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CANADIAN NATURAL RESOURCES LIMITED














UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
AUGUST 5, 2026


INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
As at
Note
Jun 30
2026		Dec 31
2025
(millions of Canadian dollars, unaudited)
ASSETS
Current assets
Cash and cash equivalents$2,618 $673 
Accounts receivable5,281 3,999 
Inventory2,790 2,621 
Prepaids and other499 301 
Current portion of other long-term assets
7
137 70 
11,325 7,664 
Exploration and evaluation assets
4
2,777 2,651 
Property, plant and equipment
5
78,745 77,645 
Lease assets
6
2,927 3,001 
Other long-term assets
7
809 869 
$96,583 $91,830 
LIABILITIES
Current liabilities
Accounts payable$1,561 $1,105 
Accrued liabilities4,794 4,255 
Current income taxes payable986 597 
Current portion of long-term debt
8
2,214 441 
Current portion of other long-term liabilities
9
1,762 1,665 
11,317 8,063 
Long-term debt
8
14,930 16,176 
Other long-term liabilities
9
12,167 11,936 
Deferred income taxes11,373 11,289 
49,787 47,464 
SHAREHOLDERS' EQUITY
Share capital
11
11,850 11,421 
Retained earnings34,684 32,726 
Accumulated other comprehensive income
12
262 219 
46,796 44,366 
$96,583 $91,830 
Commitments and contingencies (note 16)



Approved by the Board of Directors on August 5, 2026.
Canadian Natural Resources Limited
1
Three and six months ended June 30, 2026

CONSOLIDATED STATEMENTS OF EARNINGS
Three Months EndedSix Months Ended
(millions of Canadian dollars, except
per common share amounts, unaudited)		NoteJun 30
2026		Jun 30
2025		Jun 30
2026		Jun 30
2025
Product sales
17
$17,214 $9,675 $29,618 $22,387 
Less: royalties(2,473)(977)(4,067)(2,750)
Revenue14,741 8,698 25,551 19,637 
Expenses
Production2,508 2,159 4,896 4,531 
Blending and feedstock3,229 1,758 5,537 4,245 
Transportation690 707 1,360 1,360 
Depletion, depreciation and amortization
5,6
1,902 1,765 3,779 3,635 
Administration159 151 313 303 
Share-based compensation
9
(196)8 448 34 
Asset retirement obligation accretion
9
98 90 196 181 
Interest and other financing expense238 238 556 496 
Risk management loss (gain)
15
44 (104)405 (128)
Foreign exchange loss (gain)181 (803)443 (846)
Gain on acquisition— (80)— (80)
8,853 5,889 17,933 13,731 
Earnings before taxes5,888 2,809 7,618 5,906 
Current income tax expense
10
1,073 438 1,628 949 
Deferred income tax expense (recovery)
10
312 (88)139 40 
Net earnings$4,503 $2,459 $5,851 $4,917 
Net earnings per common share
Basic
14
$2.17 $1.17 $2.81 $2.34 
Diluted
14
$2.15 $1.17 $2.80 $2.34 
Canadian Natural Resources Limited
2
Three and six months ended June 30, 2026

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months EndedSix Months Ended
(millions of Canadian dollars, unaudited)Jun 30
2026		Jun 30
2025		Jun 30
2026		Jun 30
2025
Net earnings$4,503 $2,459 $5,851 $4,917 
Items that may be reclassified subsequently to net earnings
Net change in derivative financial instruments designated as cash flow hedges
Unrealized income during the period, net of taxes of
$nil (2025 – $nil) – three months ended;
$nil (2025 – $nil) – six months ended
— 2 1 6 
Reclassification to net earnings, net of taxes of
$nil (2025 – $nil) – three months ended;
$nil (2025 – $1 million) – six months ended
— (2)(2)(7)
— — (1)(1)
Foreign currency translation adjustment
Translation of net investment22 (92)44 (95)
Other comprehensive income (loss), net of taxes22 (92)43 (96)
Comprehensive income$4,525 $2,367 $5,894 $4,821 
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Six Months Ended

(millions of Canadian dollars, unaudited)
Note
Jun 30
2026		Jun 30
2025
Share capital
11
Balance – beginning of period
$11,421 $11,064 
Issued upon exercise of stock options318 151 
Previously recognized liability on stock options exercised for common shares
242 175 
Purchase of common shares under Normal Course Issuer Bid(131)(106)
Balance – end of period
11,850 11,284 
Retained earnings
Balance – beginning of period
32,726 28,103 
Net earnings5,851 4,917 
Dividends on common shares
11
(2,598)(2,461)
Purchase of common shares under Normal Course Issuer Bid, including tax
11
(1,295)(750)
Balance – end of period
34,684 29,809 
Accumulated other comprehensive income
12
Balance – beginning of period
219 301 
Other comprehensive income (loss), net of taxes43 (96)
Balance – end of period
262 205 
Shareholders' equity$46,796 $41,298 
Canadian Natural Resources Limited
3
Three and six months ended June 30, 2026

CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months EndedSix Months Ended
(millions of Canadian dollars, unaudited)
Note
Jun 30
2026		Jun 30
2025		Jun 30
2026		Jun 30
2025
Operating activities
Net earnings$4,503 $2,459 $5,851 $4,917 
Non-cash items
Depletion, depreciation and amortization
5,6
1,902 1,765 3,779 3,635 
Share-based compensation(196)8 448 34 
Asset retirement obligation accretion98 90 196 181 
Unrealized risk management (gain) loss
15
(8)(15)308 (12)
Unrealized foreign exchange loss (gain)157 (661)442 (946)
Gain on acquisition— (80)— (80)
Deferred income tax expense (recovery)312 (88)139 40 
Realized foreign exchange on financing activities (1)
98 (216)77 23 
Abandonment expenditures
9
(182)(193)(429)(381)
Other19 21 (8)(119)
Net change in non-cash working capital120 24 (698)106 
Cash flows from operating activities6,823 3,114 10,105 7,398 
Financing activities
(Repayment) issuance of bank credit facilities and commercial paper, net
8
(67)471 34 (20)
Repayment of other long-term debt
8
— — — (876)
Payment of lease liabilities
6
(101)(82)(202)(166)
Issuance of common shares on exercise of stock options
11
25 39 318 151 
Dividends on common shares(1,304)(1,233)(2,528)(2,417)
Purchase of common shares under Normal Course Issuer Bid
11
(1,098)(359)(1,409)(846)
Cash flows used in financing activities(2,545)(1,164)(3,787)(4,174)
Investing activities
Net expenditures on exploration and evaluation assets
4,17
(25)(51)(111)(57)
Net expenditures on property, plant and equipment
5,17
(2,380)(1,864)(4,472)(3,161)
Proceeds from long-term contract— — 150 — 
Net change in non-cash working capital(63)(26)16 (35)
Cash flows used in investing activities(2,468)(1,941)(4,417)(3,253)
Increase (decrease) in cash and cash equivalents1,810 9 1,901 (29)
Opening cash balance prior to restatement for IFRS 92808 93 673 131 
Adjustment on adoption of IFRS 92— — 44 — 
Cash and cash equivalents – beginning of period808 93 717 131 
Cash and cash equivalents – end of period$2,618 $102 $2,618 $102 
Interest paid on long-term debt$222 $237 $423 $494 
Income taxes paid, net$629 $229 $1,292 $914 
(1)Realized foreign exchange on financing activities primarily relates to the repayment of US dollar denominated debt.

Canadian Natural Resources Limited
4
Three and six months ended June 30, 2026

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions of Canadian dollars, unless otherwise stated, unaudited)
1. ACCOUNTING POLICIES
Canadian Natural Resources Limited (the "Company") is a senior independent crude oil and natural gas exploration, development and production company. The Company's exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom portion of the North Sea; and Côte d'Ivoire in Offshore Africa.
The Oil Sands Mining and Upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations at Horizon Oil Sands ("Horizon") and through the Company's interest in the Athabasca Oil Sands Project ("AOSP").
Within Western Canada in the Midstream and Refining segment, the Company maintains certain activities that include pipeline operations, an electricity co-generation system and an investment in the North West Redwater Partnership ("NWRP"), a general partnership formed to upgrade and refine bitumen in the Province of Alberta.
The Company was incorporated in Alberta, Canada. In June 2026, the Company relocated its head and registered office to 400 - 4th Avenue S.W., Calgary, AB, T2P 0J4.
These interim consolidated financial statements and the related notes have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the "IFRS Accounting Standards"), applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34 "Interim Financial Reporting". The accounting policies applied are consistent with those used in the audited consolidated financial statements of the Company as at December 31, 2025, except as disclosed in note 2. These interim consolidated financial statements contain disclosures that are supplemental to the Company's annual audited consolidated financial statements. Certain disclosures normally required to be included in the notes to the annual audited consolidated financial statements have been condensed. These interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2025.
Critical Accounting Estimates and Judgements
The Company has made estimates, assumptions, and judgements regarding certain assets, liabilities, revenues, and expenses in the preparation of these interim consolidated financial statements, primarily related to unsettled transactions and events as of the date of these interim consolidated financial statements. Accordingly, actual results may differ from estimated amounts, and those differences may be material.
2. CHANGE IN ACCOUNTING POLICIES
In May 2024, the IASB issued amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures" to clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled using an electronic payment system. The amendments also clarify the classification of certain financial assets, and add disclosure requirements for financial instruments with certain contingent features and for equity investments designated at fair value through other comprehensive income. The amendments were adopted January 1, 2026 retrospectively without restating comparative information in the interim consolidated statements of cash flows.
3. ACCOUNTING STANDARDS ISSUED BUT NOT YET APPLIED
In April 2024, the IASB issued IFRS 18 "Presentation and Disclosure in Financial Statements", which provides presentation and disclosure requirements for the primary financial statements and related notes, replacing IAS 1 "Presentation of Financial Statements". IFRS 18 introduces defined categories for income and expenses and requires disclosure of new defined subtotals, including operating profit. The new standard also requires additional notes for management-defined performance measures ("MPM") and disclosure of certain expenses by nature. There are some associated changes to the statement of cash flows, including the starting point for the calculation of cash flows from operating activities and the categorization of interest and dividends. IFRS 18 is effective January 1, 2027, with early adoption permitted. The new standard is required to be adopted retrospectively.
The Company is currently evaluating the impact of adopting IFRS 18 on its consolidated financial statements and note disclosures. This assessment includes changes to the presentation of the consolidated statement of earnings, aggregation and disaggregation requirements, and a review of publicly disclosed measures to identify MPMs. In addition, the Company is adapting its processes, where appropriate, to capture data required by IFRS 18 for inclusion in the consolidated financial statements and note disclosures.
Canadian Natural Resources Limited
5
Three and six months ended June 30, 2026

4. EXPLORATION AND EVALUATION ASSETS
   Exploration and ProductionOil Sands Mining and UpgradingTotal
North AmericaNorth SeaOffshore Africa
Cost
At December 31, 2025$2,594 $— $— $57 $2,651 
Additions/Acquisitions, net131 — — — 131 
Transfers to property, plant and equipment(5)— — — (5)
At June 30, 2026$2,720 $— $— $57 $2,777 
5. PROPERTY, PLANT AND EQUIPMENT
    Exploration and ProductionOil Sands Mining and UpgradingMidstream and RefiningHead OfficeTotal
North AmericaNorth SeaOffshore Africa
Cost
At December 31, 2025$92,896 $9,270 $5,316 $60,570 $503 $699 $169,254 
Additions/Acquisitions, net3,475 5 287 832 3 23 4,625 
Transfers from exploration and evaluation assets5 — — — — — 5 
Derecognitions (1)
(211)(477)— (43)— — (731)
Foreign exchange adjustments and other— 340 200 — — — 540 
At June 30, 2026$96,165 $9,138 $5,803 $61,359 $506 $722 $173,693 
Accumulated depletion and depreciation
At December 31, 2025$65,940 $9,270 $4,035 $11,617 $246 $501 $91,609 
Expense2,196 5 15 1,331 8 19 3,574 
Derecognitions (1)
(211)(477)— (43)— — (731)
Foreign exchange adjustments and other(4)340 156 4 — — 496 
At June 30, 2026$67,921 $9,138 $4,206 $12,909 $254 $520 $94,948 
Net book value
At June 30, 2026$28,244 $— $1,597 $48,450 $252 $202 $78,745 
At December 31, 2025$26,956 $— $1,281 $48,953 $257 $198 $77,645 
(1)An asset is derecognized when no future economic benefits are expected to arise from its continued use.
During the six months ended June 30, 2026, the Company acquired a number of producing and non-producing crude oil and NGLs, and natural gas assets in the North America Exploration and Production segment. These transactions were accounted for using the business combination method of accounting and are summarized below.
Peace River Crude Oil and NGLs, and Natural Gas Acquisitions
In June 2026, the Company acquired certain producing and non-producing crude oil and NGLs, and natural gas assets for net cash consideration of $756 million, subject to final closing adjustments. Net assets acquired included exploration and evaluation assets of $33 million, and property, plant and equipment of $759 million. The Company also assumed asset retirement obligations of $31 million, and assumed net working capital of $5 million. No net deferred tax liabilities were recognized on this transaction.
Canadian Natural Resources Limited
6
Three and six months ended June 30, 2026

