performance targets the Company already has set. о 50% reduction in absolute methane emissions in the Company's North America E&P operations by 2030, from a 2016 baseline. о 40% reduction in fresh water intensity in the Company's in situ operations by 2026, from a 2017 baseline. о 40% reduction in fresh river water intensity in the Company's Oil Sands Mining and Upgrading operations by 2026, from a 2017 baseline. Details of the Canadian Natural's leading ESG performance can be found in the Company's 2021 Stewardship Report to Stakeholders on the Company's website at www.cnrl.com. 2023 BUDGET HIGHLIGHTS Canadian Natural's strategy of maintaining a large, diverse portfolio of high quality assets, including our long life low decline assets, enables the Company to maximize shareholder value through flexible capital allocation and optimized product mix. Canadian Natural maintains a high ownership level and operatorship in its properties and extensive infrastructure network and can therefore control the nature, timing and extent of development in each of its project areas. The Company's focus on effective and efficient operations drives high return on capital projects that deliver industry leading free cash flow. Our ability to be nimble and flexible with capital allocation decisions within our diverse asset base is a significant competitive advantage as we can allocate capital to the highest return projects without being reliant on any one commodity type, allowing us to maximize value for our shareholders. 2023 Capital Budget " The Company's 2023 budget is disciplined, targeted at approximately $5.2 billion, consisting of approximately $4.2 billion in base capital and approximately $1.0 billion in strategic growth capital. Canadian Natural's 2023 base capital is disciplined at approximately $4.2 billion, which targets to provide near-term production growth within 2023. In addition, the Company has targeted incremental strategic growth capital of approximately $1.0 billion in 2023 for mid- and long-term strategic growth projects that target to add additional production and capacity growth beyond 2023. The following projects are included in the strategic growth capital: о In Conventional E&P, the Company is progressing with long leads for future debottlenecking and expansion growth opportunities and is progressing work for the next phases of development at Espoir and Baobab. In thermal in situ, the Company continues to progress with the development of 5 Steam Assisted Gravity Drainage ("SAGD") pads at Jackfish, Kirby and Pike and 2 Cyclic Steam Stimulation ("CSS") pads at Primrose, with 2023 budgeted strategic growth capital related to the drilling, completion, pipelines and facilities of these pads. Canadian Natural Resources Limited 2 Press Release

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