Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 9 Key Information 9 Company Overview 9 Canadian Natural Resources Limited, Valuation and Financial Data 10 Canadian Natural Resources Limited, Share Price Performance 10 Share Price Performance, Q4, 2014-Q4, 2015 10 Canadian Natural Resources Limited, Key Valuation Metrics 11 Key Valuation Metrics, Q4, 2014-Q4, 2015 11 Canadian Natural Resources Limited, Quarterly Results of Oil & Gas Operations Per boe Produced 12 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 12 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 13 Canadian Natural Resources Limited, Quarterly E&P Costs Trends 14 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 14 Canadian Natural Resources Limited, Quarterly Production Trends 15 Canadian Natural Resources Limited, Total Oil and Gas Production 15 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 15 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 16 Canadian Natural Resources Limited, Crude Oil Production 17 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 17 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 18 Canadian Natural Resources Limited, Natural Gas Production 19 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 19 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 20 Canadian Natural Resources Limited, Valuation and Financial Data, 2011-2015 21 Canadian Natural Resources Limited, Share Price Performance, 2011-2015 21 Share Price Performance, 2011-2015 21 Key Valuation Metrics, 2011-2015 22 Canadian Natural Resources Limited, Production and Reserves Trends 23 Total Oil and Gas, Reserves and Production 23 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 23 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 25 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 27 Crude Oil/Liquids Production and Reserve 28 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 28 Crude Oil Production and Reserves By Country/Region, 2011-2015 29 Crude Oil/Liquids Reserve Changes, 2011-2015 31 Natural Gas Production and Reserve 32 Natural Gas Production and Reserve Trend, 2011-2015 32 Natural Gas Production and Reserves, By Country/Region, 2011-2015 33 Natural Gas Reserve Changes, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index 36 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 36 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 37 Canadian Natural Resources Limited, E&P Costs Trends 39 Allocation of the Upstream Capital Expenditure 39 Upstream Capital Expenditure, 2011-2015 39 Acquisition Costs By Country/Region, 2011-2015 40 Exploration and Development Costs, By Country/Region, 2011-2015 42 Oil and Gas Cost Per boe, US$/boe 44 Oil and Gas Cost Per boe, US$/boe, 2011-2015 44 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 46 Canadian Natural Resources Limited, Reserve Replacement Ratio 48 Oil and Gas Production Replacement Ratio 48 Oil and Gas Production Replacement Ratio, 2011-2015 48 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 50 Canadian Natural Resources Limited, Results of Oil & Gas Operations Trend 54 Oil and Gas Revenue and Expenses 54 Oil and Gas Revenue and Expenses, 2011-2015 54 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 55 Oil and Gas Revenue and Expenses, Per boe 60 Oil and Gas Revenue and Expenses, By boe, 2011-2015 60 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 61 Oil and Gas Performance Metrics 65 Canadian Natural Resources Limited, Land Holdings and Well Data 66 Developed and Undeveloped Acreage 66 Gross and Net Developed and Undeveloped Acreage, 2011-2015 66 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 67 Well Statistics 70 Producible Oil and Gas Well, 2011-2015 70 Producible Oil and Gas Well, By Country/Region, 2011-2015 71 Exploration and Development Wells Drilled, 2011-2015 76 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 78 Recent Developments 79 Canadian Natural Resources Limited - Recent Developments 79 Mar 17, 2016: AER Receives CNRL Application For Cold Lake Oil Sands Area 79 Mar 03, 2016: Canadian Natural Resources Announces 2015 Fourth Quarter And Year End Results And 2016 Budget 79 Jan 07, 2016: AER To Hold A Public Hearing For CNRL's Boundary Lake South Field 89 Nov 05, 2015: Canadian Natural Resources Announces 2015 Third Quarter Results 90 Aug 06, 2015: Canadian Natural Resources Announces 2015 Second Quarter Results 98 Jun 04, 2015: Pembina Pipeline Announces Expansion Of Horizon Pipeline System 105 May 25, 2015: CNRL Cuts Production At Kirby South Oil Sands Project Due To Wildfire 105 May 07, 2015: Canadian Natural Resources Announces 2015 First Quarter Results 106 Mar 05, 2015: Canadian Natural Resources Announces Quarterly Dividend: Update March 4, 2015 113 Mar 05, 2015: Canadian Natural Resources Announces 2014 Fourth Quarter And Year End Results 113 Appendix 127 Methodology 127 Coverage 127 Secondary Research 127 Primary Research 127 Data Information Sources 128 Company Source 128 SEC/Other Regulatory Filings 128 Other Sources 128 Expert Panel Validation 128 Data Definition 128 Oil and Gas Reserves 128 Units of Measure 129 About GlobalData 129 Disclosure 129 Disclaimer 129

List of Tables Table 1: Canadian Natural Resources Limited, Key Facts 9 Table 2: Canadian Natural Resources Limited, Share Price Performance, Q4, 2014-Q4, 2015 10 Table 3: Canadian Natural Resources Limited, Key Valuation Metrics, Q4, 2014-Q4, 2015 11 Table 4: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 12 Table 5: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 13 Table 6: Canadian Natural Resources Limited, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 14 Table 7: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 15 Table 8: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 16 Table 9: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 17 Table 10: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 18 Table 11: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 19 Table 12: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 20 Table 13: Canadian Natural Resources Limited, Share Price Performance, 2011-2015 21 Table 14: Canadian Natural Resources Limited, Key Valuation Metrics, 2011-2015 22 Table 15: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 24 Table 16: Canadian Natural Resources Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 26 Table 17: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 27 Table 18: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 28 Table 19: Canadian Natural Resources Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 30 Table 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2011-2015 31 Table 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 32 Table 22: Canadian Natural Resources Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 34 Table 23: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2011-2015 35 Table 24: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 36 Table 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 38 Table 26: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2011-2015 39 Table 27: Canadian Natural Resources Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 41 Table 28: Canadian Natural Resources Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 43 Table 