During the first quarter of 2026, the Company acquired certain producing and non-producing crude oil and NGLs, and natural gas assets for net cash consideration of $761 million, subject to final closing adjustments. Net assets acquired included exploration and evaluation assets of $65 million, and property, plant and equipment of $796 million. The Company also assumed asset retirement obligations of $100 million. No net deferred tax liabilities were recognized on this transaction.
Pro Forma Information
As a result of the acquisition of assets in the Peace River area completed in the second quarter of 2026, revenue increased by approximately $26 million and net operating income (comprised of revenue, less production and transportation expense) increased by approximately $19 million for the second quarter of 2026. Including the impact of depletion, depreciation and amortization, earnings before tax increased by approximately $13 million for the second quarter of 2026.
As a result of the acquisition of assets in the Peace River area completed in the first quarter of 2026, revenue increased by approximately $218 million and net operating income (comprised of revenue, less production and transportation expense) increased by approximately $134 million for the period subsequent to the acquisition. Including the impact of depletion, depreciation and amortization, earnings before tax increased by approximately $95 million for the period subsequent to the acquisition.
If the acquisitions of assets in the Peace River area had been completed on January 1, 2026, the Company estimates that pro forma revenue would have increased by approximately $437 million and pro forma net operating income (comprised of revenue, less production and transportation expense) would have increased by approximately $290 million for the six months ended June 30, 2026. Including the impact of depletion, depreciation and amortization, the Company estimates earnings before taxes would have increased by approximately $209 million for the six months ended June 30, 2026. Readers are cautioned that pro forma estimates are not necessarily indicative of the results of operations that would have been achieved had the acquisitions actually occurred on January 1, 2026, or of future results. Pro forma results are based on historical information and reflect actual production in the period available for the assets as provided to the Company and do not include any synergies that have or may arise subsequent to the acquisition dates.
6. LEASES
Lease assets
Product transportation and storageField equipment and powerOffshore vessels and equipmentOffice leases and otherTotal
At December 31, 2025$2,199 $634 $43 $125 $3,001 
Additions10 50 64 9 133 
Depreciation(80)(97)(16)(12)(205)
Foreign exchange adjustments and other3 (3)1 (3)(2)
At June 30, 2026$2,132 $584 $92 $119 $2,927 
Lease liabilities
The Company measures its lease liabilities at the discounted value of its lease payments during the lease term. Lease liabilities as at June 30, 2026 were as follows:
Jun 30
2026		Dec 31
2025
Lease liabilities $3,039 $3,106 
Less: current portion357 373 
$2,682 $2,733 
Total cash outflows for leases for the three months ended June 30, 2026, including payments related to short-term leases not reported as lease assets, were $424 million (three months ended June 30, 2025 – $378 million; six months ended June 30, 2026 – $816 million; six months ended June 30, 2025 – $732 million). Interest expense on leases for the three months ended June 30, 2026 was $34 million (three months ended June 30, 2025 – $15 million; six months ended June 30, 2026 – $68 million; six months ended June 30, 2025 – $31 million).
Canadian Natural Resources Limited
7
Three and six months ended June 30, 2026

7. OTHER LONG-TERM ASSETS
Jun 30
2026		Dec 31
2025
Long-term prepayments, contracts and other (1)
$444 $419 
Prepaid cost of service tolls208 229 
Long-term inventory294 291 
946 939 
Less: current portion137 70 
$809 $869 
(1)Includes physical product sales contracts, interest on Petroleum Revenue Tax ("PRT") recoveries in the North Sea, and the unamortized cost of contributions to the Company's employee bonus program.
The Company has a 50% equity investment in NWRP. NWRP operates a bitumen upgrader and refinery with an output capacity of approximately 80,000 barrels per day. The refinery's processing design capacity is approximately 50,000 barrels per day of bitumen feedstock, including 12,500 barrels per day of bitumen feedstock for the Company (25% toll payer) and 37,500 barrels per day of bitumen feedstock for the Alberta Petroleum Marketing Commission ("APMC") (75% toll payer), an agent of the Government of Alberta. Bitumen feedstock throughput can exceed design capacity when asset reliability and operational performance support higher processing rates. The Company is unconditionally obligated to pay its 25% pro rata share of the debt component of the monthly fee-for-service toll over the 40-year tolling period until 2058 (note 16). Sales of diesel and other refined products and associated refining tolls are recognized in the Midstream and Refining segment (note 17).
The carrying value of the Company's interest in NWRP is $nil, and as at June 30, 2026, the cumulative unrecognized share of the equity loss and partnership distributions from NWRP was $405 million (December 31, 2025 – $496 million). For the three months ended June 30, 2026, the Company's recovery of its share of unrecognized equity losses was $66 million (six months ended June 30, 2026 – recovery of unrecognized equity losses of $91 million; three months ended June 30, 2025 – recovery of unrecognized equity losses of $24 million; six months ended June 30, 2025 – recovery of unrecognized equity losses of $5 million).
8. LONG-TERM DEBT
Jun 30
2026		Dec 31
2025
Canadian dollar denominated debt, unsecured
Medium-term notes$3,116 $3,116 
US dollar denominated debt, unsecured
Bank credit facilities (June 30, 2026 – US$2,882 million; December 31, 2025 – US$2,860 million)
4,094 3,922 
US dollar debt securities (June 30, 2026 – US$7,050 million; December 31, 2025 – US$7,050 million)
10,014 9,669 
17,224 16,707 
Less: original issue discounts, net (1)
13 14 
transaction costs (1) (2)
67 76 
17,144 16,617 
Less: current portion of long-term debt (1) (2)
2,214 441 
$14,930 $16,176 
(1)The Company has included unamortized original issue discounts and premiums, and directly attributable transaction costs in the carrying amount of the outstanding debt.
(2)Transaction costs primarily represent underwriting commissions charged as a percentage of the related debt offerings, as well as legal, rating agency, and other professional fees.
Canadian Natural Resources Limited
8
Three and six months ended June 30, 2026

