Canadian Natural is one of the largest independent crude oil and natural gas producers in the world with a diversified combination of assets in North America, the North Sea and Offshore Africa.

The company's balanced mix of natural gas, light crude oil, heavy crude oil, bitumen and synthetic crude oil (“SCO”) represents one of the strongest and most diverse asset portfolios of any energy producer in the world.

Canadian Natural are one of the largest independent natural gas producers in Canada with a significant  undeveloped land base in the relatively undeveloped, natural gas prone areas of Northeast British Columbia and Northwest Alberta.

The company additionally operate North America crude oil and NGLs, Horizon Oil Sands and international crude oil in their North Sea core area and offshore Africa.

Production

In 2021, the Company achieved record annual production volumes of 1,234,906 BOE/d, an increase of 6% over 2020 levels. The increase was primarily the result of strong operational performance with several production volume records achieved across the asset base in 2021.

Record annual average corporate liquids production of 952,404 bbl/d was achieved in 2021, an increase of 4% over 2020 levels. The increase in 2021 was primarily as a result of record annual production volumes over the Oil Sands Mining and Upgrading segment, strong drilling results in North American E&P assets as well as record thermal in situ production volumes.

The Company's Oil Sands Mining and Upgrading assets averaged record annual production of 448,133 bbl/d of Synthetic Crude Oil ("SCO"), an increase of 7% over 2020 levels. The increase over 2020 levels was primarily as a result of high utilization rates and the execution of operational enhancements throughout the year.

Canadian Natural's North America E&P assets produced record annual liquids volumes averaging 472,621 bbl/d in 2021, an increase of 3% over 2020 levels. The increase was primarily the result of strong drilling results and increased thermal in situ production.

The Company's thermal in situ assets achieved record production in 2021, averaging 259,284 bbl/d, an increase of 4% over the previous record levels achieved in 2020. The increase in production volumes in 2021 was primarily due to successful development activity and higher utilization at Jackfish.

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