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Canadian Natural Resources Limited Announces 2019 Fourth Quarter and Year End Results

Thursday, March 5, 2020

CALGARY, Alberta, March 05, 2020 (GLOBE NEWSWIRE) — Commenting on the Company’s 2019 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “2019 marked the 30th anniversary of Canadian Natural as an Exploration and Production (“E&P”) company. Over the past 3 decades, our unwavering focus on returns and free cash flow generating assets has driven significant growth and high returns for our shareholders. Today, we are set up better than ever with a large, diversified portfolio underpinned by long life low decline assets that generate significant and sustainable free cash flow throughout the business cycles.”

2019 YEAR-END RESERVES

Determination of Reserves

For the year ended December 31, 2019, the Company retained Independent Qualified Reserves Evaluators (IQREs), Sproule, and GLJ Petroleum Consultants Limited, to evaluate and review all of the Company’s proved and proved plus probable reserves. The evaluation and review was conducted and prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook. The reserves disclosure is presented in accordance with NI 51-101 requirements using forecast prices and escalated costs.

The Reserves Committee of the Company’s Board of Directors has met with and carried out independent due diligence procedures with the IQREs as to the Company’s reserves. All reserves values are Company Gross unless stated otherwise.

Summary of Company Gross Reserves

As of December 31, 2019
Forecast Prices and Costs

Light and
Medium
Crude Oil
(MMbbl)
Primary
Heavy
Crude Oil
(MMbbl)
Pelican Lake
Heavy
Crude Oil
(MMbbl)
Bitumen
(Thermal Oil)
(MMbbl)
Synthetic
Crude Oil
(MMbbl)
Natural Gas
(Bcf)
Natural Gas
Liquids
(MMbbl)
Barrels of Oil
Equivalent
(MMBOE)
North America
Proved
Developed Producing971032356536,2193,150927,925
Developed Non-Producing121414162672
Undeveloped5685581,7711333,0831772,794
Total Proved1652022932,4386,3526,39527510,791
Probable64911321,6705453,1181333,156
Total Proved plus Probable2292934254,1086,8979,51340813,947
North Sea
Proved
Developed Producing371039
Developed Non-Producing414
Undeveloped68569
Total Proved10916112
Probable67568
Total Proved plus Probable17621179
Offshore Africa
Proved
Developed Producing322937
Developed Non-Producing12613
Undeveloped391341
Total Proved834891
Probable312435
Total Proved plus Probable11472126
Total Company
Proved
Developed Producing1661032356536,2193,189928,001
Developed Non-Producing281414169690
Undeveloped16385581,7711333,1011772,903
Total Proved3572022932,4386,3526,46027510,993
Probable162911321,6705453,1471333,258
Total Proved plus Probable5192934254,1086,8979,60740814,252

Reconciliation of Company Gross Reserves

As of December 31, 2019
Forecast Prices and Costs

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