Bank Credit Facilities and Commercial Paper
As at June 30, 2026, the Company had undrawn bank credit facilities of $5,356 million, and a fully drawn non-revolving term credit facility of $4,000 million. Details of these facilities are described below. The Company also has certain other dedicated credit facilities supporting letters of credit.
▪a $100 million demand credit facility;
▪a $500 million revolving credit facility, maturing June 2027;
▪a $4,000 million non-revolving term credit facility, maturing December 2027;
▪a $2,425 million revolving syndicated credit facility, maturing June 2028; and
▪a $2,425 million revolving syndicated credit facility, maturing June 2029.
During the first quarter of 2026, the Company cancelled the $140 million portion of its $2,565 million revolving syndicated credit facility, maturing June 2027, reducing the capacity to $2,425 million, with a maturity of June 2029.
Borrowings under the Company's credit facilities may be made by way of pricing referenced to CORRA, SOFR, US base rate or Canadian prime rate.
The Company's borrowings under its US commercial paper program are authorized up to a maximum of US$2,500 million. The Company reserves capacity under its revolving bank credit facilities for amounts outstanding under this program.
The Company's weighted average interest rate on bank credit facilities outstanding as at June 30, 2026 was 4.9% (June 30, 2025 – 5.2%), and on total long-term debt outstanding for the six months ended June 30, 2026 was 4.9% (six months ended June 30, 2025 – 5.0%).
As at June 30, 2026, letters of credit and other financial security aggregating to $965 million were outstanding (December 31, 2025 – $840 million).
Medium-Term Notes
In August 2025, the Company filed a base shelf prospectus that allows for the offer for sale from time to time of up to $3,000 million of medium-term notes in Canada, which expires in September 2027. If issued, these securities may be offered in amounts and at prices, including interest rates, to be determined based on market conditions at the time of issuance. As at June 30, 2026, the Company had $1,350 million remaining on its base shelf prospectus.
US Dollar Debt Securities
In August 2025, the Company filed a base shelf prospectus that allows for the offer for sale from time to time of up to US$4,500 million of debt securities in the United States, which expires in September 2027. If issued, these securities may be offered in amounts and at prices, including interest rates, to be determined based on market conditions at the time of issuance. As at June 30, 2026, the Company had US$3,003 million remaining on its base shelf prospectus.
9. OTHER LONG-TERM LIABILITIES
Jun 30
2026		Dec 31
2025
Asset retirement obligations$9,763 $9,743 
Lease liabilities (note 6)
3,039 3,106 
Share-based compensation494 433 
Risk management (note 15)
373 65 
Transportation and processing contracts176 186 
Other 84 68 
13,929 13,601 
Less: current portion1,762 1,665 
$12,167 $11,936 
Canadian Natural Resources Limited
9
Three and six months ended June 30, 2026

Asset Retirement Obligations
The Company's asset retirement obligations are expected to be settled on an ongoing basis over a period of approximately 60 years and discounted using a weighted average discount rate of 4.9% (December 31, 2025 – 4.9%) and inflation rates of up to 2% (December 31, 2025 – up to 2%). Reconciliations of the discounted asset retirement obligations were as follows:
Jun 30
2026		Dec 31
2025
Balance – beginning of period
$9,743 $8,607 
Liabilities incurred21 34 
Liabilities acquired, net132 489 
Liabilities settled(429)(771)
Asset retirement obligation accretion196 380 
Revision of cost, inflation, and timing estimates (1)
— 1,233 
Change in discount rates— (129)
Foreign exchange adjustments100 (100)
Balance – end of period
9,763 9,743 
Less: current portion1,049 956 
$8,714 $8,787 
(1)Includes normal course revisions of cost, inflation, and timing estimates, as well as revisions to decommissioning timing and cost estimates in the North Sea and in Offshore Africa in 2025.
Share-Based Compensation
The liability for share-based compensation includes costs incurred under the Company's Stock Option Plan and Performance Share Unit ("PSU") Plan. The Company's Stock Option Plan provides current employees with the right to elect to receive common shares or a cash payment in exchange for stock options surrendered. The PSU Plan provides certain executive employees of the Company with the right to receive a cash payment, the amount of which is determined with reference to the value of the Company's shares, by individual employee performance, and the extent to which certain other performance measures are met.
The Company recognizes a liability for potential cash settlements under these plans. The current portion of the liability represents the maximum amount of the liability payable within the next twelve month period if all vested stock options and PSUs are settled in cash.
Jun 30
2026		Dec 31
2025
Balance – beginning of period
$433 $620 
Share-based compensation expense448 180 
Cash payment for stock options surrendered and PSUs vested(149)(94)
Transferred to common shares(242)(273)
Other4 — 
Balance – end of period
494 433 
Less: current portion329 312 
$165 $121 
Canadian Natural Resources Limited
10
Three and six months ended June 30, 2026

