Today, we are a recognized leader leveraging technology to further grow and recover crude oil. The Company targets to expand production of SCO from this world class asset to 250,000 bbl/d of SCO with no decline in production for decades to come. As a result of the detailed work performed by the Company’s operating and technical teams, operating cost reductions in 2015 accumulated to over $1.1 billion based on 2014 unit rates versus 2015 unit rates. The Company operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan. The Company exercised its capital flexibility at the beginning of the year resulting in a reduction of its original budgeted capital spending by $3.4 billion. Local, municipal, Indigenous, provincial/territorial, and federal governments in Canada all have different powers to manage their respective non-renewable natural and forestry resources. North America Crude Oil and NGLs. Throughout 2018, Canadian Natural demonstrated its financial strength and resilience to market challenges through reduced absolute long-term debt by approximately $1.8 billion and upgraded credit ratings. For Canadian Natural, this challenging environment emphasized the effectiveness of our proven strategy. Canada can gain great benefits from natural-resources discoveries. One of the largest heavy crude oil producer in Canada. The acquired assets are high quality, concentrated liquids-rich natural gas weighted assets, with additional light crude oil exposure. A phased commissioning program for the Horizon Phase 2B project was rolled out in March of 2016 and start-up was completed in October with full production achieved in November. Resource development and supporting infrastructure, including pipelines, ports, railways and roads. Canadian Natural remained dedicated to achieving further cost reductions both on the operational and capital sides. Shallow gas basin of Alberta was the modern iteration of the Company’s birthplace and is still a major contributor to our success. A steep decline in commodity prices challenged the economic environment for the entire crude oil and natural gas industry. Record yearly crude oil and NGL production of 685,236 bbl/d was achieved, a 31% increase from 2016 largely driven by Oil Sands Mining & Upgrading. The Primrose East expansion added 40,000 bbl/d of capacity after achieving first production. Canadian Natural became a major natural gas producer in British Columbia through acquisition and drilling. Our financial discipline, commitment to a strong balance sheet, and capacity to generate adjusted funds flow provide us the means to grow our company in the long term. We are an effective and efficient operator with a diversified portfolio of assets in North America, the UK North Sea and Offshore Africa, which enables us to generate significant value, even in challenging economic environments. Our teams worked steadily to reduce capital costs related to drilling, completions and facilities. The Company took another step toward the transition to a longer-life, low decline asset base with the completion of the Horizon Phase 2A expansion in Q3/14. The company continued to see results from its cost cutting efforts as the Company realized an additional $560 million of operating cost savings compared to 2015 on a per unit basis. In addition to the acquired oil sands production capacity of approximately 204,000 bbl/d of synthetic crude oil (SCO), the Company acquired approximately 14,000 bbl/d of other heavy crude oil properties in the Peace River area of northern Alberta. As one of the initial entrants in the field we were better able to understand and economically bid on asset packages including the landmark acquisition in 1999 where the majority of our thermal and Horizon Project mining properties were acquired. Combining our strengths with the expertise of NW Refining Inc., the Company formed a partnership targeting a competitive return on capital. Horizon successfully completed the first major planned turnaround in 2013 which contributed to increased reliability across operations. In the second quarter, the Company completed a transformational acquisition of a 70% working interest and operatorship of the Athabasca Oil Sands Project (AOSP) mines and a 70% interest in the Shell operated Scotford upgrader and Quest Carbon Capture and Storage project. Developing People - Building Sustainable Communities, Doing it Right - Innovation in Reclamation and Decommissioning, With Fun and Integrity - Employee Initiatives, Our Stories of Strength and Resilience During COVID-19, Empowering our People Through Training and Development, Research Collaboration Improving Industry Performance, Accounts Payable (AP) Onboarding Instructions, Exploitation and exploration opportunities in Côte d'Ivoire, Offshore Africa. Developing People - Building Sustainable Communities, Doing it Right - Innovation in Reclamation and Decommissioning, With Fun and Integrity - Employee Initiatives, Our Stories of Strength and Resilience During COVID-19, Empowering our People Through Training and Development, Research Collaboration Improving Industry Performance, Accounts Payable (AP) Onboarding Instructions, The Company completed its transition to a Long Life Low Decline asset base with the successful completion of the Phase 3 expansion at Horizon. As well, the Company declared an increase to the quarterly dividend on the Company’s common shares by $0.02 per share to $0.25 per share, the 16th consecutive year of increases to the Company’s dividend since 2001. From 2014 to 2015, cost reductions ranging from 20% to 25% were attained throughout the Company’s North America Exploration & Production (E&P) operations. As a result, Oil Sands Mining and Upgrading achieved record low annual adjusted operating costs of $21.05/bbl (US$16.24/bbl) of SCO as a result of safe, steady and reliable operations, high utilization, and leveraging expertise to capture synergies between the two mine sites. Canadian Natural continued to focus on its transition to a Long Life Low Decline asset base allocating the majority of capital expenditures toward the Horizon expansion. The Company achieved record yearly crude oil and NGL production of 326,829 bbl/d from its North America – Exploration and Production segment. In early 2019, Canadian crude oil pricing differentials quickly returned to normal levels, which coupled with our record production of 1,099,000 BOE/d, drove record adjusted funds flow of $10.3 billion in 2019 and net earnings of $5.4 billion. The North Sea represents a mature basin where we look to economically extend field lives – the same approach used in Western Canada. If a Canadian prospector finds traces of copper, zinc, lead, nickel, iron or other strategic materials, the odds are a U. S. syndicate will offer the best price for the right to explore and develop. Canadian Natural continues to develop and sustain strong working relationships with stakeholders. Canadian Natural continues to develop and sustain strong working relationships with stakeholders. Canadian Natural continues to maintain strong investment grade credit ratings. This marked the 19th consecutive year of dividend increases for our shareholders. Canadian Natural continued its focus on effective and efficient operations and optimizing operating costs including capturing synergies on acquired assets. 70% working interest and operator of Muskeg River and Jackpine mines. In early 2020, Moody’s affirmed their Baa2 rating with a stable outlook. Subsequent to that, Standard & Poors’ rating action resulted in a BBB rating and stable outlook, while DBRS affirmed their rating at BBB High with a negative trend. 855 Second Street Southwest First, it has a large landmass that, early on, became governed by one political system. Returns to shareholders were significant in 2018, totaling over $2.8 billion with approximately $1.6 billion returned through dividends and over $1.2 billion returned through share purchases of 30.9 million shares for cancellation. We continually strive for safe, effective, efficient and environmentally responsible operations while executing economic development of our diverse asset base.

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+ How we made $200K with 4M downloads.

How we made $200K with 4M downloads.