Canadian Natural Resources Limited (CNRL) has successfully concluded the acquisition of Chevron Canada Limited’s Alberta assets, marking a significant step forward in the company’s strategic growth plans. This acquisition solidifies CNRL’s position as a major player in the Canadian oil sands and Duvernay shale gas regions.

The acquired assets include a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in the Duvernay light oil and liquids-rich assets worth US $6.5 billion. With this acquisition, CNRL now owns 90% of AOSP, encompassing the Muskeg River and Jackpine mines, the Scotford Upgrader, and the Quest Carbon Capture and Storage facility.

CNRL anticipates that the acquired assets will contribute approximately 122,500 barrels of oil equivalent per day (BOE/d) to its 2025 production. This includes 62,500 barrels per day (bbl/d) of long-life, no-decline Synthetic Crude Oil (SCO) from AOSP and 60,000 BOE/d from the Duvernay, comprising 179 million cubic feet per day (MMcf/d) of natural gas and 30,000 bbl/d of liquids.

CNRL is currently finalizing its 2025 budget and will release the details on January 9, 2025. A conference call will be held to discuss the budget and provide further insights into the company's future plans.

About Canadian Natural

Canadian Natural is a leading independent energy producer with a diversified portfolio spanning North America, the U.K. portion of the North Sea, and Offshore Africa. The company focuses on safe, efficient, and environmentally responsible operations while driving long-term value creation for its shareholders. Its robust portfolio includes natural gas, light crude oil, heavy crude oil, bitumen, and synthetic crude oil (SCO), positioning Canadian Natural among the most diversified energy producers globally.

The company has successfully transitioned to a long-life, low-decline asset base, leveraging its Oil Sands Mining and Upgrading assets, vast thermal in situ projects, and the expansion of its world-class polymer flood project at Pelican Lake. This strategy ensures sustainable cash flow and growth, even in volatile economic conditions.

Canadian Natural is committed to financial discipline, a strong balance sheet, and positive community impact, providing employment, business development opportunities, and essential resources for public services such as health, education, and safety.

About Chevron Canada

Chevron Canada, a company with a rich history spanning over 85 years, has been committed to sustainably developing Canada's energy resources. Adapting to the evolving global energy landscape, the company aims to contribute to a more sustainable future. By focusing on traditional oil and gas operations while exploring innovative solutions like renewable fuels, carbon capture, and other emerging technologies, Chevron Canada strives to meet the world's energy needs responsibly. The company takes pride in its role in improving lives and powering progress worldwide.