10. INCOME TAXES
The provision for income tax was as follows:
Three Months EndedSix Months Ended
Expense (recovery)Jun 30
2026		Jun 30
2025		Jun 30
2026		Jun 30
2025
Current corporate income tax – North America (1)
$1,164 $529 $1,835 $1,098 
Current corporate income tax – North Sea(46)(45)(99)(71)
Current corporate income tax – Offshore Africa1 — 1 5 
Current PRT (2) – North Sea
(49)(49)(114)(88)
Other taxes3 3 5 5 
Current income tax1,073 438 1,628 949 
Deferred corporate income tax275 (106)216 13 
Deferred PRT (2) – North Sea
37 18 (77)27 
Deferred income tax312 (88)139 40 
Income tax$1,385 $350 $1,767 $989 
(1)Includes North America Exploration and Production, Oil Sands Mining and Upgrading, and Midstream and Refining segments.
(2)Petroleum Revenue Tax.
11. SHARE CAPITAL
Authorized
Preferred shares issuable in a series.
Unlimited number of common shares without par value.
Six Months Ended Jun 30, 2026
Issued Common Shares
Number of shares (thousands)
Amount
Balance – beginning of period
2,081,578 $11,421 
Issued upon exercise of stock options10,187 318 
Previously recognized liability on stock options exercised for common shares
— 242 
Purchase of common shares under Normal Course Issuer Bid(22,925)(131)
Balance – end of period
2,068,840 $11,850 
Dividends
The Company has paid regular quarterly dividends in each year since 2001. The dividend policy undergoes periodic review by the Board of Directors and is subject to change.
On March 4, 2026, the Board of Directors approved a 6% increase in the quarterly dividend to $0.625 per common share, beginning with the dividend paid on April 7, 2026.
On March 5, 2025, the Board of Directors approved a 4% increase in the quarterly dividend to $0.5875 per common share.
Normal Course Issuer Bid
On March 10, 2026, the Company's application was approved for a Normal Course Issuer Bid to purchase through the facilities of the Toronto Stock Exchange ("TSX"), alternative Canadian trading platforms, and the New York Stock Exchange ("NYSE"), up to 182,396,564 common shares, representing 10% of the public float, over a 12-month period commencing March 13, 2026 and ending March 12, 2027, subject to applicable securities laws.
For the six months ended June 30, 2026, the Company purchased 22,925,000 common shares at a weighted average price of $61.47 per common share for a total cost, including tax, of $1,426 million. Retained earnings were reduced by $1,295 million, representing the excess of the purchase price of common shares over their average carrying value. Subsequent to June 30, 2026, up to and including August 4, 2026, the Company purchased 7,500,000 common shares at a weighted average price of $61.44 per common share for a total cost, including tax, of $470 million.
Canadian Natural Resources Limited
11
Three and six months ended June 30, 2026

Share-Based Compensation – Stock Options
The following table summarizes information relating to stock options outstanding as at June 30, 2026:
Six Months Ended Jun 30, 2026
Stock options (thousands)
Weighted  average  exercise price
Outstanding – beginning of period
54,734 $39.83 
Granted17,201 55.41 
Exercised for common shares(10,187)31.18 
Surrendered for cash settlement(4,118)39.21 
Forfeited(1,368)43.46 
Outstanding – end of period
56,262 $46.11 
Exercisable – end of period
7,024 $40.10 
The Stock Option Plan is a "rolling 7%" plan, whereby the aggregate number of common shares that may be reserved for issuance under the plan shall not exceed 7% of the common shares outstanding from time to time.
12. ACCUMULATED OTHER COMPREHENSIVE INCOME
The components of accumulated other comprehensive income, net of taxes, were as follows:
Jun 30
2026		Jun 30
2025
Derivative financial instruments designated as cash flow hedges$65 $69 
Foreign currency translation adjustment197 136 
$262 $205 
13. CAPITAL DISCLOSURES
The Company has defined its capital to mean its long-term debt and consolidated shareholders' equity, as determined at each reporting date.
The Company's objectives when managing its capital structure are to maintain financial flexibility and balance to enable the Company to access capital markets to sustain its on-going operations and support its growth strategies. The Company primarily monitors capital on the basis of an internally derived financial measure referred to as its "debt to book capitalization ratio", which is the ratio of current and long-term debt less cash and cash equivalents divided by the sum of the carrying value of shareholders' equity plus current and long-term debt less cash and cash equivalents. As at June 30, 2026, the ratio was 23.7%.
Readers are cautioned that the debt to book capitalization ratio is not defined by IFRS Accounting Standards and this financial measure may not be comparable to similar measures presented by other companies. Further, there are no assurances that the Company will continue to use this measure to monitor capital or will not alter the method of calculation of this measure in the future.
Jun 30
2026		Dec 31
2025
Long-term debt$17,144 $16,617 
Less: cash and cash equivalents2,618 673 
Long-term debt, net$14,526 $15,944 
Total shareholders' equity$46,796 $44,366 
Debt to book capitalization23.7%26.4%
The Company is subject to a financial covenant that requires debt to book capitalization as defined in its credit facility agreements to not exceed 65%. As at June 30, 2026, the Company was in compliance with this covenant.
Canadian Natural Resources Limited
12
Three and six months ended June 30, 2026

14. NET EARNINGS PER COMMON SHARE
Three Months Ended
Six Months Ended
Jun 30
2026
Jun 30
2025
Jun 30
2026
Jun 30
2025
Weighted average common shares outstanding – basic (thousands of shares)
2,077,894 2,093,135 2,081,188 2,096,817 
Effect of dilutive stock options (thousands of shares)11,942 6,530 11,531 7,508 
Weighted average common shares outstanding – diluted (thousands of shares)
2,089,836 2,099,665 2,092,719 2,104,325 
Net earnings$4,503 $2,459 $5,851 $4,917 
Net earnings per common share– basic$2.17 $1.17 $2.81 $2.34 
– diluted$2.15 $1.17 $2.80 $2.34 
15. FINANCIAL INSTRUMENTS
The Company's financial instruments are comprised of cash and cash equivalents, accounts receivable, risk management assets and liabilities, accounts payable, accrued liabilities, lease liabilities, and long-term debt. These financial instruments, with the exception of risk management assets and liabilities, are classified as financial assets and liabilities at amortized cost. Risk management assets and liabilities are classified as derivatives held for trading, cash flow hedges, or embedded derivatives.
The estimated fair values of derivative financial instruments in Level 2 and Level 3 at each measurement date have been determined based on appropriate internal valuation methodologies and/or third party indications, including quoted forward prices for commodities, foreign exchange rates, interest yield curves, and other volatility factors.
The changes in estimated fair values of derivative financial instruments included in the risk management asset (liability) were recognized in the financial statements as follows:
Asset (liability)Jun 30
2026		Dec 31
2025
Balance – beginning of period
$(65)$5 
Net change in fair value of outstanding derivative financial instruments recognized in:
Risk management activities (1) (2) (3) (4)
(308)(68)
Foreign exchange— (1)
Other comprehensive income— (1)
Balance – end of period
(373)(65)
Less: current portion(6)(8)
$(367)$(57)
(1)Risk management liabilities are disclosed in note 9.
(2)In the third quarter of 2025, the Company entered into fixed price financial contracts to buy 12,500 MMBtu/d of natural gas at US$1.30 AECO for the period of August to December 2025, and 25,000 MMBtu/d of natural gas at US$2.16 AECO for the period of January to December 2026.
(3)In the second quarter of 2025, the Company entered into a long-term natural gas supply agreement that contains an embedded derivative.
(4)In the fourth quarter of 2024, the Company entered into fixed price financial contracts to buy 12,500 MMBtu/d of natural gas at US$1.47 AECO, and 25,000 MMBtu/d of natural gas at US$1.82 AECO for the period of January to December 2025.
Net loss (gain) from risk management activities was as follows:
Three Months EndedSix Months Ended
Jun 30
2026		Jun 30
2025		Jun 30
2026		Jun 30
2025
Net realized risk management loss (gain)$52 $(89)$97 $(116)
Net unrealized risk management (gain) loss(8)(15)308 (12)
$44 $(104)$405 $(128)
Canadian Natural Resources Limited
13
Three and six months ended June 30, 2026

