Canadian Natural Resources Ltd.

Record Production and Efficiency: Canadian Natural achieved a record quarterly production of approximately 1.582 million BOEs per day in Q1 2025, which is a significant increase compared to the previous year. The oil sands mining and upgrading asset reached a record production of approximately 595,000 barrels per day, reflecting a 34% YOY increase. This strong performance highlights the effectiveness of their operations and their focus on continuous improvement.

Strong Financial Performance and Shareholder Returns: The company reported adjusted fund flow of approximately $4.5 billion and adjusted net earnings of $2.4 billion for Q1 2025. Returns to shareholders reached $1.7 billion, including $1.2 billion in dividends and $500 million in share buybacks. The company has a strong liquidity position, with approximately $5.1 billion available at the end of the quarter.

Reduced Capital Budget and Ongoing Optimization: Canadian Natural has reduced its 2025 capital budget by $100 million to $6.05 billion, achieved through optimization and efficiency efforts rather than reacting to lower commodity prices. Over 60% of the reduction comes from conventional E&P, while the remainder is from thermal and mining operations, indicating a robust approach to cost management.