Mr. Tim McKay reports

CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES QUARTERLY DIVIDEND

Canadian Natural Resources Ltd.'s board of directors has approved an 11-per-cent increase to its quarterly cash dividend on its common shares to $1 per common share. The dividend will be payable on Jan. 5, 2024, to shareholders of record at the close of business on Dec. 8, 2023.

Canadian Natural's growing and sustainable dividend demonstrates the confidence that the board of directors has in the sustainability of the company's business model, its strong balance sheet, and the strength of its diverse, long-life, low-decline reserves and asset base. With this increase announced today, the company has increased its dividend by 18 per cent in 2023 to $4 per share annually. As a result, the company's leading record of dividend increases continues, as this increase will mark 2024 as the 24th consecutive year of dividend increases, with a compound annual growth rate of 21 per cent over that time.

About Canadian Natural Resources Ltd.

Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and offshore Africa.

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