The carrying amounts of the Company's financial instruments approximated their fair value, except for fixed rate long-term debt. The Company's financial instruments are categorized as Level 1 with the exception of risk management assets and liabilities, which are categorized as Level 2, and embedded derivatives, which are categorized as Level 3. There were no transfers between Level 1, 2, and 3 financial instruments. The fair values of the Company's fixed rate long-term debt is outlined below:
Jun 30, 2026

Carrying amountLevel 1 Fair Value
Fixed rate long-term debt (1) (2)
$13,050 $13,252 
(1)The fair value of fixed rate long-term debt has been determined based on quoted market prices.
(2)Includes the current portion of fixed rate long-term debt.
Embedded Derivative
During the second quarter of 2025, the Company entered into a long-term natural gas supply agreement to supply 140,000 MMBtu/d of natural gas for a term of 15 years, with delivery anticipated to begin in 2030 as all conditions precedent have been waived by the counterparty. Under the terms of the agreement, the Company will deliver natural gas to its counterparty in Illinois, USA and receive a Japan Korea Marker ("JKM") index price less deductions for transportation and liquefaction. The contract includes an embedded derivative as a result of the pricing structure, and the host contract is the natural gas sales agreement with a Chicago Citygate price.
The natural gas embedded derivative is categorized as Level 3 within the fair value hierarchy, as the fair value is determined using a discounted estimated cash flow model which incorporates significant unobservable inputs, including future natural gas pricing and a discount rate.
The Company recognizes a loss (gain) on risk management activities in the statements of earnings related to its natural gas embedded derivative. The loss (gain) is determined by the relative movements in fair value compared to the prior period. For the three months ended June 30, 2026, the Company recognized an unrealized risk management gain of $2 million on the natural gas embedded derivative (six months ended June 30, 2026 – unrealized loss of $310 million; three months ended June 30, 2025 – unrealized gain of $11 million; six months ended June 30, 2025 – unrealized gain of $11 million). As at June 30, 2026, the fair value of the embedded derivative was a liability of $367 million (December 31, 2025 – $57 million liability).
The Level 3 fair value measurements of the embedded derivative could be materially impacted by a change in the discount rate and movements in natural gas prices. The following table summarizes the impacts to the fair value of the embedded derivative resulting from changes in the specified variable over the 15-year contract. These sensitivities as at June 30, 2026 are theoretical, as changes in one variable may contribute to changes in another variable, which may magnify or counteract the sensitivities.
JKM priceDiscount rate
US$0.10/MMBtu increaseUS$0.10/MMBtu decrease1% increase1% decrease
Fair value – increase/(decrease)
$55 $(55)$(57)$67 
Financial Risk Factors
The Company's financial risks are consistent with those discussed in notes 1, 3 and 18 of the Company's audited consolidated financial statements for the year ended December 31, 2025.
a) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company's market risk is comprised of commodity price risk, interest rate risk, and foreign currency exchange rate risk.
Commodity price risk management
The Company periodically uses commodity derivative financial instruments to manage its exposure to commodity price risk associated with the sale of its future crude oil and natural gas production, and with natural gas purchases. These financial instruments are entered into solely for hedging purposes and are not used for speculative purposes.
The Company's outstanding commodity derivative financial instruments are expected to be settled monthly based on the applicable index pricing for the respective contract month.
Canadian Natural Resources Limited
14
Three and six months ended June 30, 2026

