CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES 2009 THIRD QUARTER RESULTS AND 2010 BUDGET
CALGARY, ALBERTA – NOVEMBER 5, 2009 – FOR IMMEDIATE RELEASE
Canadian Natural’s Chairman, Allan Markin, stated, “The third quarter was strong for Canadian Natural as we met all of
our production targets, with the exception of Horizon, which encountered certain unexpected challenges during the
ramp-up of its production levels. The challenges at Horizon are manageable and our teams are doing a great job in
identifying and mitigating these issues. We continue to execute our defined growth plan in 2010, with all areas
providing positive free cash flow in the range of $2.6 to $3.0 billion while still delivering 7% production growth.”
Canadian Natural’s Vice-Chairman, John Langille, continued, “Our balance sheet continued to strengthen during the
quarter as we completed the retirement of the $2.3 billion non-revolving syndicated acquisition credit facility, with all
payments made from internally generated cash flow. This brings our debt to book capitalization to 36%, essentially at
the low end of our targeted range. Our debt to EBITDA is 1.6x, which is below our targeted range. Crude oil prices and
the heavy oil differential remained favorable, and along with our hedging program, helped to mitigate the impact of
weak natural gas prices. Looking to 2010, overall budget capital spending will be increased over 2009 levels but
remains well within targeted cash flow, resulting in even further balance sheet strength.”
Steve Laut, President and Chief Operating Officer of Canadian Natural concluded, “Our 2010 budget represents a
prudent yet flexible approach to developing our world class assets. For 2010, budgeted capital spending is targeted to
increase 26% over 2009 with over 80% of our capital allocated to the development of our crude oil assets. We will
continue our disciplined, step-wise development of our vast heavy crude oil properties and start to unlock the significant
EOR potential of our light crude oil properties in Canada. We will complete the Olowi development in West Africa and
resume platform drilling in the North Sea. Spending at Horizon for the coming year is focused on Tranche 2 of Phases
2/3 and features a significant expenditure on developing a detailed cost estimate for future expansions. This capital
budget provides us with the flexibility to react to fluctuations within the business environment. If economic conditions
improve significantly during the coming year or other opportunities arise, we have the assets and the ability to focus
capital on the projects that provide the greatest value and highest returns.”

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