Strong Operational Performance: Canadian Natural achieved quarterly production volumes of approximately 1.420 million BOEs per day in Q2 2025, a year-over-year increase of 135,000 BOEs per day. Production levels were affected by a planned turnaround at AOSP, which reduced production by about 120,000 barrels per day. The company reported an impressive upgraded utilization of 106% at Horizon and AOSP in July.

Acquisitions Boost Production: The successful acquisition of the Palliser Block (closed June 26, 2025) and Montney assets (closed July 2, 2025) adds a total of approximately 82,000 BOEs per day to production. These acquisitions included 1.1 million net acres with significant light crude oil inventory, presenting substantial long-term growth opportunities. The full-year capital budget remains unchanged despite these additions, ensuring proper capital allocation.

Financial Strength and Shareholder Returns: Canadian Natural reported adjusted fund flow of approximately $3.3 billion in Q2 2025 and adjusted net earnings of $1.5 billion. Shareholder returns for the year-to-date reached $4.6 billion, including $1.2 billion in dividends and $400 million in share repurchases, reflecting a disciplined capital allocation strategy and reaffirming the company's commitment to returning value to shareholders.