29: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 45 Table 30: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 47 Table 31: Canadian Natural Resources Limited, Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Canadian Natural Resources Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 53 Table 33: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2011-2015 54 Table 34: Canadian Natural Resources Limited, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 60 Table 36: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 64 Table 37: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2011-2015 65 Table 38: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 66 Table 39: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 69 Table 40: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2011-2015 70 Table 41: Canadian Natural Resources Limited, Producible Oil and Gas Wells, By Country/Region, 2011-2015 74 Table 42: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2011-2015 77 Table 43: Canadian Natural Resources Limited, Exploratory and Developed Wells, By Country/Region, 2011-2015 78 List of Figures Figure 1: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, Q4, 2014-Q4, 2015 10 Figure 2: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 11 Figure 3: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 12 Figure 4: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 14 Figure 5: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 15 Figure 6: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 16 Figure 7: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 17 Figure 8: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 18 Figure 9: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 19 Figure 10: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 20 Figure 11: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, 2011-2015 21 Figure 12: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 22 Figure 13: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Figure 14: Canadian Natural Resources Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 25 Figure 15: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 25 Figure 16: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 27 Figure 17: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 28 Figure 18: Canadian Natural Resources Limited, Oil Reserves, End of Period, By Country/Region, Mmbbl, 2011-2015 29 Figure 19: Canadian Natural Resources Limited, Oil Production, By Country/Region, mmbbl, 2011-2015 29 Figure 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2015 31 Figure 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 32 Figure 22: Canadian Natural Resources Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 33 Figure 23: Canadian Natural Resources Limited, Gas Production, By Country/Region, bcf, 2011-2015 33 Figure 24: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2015 35 Figure 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 36 Figure 26: Canadian Natural Resources Limited, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 27: Canadian Natural Resources Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 28: Canadian Natural Resources Limited, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 38 Figure 29: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2011-2015 39 Figure 30: Canadian Natural Resources Limited, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Figure 31: Canadian Natural Resources Limited, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Figure 32: Canadian Natural Resources Limited, Development Costs, By Country/Region, US$ mil, 2011-2015 42 Figure 33: Canadian Natural Resources Limited, Exploration Costs, By Country/Region, US$ mil, 2011-2015 42 Figure 34: Canadian Natural Resources Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Figure 35: Canadian Natural Resources Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 46 Figure 36: Canadian Natural Resources Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2011-2015 46 Figure 37: Canadian Natural Resources Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2011-2015 47 Figure 38: Canadian Natural Resources Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Figure 39: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 40: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 41: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 42: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 43: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 52 Figure 44: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 52 Figure 45: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2011-2015 54 Figure 46: Canadian Natural Resources Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 47: Canadian Natural Resources Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 48: Canadian Natural Resources Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 49: Canadian Natural Resources Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 50: Canadian Natural Resources Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 51: Canadian Natural Resources Limited, Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 52: Canadian Natural Resources Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 58 Figure 53: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 60 Figure 54: Canadian Natural Resources Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2011-2015 61 Figure 55: Canadian Natural Resources Limited, Lifting Cost per boe, By Country/Region, $/boe, 2011-2015 61 Figure 56: Canadian Natural Resources Limited, Annual Net Income per boe, By Country/Region, $/boe, 2011-2015 62 Figure 57: Canadian Natural Resources Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2011-2015 62 Figure 58: Canadian Natural Resources Limited, Total DD&A per boe, By Country/Region, $/boe, 2011-2015 63 Figure 59: Canadian Natural Resources Limited, Total Revenue per boe, By Country/Region, $/boe, 2011-2015 63 Figure 60: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2011-2015 65 Figure 61: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 66 Figure 62: Canadian Natural Resources Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 67 Figure 63: Canadian Natural Resources Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 67 Figure 64: Canadian Natural Resources Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 68 Figure 65: Canadian Natural Resources Limited, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 68 Figure 66: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2011-2015 70 Figure 67: Canadian Natural Resources Limited, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 68: Canadian Natural Resources Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 71 Figure 69: Canadian Natural Resources Limited, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 72 Figure 70: Canadian Natural Resources Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 72 Figure 71: Canadian Natural Resources Limited, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 73 Figure 72: Canadian Natural Resources Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 73 Figure 73: Canadian Natural Resources Limited, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 74 Figure 74: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2011-2015 76