Canadian Natural revises 2015 budget

Canadian Natural revises 2015 budget

Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that it will exercise previously discussed capital flexibility in its 2015 budget, as a result of changes in commodity prices since its original 2015 budget was released in November 2014.

The original 2015 budget targeted $8.6 billion in capital expenditures resulting in a targeted 11% production growth from the midpoint of 2014 production guidance levels. The Company will utilize readily available capital flexibility of $2.4 billion resulting in a reduced targeted capital budget for 2015 of approximately $6.2 billion resulting in a targeted 7% production growth from the midpoint of 2014 production guidance levels.

The capital reductions primarily relate to reduced drilling activity and related facility capital for North America and International conventional operations. Additionally, the Company will defer capital expenditures of approximately $470 million related to the Kirby North Phase 1 thermal in situ project, until such time as commodity prices stabilize at levels that justify such capital expenditures. Capital flexibility to quickly increase or decrease activity in the conventional operations remains an option for Canadian Natural, depending on the economic and pricing environment.
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