OREANDA-NEWS. November 19, 2014. Commenting on the Company’s 2015 budget, Steve Laut, President of Canadian Natural, stated, “Canadian Natural targets to have significant production growth of 11% in 2015 over 2014 levels, up to a midpoint of 893,000 barrels of oil equivalent per day. Cash flow is targeted to be approximately USD9.4 billion in 2015, and free cash flow is targeted to be approximately \\$800 million, after 2015 capital. This production growth results from targeted strong performance in all segments of our business. This demonstrates the strength of our asset base and our ability to deliver value adding projects.

As of year-end 2013 and prior to inclusion of 2014 acquisitions, our asset base already contained 7.99 billion BOE of proved and probable reserves, amongst the largest in our peer group, and provides us the ability to optimize capital allocation to generate significant free cash flow, which in turn enhances our ability to deliver increased return to shareholders in the form of sustainable dividends and share purchases. We continue to execute on our defined plan to maximize shareholder value over the near-, mid- and long-term.

The Company has always had a flexible and disciplined capital allocation strategy and the 2015 capital budget will deliver near-term production growth while progressing long-term projects for sustainable growth and free cash flow generation. In 2015 we retain significant capital flexibility. Our strong balance sheetenables us to weather volatility in commodity prices and our 2015 capital program is balanced and flexible, enabling us to allocate capital to the projects with the highest returns to support and drive the transition to long-life, low decline production, further strengthening our ability to generate increasing free cash flow.

We are entering the final stages of this transition, as the final phases of the Horizon expansion are targeted to be completed in 2016 and 2017.”