Interest rate risk management
The Company is exposed to interest rate price risk on its fixed rate long-term debt and to interest rate cash flow risk on its floating rate long-term debt. As at June 30, 2026, the Company had no interest rate swap contracts outstanding.
Foreign currency exchange rate risk management
The Company is exposed to foreign currency exchange rate risk in Canada primarily related to its US dollar denominated long-term debt, commercial paper, and working capital. The Company is also exposed to foreign currency exchange rate risk on transactions conducted in other currencies and in the carrying value of its foreign subsidiaries. The Company periodically enters into foreign currency forward contracts, SOFR loans, and commercial paper to mitigate its foreign currency exchange rate risk.
As at June 30, 2026, the Company had US$1,500 million of foreign currency forward contracts outstanding (December 31, 2025 – US$1,500 million), with original terms of up to 90 days, all of which were designated as derivatives held for trading (December 31, 2025 – US$1,500 million).
b) Credit risk
Credit risk is the risk that a party to a financial instrument will cause a financial loss to the Company by failing to discharge an obligation.
Counterparty credit risk management
The Company's accounts receivable are mainly with customers in the crude oil and natural gas industry and are subject to normal industry credit risks. The Company manages these risks by reviewing its exposure to individual companies on a regular basis and, where appropriate, ensuring that parental guarantees or letters of credit are in place to minimize the impact in the event of default. As at June 30, 2026, substantially all of the Company's accounts receivable were due within normal trade terms.
The Company is also exposed to possible losses in the event of nonperformance by counterparties to derivative financial instruments; however, the Company manages this credit risk by entering into agreements with counterparties that are substantially all investment grade financial institutions. The carrying amount of financial assets approximates the maximum credit exposure.
c) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. Management of liquidity risk requires the Company to maintain sufficient cash and cash equivalents, along with other sources of capital, consisting primarily of cash flow from operating activities, available credit facilities, commercial paper, and access to debt capital markets, to meet obligations as they become due. The Company believes it has adequate bank credit facilities to provide liquidity to manage fluctuations in the timing of the receipt and/or disbursement of operating cash flows.
As at June 30, 2026, the maturity dates of the Company's financial liabilities were as follows:
Less than
1 year		1 to less than
2 years		2 to less than
5 years		Thereafter
Accounts payable$1,561 $— $— $— 
Accrued liabilities$4,794 $— $— $— 
Long-term debt (1)
$2,214 $4,320 $2,876 $7,814 
Other long-term liabilities (2) (3)
$363 $292 $635 $2,230 
Interest and other financing expense (4)
$979 $790 $1,842 $3,501 
(1)Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs.
(2)Lease payments included within other long-term liabilities reflect principal payments only and are as follows; less than one year, $357 million; one to less than two years, $292 million; two to less than five years, $635 million; and thereafter, $1,755 million.
(3)Includes a gross derivative liability of $475 million associated with the Company's natural gas embedded derivative. The gross liability is offset by a gross derivative asset of $108 million, resulting in a net liability of $367 million.
(4)Includes interest and other financing expense on long-term debt and other long-term liabilities. Payments were estimated based upon applicable interest and foreign exchange rates as at June 30, 2026.
Canadian Natural Resources Limited
15
Three and six months ended June 30, 2026

16. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company has committed to certain payments. The following table summarizes the Company's commitments as at June 30, 2026:
Remaining 20262027202820292030Thereafter
Product transportation, purchases, and processing (1) (2)
$1,179 $2,317 $2,171 $2,010 $1,849 $18,309 
North West Redwater Partnership service toll (3)
$48 $96 $97 $95 $95 $3,885 
Offshore vessels and decommissioning equipment $207 $— $— $— $— $— 
Field equipment and supplies $94 $122 $121 $24 $24 $170 
Office leases and other$144 $66 $19 $18 $18 $176 
(1)The Company's commitment for its 20-year product transportation agreement ending in 2044 on the Trans Mountain Expansion pipeline reflects interim tolls approved by the Canada Energy Regulator in the fourth quarter of 2023, and is subject to change pending the approval of final tolls.
(2)During the second quarter of 2026, the Company executed crude oil transportation agreements delivering between 150,000 bbl/d and 165,000 bbl/d of new pipeline capacity to U.S. markets, with service currently expected to commence in the fourth quarter of 2028. These agreements are subject to certain conditions precedent, including a final investment decision by the project proponents and certain regulatory approvals. Accordingly, the related agreements will not be recognized as commitments until the completion of all conditions precedent. The transportation agreements have a term of 20 years and, if all conditions are met, will result in transportation payments of approximately $500 million to $550 million annually being added to the Company's commitments.
(3)Pursuant to the processing agreements, the Company pays its 25% pro rata share of the debt component of the monthly fee-for-service toll. Included in the toll is $1,751 million of interest payable over the 40-year tolling period, ending in 2058 (note 7).
In addition to the commitments disclosed above, the Company has entered into various agreements related to the engineering, procurement, and construction of its various development projects. These contracts can be cancelled by the Company upon notice without penalty, subject to the costs incurred up to and in respect of the cancellation.
The Company is defendant and plaintiff in a number of legal actions arising in the normal course of business. In addition, the Company is subject to certain contractor construction claims. The Company believes that any liabilities that might arise pertaining to any such matters would not have a material effect on its consolidated financial position.

Canadian Natural Resources Limited
16
Three and six months ended June 30, 2026

17. SEGMENTED INFORMATION
 North AmericaNorth SeaOffshore AfricaTotal Exploration and Production
Three Months EndedSix Months EndedThree Months EndedSix Months EndedThree Months EndedSix Months EndedThree Months EndedSix Months Ended
Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30
(millions of Canadian dollars, unaudited)2026202520262025202620252026202520262025202620252026202520262025
Segmented product sales
Crude oil and NGLs (1)
$7,427 $4,595 $12,816 $9,961 $82 $56 $118 $208 $26 $4 $26 $110 $7,535 $4,655 $12,960 $10,279 
Natural gas (1)
473 555 1,269 1,226 3 3 5 9 2 8 2 21 478 566 1,276 1,256 
Other income and revenue106 16 153 33 — — — — — — — 1 106 16 153 34 
Total segmented product sales8,006 5,166 14,238 11,220 85 59 123 217 28 12 28 132 8,119 5,237 14,389 11,569 
Less: royalties(1,146)(487)(1,927)(1,268)— — — — (1)(1)(1)(6)(1,147)(488)(1,928)(1,274)
Segmented revenue6,860 4,679 12,311 9,952 85 59 123 217 27 11 27 126 6,972 4,749 12,461 10,295 
Segmented expenses
Production1,018 829 2,024 1,723 96 118 131 288 31 8 31 43 1,145 955 2,186 2,054 
Blending and feedstock1,598 1,119 2,846 2,510 — — — — — — — — 1,598 1,119 2,846 2,510 
Transportation539 518 1,063 994 5 1 7 4 — — — — 544 519 1,070 998 
Depletion, depreciation and amortization1,135 1,085 2,266 2,177 6 33 12 73 12 13 26 72 1,153 1,131 2,304 2,322 
Asset retirement obligation accretion54 53 109 106 21 14 41 28 1 2 3 4 76 69 153 138 
Risk management (gain) loss (commodity derivatives)(1)1 316 (11)— — — — — — — — (1)1 316 (11)
Gain on acquisition— (80)— (80)— — — — — — — — — (80)— (80)
Total segmented expenses4,343 3,525 8,624 7,419 128 166 191 393 44 23 60 119 4,515 3,714 8,875 7,931 
Segmented earnings (loss)$2,517 $1,154 $3,687 $2,533 $(43)$(107)$(68)$(176)$(17)$(12)$(33)$7 $2,457 $1,035 $3,586 $2,364 
Non-segmented expenses
Administration
Share-based compensation
Interest and other financing expense
Risk management loss (gain) (other)
Foreign exchange loss (gain)
Total non-segmented expenses (earnings)
Earnings before taxes
Current income tax
Deferred income tax
Net earnings
Canadian Natural Resources Limited
17
Three and six months ended June 30, 2026

