This 2020 Budget press release is accompanied by a webcast, where the company will discuss its strategy for creating shareholder value as well as its plans for 2020 and beyond. 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. },

"belowLineFillColorGrowing": "rgba(60, 188, 152, 0.05)", The Company considers adjusted funds flow a key measure as it demonstrates the Company's ability to generate the cash flow necessary to fund future growth through capital investment and to repay debt.

If the Alberta government expanded the elimination of curtailment to include newly drilled conventional heavy oil wells, Canadian Natural would look to put an additional 6 drilling rigs to work in Alberta. October 8, 2020, 3:59 PM MDT. Total upstream production is expected to average about 1,172,000 boe/day next year, up about 500,000 boe/day from 2019.

Net capital expenditures is a non-GAAP measure that represents cash flows used in investing activities as presented in the Company's consolidated Statements of Cash Flows, adjusted for the net change in non-cash working capital, investment in other long-term assets, share consideration in business acquisitions and abandonment expenditures.

The evaluations and reviews were conducted in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and disclosed in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) requirements.

Canadian Natural says it made the decision after the Alberta government eliminated curtailments for some conventional drilling in the province, and because of reduced corporate income tax rates. The reconciliation "Net Capital Expenditures, as Reconciled to Cash Flows used in Investing Activities" is presented in the Net Capital Expenditures section of the Company's MD&A. { Summary of 2020 capital budget by areas are as follows: Canadian Natural’s ability to maintain our original 2020 corporate production guidance volumes is a reflection of the strength of our long life low decline production base, our low maintenance capital costs and our effective and efficient operations which drive low operating costs. Special Note Regarding Currency, Financial Information and Production and Reserves. Canadian Natural's strategy of maintaining a large diverse portfolio of assets, enables the Company to maximize shareholder returns through flexible capital allocation. 2019. The webcast and can be accessed on Canadian Natural's website at www.cnrl.com. Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

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