Canadian Natural strives to remain disciplined and create value for its shareholders through the incorporation of and execution on the following strategic principles.

Drive to be an effective and efficient producer

This is an important element to the Company’s strategy. Canadian Natural strives to be an effective and efficient producer in every product and basin in which we operate. Over the long run, the Company believes that only the effective and efficient producers will continue to generate economic returns throughout all commodity price cycles.

Focus on exploitation

We view this as a low-risk approach to value creation as emphasis is placed on maximizing the value of already discovered resource versus trying to find the next major pool. We use proven new technologies, our own discoveries, and new industry findings to effectively “lead the followers”. This ever-increasing industry knowledge is maximized across our large developed and undeveloped land holdings, creating even more upside potential.

Augment exploitation with strategic acquisitions

The combination of our low cost profile and extensive exploitation-based focus in the basins the Company operates, making Canadian Natural a natural consolidator of properties throughout our core regions. Often counter-cyclical, our major acquisitions have made us a stronger and more diverse company. Most of these major acquisitions were comprised of a strong footing in our core regions and on occasion provided entry into a new strategic basin.

Maintain flexibility and control allocation of capital

The Company strives to operate and own 100% of our assets. This allows us to start up or shut down drilling programs on very short notice – facilitating an ever-vigilant weekly allocation of capital by the Management Committee. Simultaneously, when practical we avoid committing ourselves to long-term drilling or supply contracts.

Strive for balance

Canadian Natural believes that balance between natural gas, heavy crude oil and light crude oil provides some diversification from commodity price risk while also facilitating more options with which to allocate capital to the highest return projects. Balance between short, medium and long-term projects also provides more visibility to future growth initiatives.
 

Maintain financial strength

Maintaining a strong balance sheet and access to capital markets is integral to delivering our plan. The Company targets strong investment grade debt ratings and manage our liquidity as a core asset. When appropriate, Canadian Natural augments these plans with a disciplined hedge program which strives to provide funds flow certainty in the short term, such that the capital plans made by the Company are prudently financeable.

We have an effective and efficient, diversified combination of assets in North America, the North Sea and Offshore Africa, which enables us to generate significant value, even in challenging economic environments.

Our balanced mix of natural gas, light oil, heavy oil, in-situ oil sands production, oil sands mining and associated upgrading facilities, represents one of the strongest and most diverse asset portfolios of any energy producer in the world.

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