Canadian Natural Resources Ltd.

Record Production and Financial Performance: Canadian Natural achieved record annual production of 1,571,000 BOEs per day in 2025, reflecting a 15% year-over-year growth. The company reported adjusted net earnings of $7.4 billion ($3.56 per share) and adjusted funds flow of $15.5 billion ($7.39 per share) for the year, indicating strong operational efficiency and capital management.

Acquisitions Boosting Growth: The company completed several strategic acquisitions, including 100% ownership of the Albian mines and enhanced liquid-rich Montney assets. These acquisitions contributed to a significant reserve replacement of 218% for total proved reserves, further strengthening the firm's asset base and growth potential.

Increased Shareholder Returns: The board approved a 6.4% increase in the quarterly dividend, reaching an annualized dividend of $0.52 per share. This marks the 26th consecutive year of dividend increases. Furthermore, the free cash flow allocation policy was adjusted, allowing for 75% of free cash flow to be returned to shareholders once net debt is below $16 billion.