2023 Production Guidance and Budget Highlights

Canadian Natural PRESS RELEASE TSX & NYSE:CNQ CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2023 BUDGET AND NEW GHG EMISSIONS REDUCTION TARGET CALGARY, ALBERTA - NOVEMBER 30, 2022 - FOR IMMEDIATE RELEASE Canadian Natural's President, Tim McKay, commented on the Company's 2023 Budget "Our dedicated teams are focused on safe, reliable, effective and efficient operations throughout our high quality and diverse asset base. Our large, low risk, high value reserves provide us optionality and flexibility to allocate capital to our highest return projects. Our diversified and balanced production maximizes value for our shareholders, as we do not rely on any one commodity type. Our 2023 targeted production mix consists of approximately 44% light and synthetic crude oil ("SCO"), 29% heavy crude oil and 27% natural gas, based on the midpoint of our production guidance range. Our assets have low maintenance capital requirements, and combined with our effective and efficient operations, we drive substantial and sustainable free cash flow, maximizing returns to shareholders through our free cash flow allocation policy. Our 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. In 2023, we target to deliver strong year over year production growth of approximately 56,000 BOE/d, or 4%, over 2022 targeted levels, based on the midpoint of our 2023 production guidance range of approximately 1,330,000 BOE/d to 1,374,000 BOE/d. Our strategic growth capital targets to deliver additional production and capacity growth in years after 2023. We are committed to supporting Canada's climate goals and continuing to reduce our environmental footprint with our aspirational goal of net zero greenhouse gas ("GHG") emissions in the oil sands. We believe Canadian energy is one of the most responsibly produced sources of energy in the world and should be the preferred energy choice. We have received support from the federal and provincial governments in advancing the Pathways Alliance initiatives, giving Canadian Natural the confidence to progress with an aggressive new GHG emissions reduction target. The new target is to reduce total corporate absolute Scope 1 and Scope 2 GHG emissions by 40% by 2035 from a 2020 baseline. This is in addition to our other robust environmental targets. This aggressive target supports Canada's overall environmental goals and demonstrates we are committed to reducing our overall carbon footprint." Canadian Natural's Chief Financial Officer, Mark Stainthorpe, continued “In 2022, the Company has effectively allocated capital to its four pillars and delivered significant returns to shareholders through our unique free cash flow policy, while continuing to strengthen our balance sheet throughout the year. With our prudent 2023 capital budget, low maintenance capital requirements and an asset base with long life low decline, high value production, we target to continue to deliver significant free cash flow in 2023 through increasing returns to shareholders and continued balance sheet strengthening. Our targeted production growth of approximately 56,000 BOE/d in 2023 over 2022 targeted levels delivers an approximate 8% per share growth rate as a result of executing on our free cash flow allocation policy. We will continue to target allocating 50% of free cash flow to share repurchases and 50% of free cash flow to the balance sheet, less strategic growth capital/acquisitions, as defined in our free cash flow allocation policy. Today, we are updating our commitment to provide incremental returns to shareholders when we reach $8 billion in net debt, by stating that when this stated milestone is achieved we intend to allocate 80% to 100% of the Company's defined free cash flow as returns to shareholders."

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