 Oil Sands Mining and UpgradingMidstream and Refining Inter–segment Elimination and Other Total
Three Months EndedSix Months EndedThree Months EndedSix Months EndedThree Months EndedSix Months EndedThree Months EndedSix Months Ended
Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30Jun 30
(millions of Canadian dollars, unaudited)2026202520262025202620252026202520262025202620252026202520262025
Segmented product sales
Crude oil and NGLs (1) (2)
$8,143 $4,023 $13,680 $9,902 $23 $22 $46 $44 $366 $174 $495 $381 $16,067 $8,874 $27,181 $20,606 
Natural gas (1)
— — — — — — — — 25 34 59 60 503 600 1,335 1,316 
Other income and revenue191 48 325 73 346 137 623 358 1 — 1 — 644 201 1,102 465 
Total segmented product sales8,334 4,071 14,005 9,975 369 159 669 402 392 208 555 441 17,214 9,675 29,618 22,387 
Less: royalties(1,326)(489)(2,139)(1,476)— — — — — — — — (2,473)(977)(4,067)(2,750)
Segmented revenue7,008 3,582 11,866 8,499 369 159 669 402 392 208 555 441 14,741 8,698 25,551 19,637 
Segmented expenses
Production1,259 1,120 2,528 2,305 93 66 156 139 11 18 26 33 2,508 2,159 4,896 4,531 
Blending and feedstock (2)
1,005 345 1,748 1,048 241 105 411 277 385 189 532 410 3,229 1,758 5,537 4,245 
Transportation146 157 285 331 4 31 8 35 (4)— (3)(4)690 707 1,360 1,360 
Depletion, depreciation and amortization744 630 1,466 1,305 5 4 9 8 — — — — 1,902 1,765 3,779 3,635 
Asset retirement obligation accretion22 21 43 43 — — — — — — — — 98 90 196 181 
Risk management (gain) loss (commodity derivatives)— — — — — — — — — — — — (1)1 316 (11)
Gain on acquisition— — — — — — — — — — — — — (80)— (80)
Total segmented expenses3,176 2,273 6,070 5,032 343 206 584 459 392 207 555 439 8,426 6,400 16,084 13,861 
Segmented earnings (loss) $3,832 $1,309 $5,796 $3,467 $26 $(47)$85 $(57)$— $1 $— $2 $6,315 $2,298 $9,467 $5,776 
Non-segmented expenses
Administration159 151 313 303 
Share-based compensation(196)8 448 34 
Interest and other financing expense238 238 556 496 
Risk management loss (gain) (other)45 (105)89 (117)
Foreign exchange loss (gain)181 (803)443 (846)
Total non-segmented expenses (earnings)427 (511)1,849 (130)
Earnings before taxes5,888 2,809 7,618 5,906 
Current income tax1,073 438 1,628 949 
Deferred income tax312 (88)139 40 
Net earnings$4,503 $2,459 $5,851 $4,917 
(1)Product sales in the North America Exploration and Production and Oil Sands Mining and Upgrading segments originate in Canada.
(2)Includes blending and feedstock costs associated with the processing of third party bitumen and other purchased feedstock in the Oil Sands Mining and Upgrading segment.

Canadian Natural Resources Limited
18
Three and six months ended June 30, 2026

Capital Expenditures (1)
Six Months Ended
Jun 30, 2026Jun 30, 2025
Net expenditures
Non-cash and fair value changes (2)
Capitalized  costsNet expenditures
Non-cash and fair value changes (2)
Capitalized  costs
Exploration and evaluation assets
Exploration and Production
North America$111 $15 $126 $57 $78 $135 
111 15 126 57 78 135 
Property, plant and equipment
Exploration and Production
North America3,322 (53)3,269 1,889 (10)1,879 
North Sea5 (477)(472)11 — 11 
Offshore Africa287 — 287 219 — 219 
3,614 (530)3,084 2,119 (10)2,109 
Oil Sands Mining and Upgrading832 (43)789 997 (304)693 
Midstream and Refining3 — 3 4 — 4 
Head Office23 — 23 41 — 41 
4,472 (573)3,899 3,161 (314)2,847 
$4,583 $(558)$4,025 $3,218 $(236)$2,982 
(1)This table provides a reconciliation of capitalized costs, reported in note 4 and note 5, to net expenditures reported in the investing activities section of the statements of cash flows. The reconciliation excludes the impact of foreign exchange adjustments.
(2)Derecognitions, asset retirement obligations, transfer of exploration and evaluation assets, and other fair value adjustments.
Segmented Assets
Jun 30
2026		Dec 31
2025
Exploration and Production
North America$37,456 $33,462 
North Sea810 789 
Offshore Africa1,755 1,398 
Other37 35 
Oil Sands Mining and Upgrading54,892 54,699 
Midstream and Refining1,326 1,142 
Head Office307 305 
$96,583 $91,830 
Canadian Natural Resources Limited
19
Three and six months ended June 30, 2026

SUPPLEMENTARY INFORMATION
INTEREST COVERAGE RATIOS
The following financial ratios are provided in connection with the Company's continuous offering of medium-term notes pursuant to the short form prospectus dated August 2025. These ratios are based on the Company's interim consolidated financial statements that are prepared in accordance with accounting principles generally accepted in Canada.
Interest coverage ratios for the twelve month period ended June 30, 2026:
Interest coverage (times)
Net earnings (1)
17.7x
Adjusted funds flow (2)
25.0x
(1)Net earnings plus income taxes and interest expense; divided by interest expense.
(2)Adjusted funds flow (as defined in the Company's Management's Discussion and Analysis), plus current income taxes and interest expense; divided by interest expense.
Canadian Natural Resources Limited
20
Three and six months ended June 30, 2026