2023 Production Guidance and Budget Highlights
products; availability and cost of financing; the Company's and its subsidiaries' success of exploration and
development activities and its ability to replace and expand crude oil and natural gas reserves; the Company's ability
to meet its targeted production levels; timing and success of integrating the business and operations of acquired
companies and assets; production levels; imprecision of reserves estimates and estimates of recoverable quantities of
crude oil, natural gas and NGLs not currently classified as proved; actions by governmental authorities; government
regulations and the expenditures required to comply with them (especially safety and environmental laws and
regulations and the impact of climate change initiatives on capital expenditures and production expenses); asset
retirement obligations; the sufficiency of the Company's liquidity to support its growth strategy and to sustain its
operations in the short, medium, and long-term; the strength of the Company's balance sheet; the flexibility of the
Company's capital structure; the adequacy of the Company's provision for taxes; and other circumstances affecting
revenues and expenses.
The Company's operations have been, and in the future may be, affected by political developments and by national,
federal, provincial, state and local laws and regulations such as restrictions on production, changes in taxes, royalties
and other amounts payable to governments or governmental agencies, price or gathering rate controls and
environmental protection regulations. Should one or more of these risks or uncertainties materialize, or should any of
the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the
forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable
with certainty as such factors are dependent upon other factors, and the Company's course of action would depend
upon its assessment of the future considering all information then available.
Readers are cautioned that the foregoing list of factors is not exhaustive. Unpredictable or unknown factors not
discussed in this press release or the Company's MD&A could also have adverse effects on forward-looking
statements. Although the Company believes that the expectations conveyed by the forward-looking statements are
reasonable based on information available to it on the date such forward-looking statements are made, no assurances
can be given as to future results, levels of activity and achievements. All subsequent forward-looking statements,
whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Except as required by applicable law, the Company assumes no obligation to
update forward-looking statements in this press release or the Company's MD&A, whether as a result of new
information, future events or other factors, or the foregoing factors affecting this information, should circumstances or
the Company's estimates or opinions change.
Special Note Regarding Currency, Financial Information and Production
This press release should be read in conjunction with the Company's unaudited interim consolidated financial
statements (the "financial statements") for the three and nine months ended September 30, 2022 and the Company's
MD&A and audited consolidated financial statements for the year ended December 31, 2021. All dollar amounts are
referenced in millions of Canadian dollars, except where noted otherwise. The Company's financial statements for the
three and nine months ended September 30, 2022 and the Company's MD&A have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board
("IASB").
Production volumes and per unit statistics are presented throughout the Company's MD&A on a "before royalties" or
"company gross" basis, and realized prices are net of blending and feedstock costs and exclude the effect of risk
management activities. In addition, reference is made to crude oil and natural gas in common units called barrel of oil
equivalent ("BOE"). A BOE is derived by converting six thousand cubic feet ("Mcf") of natural gas to one barrel ("bbl")
of crude oil (6 Mcf: 1 bbl). This conversion may be misleading, particularly if used in isolation, since the 6 Mcf: 1 bbl
ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. In comparing the value ratio using current crude oil prices relative to
natural gas prices, the 6 Mcf: 1 bbl conversion ratio may be misleading as an indication of value. In addition, for the
purposes of the Company's MD&A, crude oil is defined to include the following commodities: light and medium crude
oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and SCO. Production on an "after
royalties" or "company net" basis is also presented for information purposes only.
The following discussion and analysis refers primarily to the Company's financial results for the three and nine months
ended September 30, 2022 in relation to the comparable periods in 2021 and the second quarter of 2022. The
accompanying tables form an integral part of the Company's MD&A. Additional information relating to the Company,
including its Annual Information Form for the year ended December 31, 2021, is available on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov. Information on the Company's website does not form part of and is
not incorporated by reference in the Company's MD&A dated November 2, 2022.
Canadian Natural Resources Limited
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