TD Newcrest London Energy Conference January 17, 2011 DELIVERING - PDF document

THE PREMIUM VALUE ● DEFINED GROWTH ● INDEPENDENT TD Newcrest London Energy Conference January 17, 2011

DELIVERING VALUE AND GROWTH SNAPSHOT (4) 2009 2010F 2011B (1) Cash flow (C$ millions) $6,090 $6,100 - $6,500 $7,000 - $7,400 Per share – basic (C$) $5.62 $5.60 - $5.95 $6.40 - $6.75 (2) Capital expenditures (C$ millions) $2,997 $5,600 $5,575 - $5,975 (3) Free cash flow (C$ millions) $3,093 $500 - $900 $1,025 - $1,825 Dividend (C$/share) $0.21 $0.30 Common shares (thousands) 1,084,654 Production (annual average, before royalties) Oil (mbbl/d) 355 423 - 430 449 - 486 Natural gas (mmcf/d) 1,315 1,242 - 1,250 1,177 - 1,246 BOE (mboe/d) 575 630 - 638 645 - 694 Reserves of crude oil and natural gas, net of royalties (as at December 31, 2009) Proved crude oil and NGLs (mmbbl) 3,027 Proved natural gas (bcf) 3,179 Proved BOE (mmboe) 3,557 Proved and probable BOE (mmboe) 5,440 (1) Based upon the following average actual pricing to September 30, 2010 and average strip pricing as at November 24, 2010, including the impact of hedging. 2009 2010F 2011B Oil WTI (US$/bbl) $61.93 $79.33 $84.32 Natural gas NYMEX (US$/mmbtu) $4.03 $4.38 $4.31 Heavy oil diff (US$/bbl) $9.64 $14.26 $18.55 C$/US$ $0.88 $0.97 $0.98 (2) Including acquisitions. (3) Cash flow less capital expenditures. (4) Subject to the final impact of the January 2011 Horizon incident. Note: All per share data in this presentation adjusted for 2004, 2005 and 2010 stock splits.

TD Newcrest January 17, 2011 London Energy Conference 2011 Who is Canadian Natural? Who is Canadian Natural? • Canadian based E&P company with international exposure • ~US$51 billion enterprise value • 575 mboe/d – 2009 – 62% crude oil weighted • ~630-638 mboe/d – 2010F (1) • ~645-694 mboe/d – 2011B – 70% crude oil weighted Production Mix (Q3/10) • Returns focused North Sea 4% • Major oil sands player Offshore North – Major in-situ producer with America West Africa several projects in inventory 90% 6% – Major mining project currently ramping production (1) Subject to the final impact of the January 2011 Horizon incident. The Premium Value, Defined Growth Independent CNQ The Premium Value, Defined Growth Independent 2 Why Invest in Why Invest in Canadian Natural’s Future Canadian Natural’s Future • Strong, low-risk asset base – Includes world class oil sands in-situ and mining developments – Largest producer of heavy crude oil in western Canada – Largest net undeveloped land base in western Canada – Second largest producer of natural gas in western Canada • Balanced and large size reduces risk • Track record of value creation • Proven / committed management • Winning exploitation-based strategy • Defined plan for profitable growth • Focused on value creation Consistent History of Value Creation CNQ Consistent History of Value Creation 3 1

TD Newcrest January 17, 2011 London Energy Conference 2011 North America North America Natural Gas Core Area Summaries Natural Gas Core Area Summaries • North and South Plains NE BC – Conventional exploitation Northern / • Shallow gas and HSC Southern Plains CBM resource projects AB • Low risk, low cost, SK highly profitable NW AB • Foothills – High impact exploration • NE British Columbia Foothills – Unconventional - Muskwa and Montney • Low cost entry • NW Alberta CNQ Land BC – Resource projects - Deep Basin and Montney • Repeatable, large scale Balanced, Cost Effective Growth Balanced, Cost Effective Growth CNQ 4 Natural Gas Natural Gas Outlook Outlook • Shale gas production is real • Shale gas reserves look real • Shale gas full cycle returns at $4.00 AECO not certain – Sweet spots – yes – Liquids rich – yes to maybe – Overall – too early to tell • LNG supply threat still exists • Anticipate North America natural gas market to be over supplied for 2-7 years • Being the most efficient producer is paramount CNQ 5 2

TD Newcrest January 17, 2011 London Energy Conference 2011 Strategic Development Strategic Development Septimus Montney Play Septimus Montney Play • Large resource – Discovered gas in place of 7.3 tcf – 3.8 bcf of contingent resource per well – Proved reserves of 57 bcf – Probable reserves of 10 bcf – Liquids rich gas with 27 bbl/mmcf • Drilling / completion – Drilling cost reduction of 37% from Q3/08 to Q1/10 ARC – Eligible for significant DAWSON CNQ SEPTIMUS deep gas drilling credits – 8-12 fracs per horizontal well • Project economics* – Full cycle target F&D - $2.07/mcfe – Target operating costs - $0.60/mcfe ECA SWAN – Target recycle ratio - 1.8x *Based on Q1/10 actual plus current 2010 strip at WTI US$86.98/bbl, AECO C$4.10/GJ. Well Positioned Montney Asset Well Positioned Montney Asset CNQ 6 Heavy Oil Assets Heavy Oil Assets • Horizon mining operation Birch Mountain – 84,000 bbl/d (W. Horizon) – Best estimate contingent resource of 6 billion Gregoire barrels of bitumen in place – ~500,000 bbl/d total capability AB SK • Thermal in-situ development Kirby Pelican Lake – 85,000 bbl/d (38 mbbl/d) Primrose – Massive resource potential (85 mbbl/d) – Staged value growth – ~280,000 bbl/d of additional production • Pelican Lake EOR development Primary Heavy Oil – 38,000 bbl/d (93 mbbl/d) – 4.1 billion barrels OOIP – Largest polymer flood in North America – 3.5x increase in expected recovery • Reliable primary production CNQ Land – 93,000 bbl/d 300 miles – Dominant land base ~ 1.6 million acres – Record ~650 wells in 2010 Note: Reflects Q3/10 actual working interest production. Technology Option Technology Option CNQ 7 3

TD Newcrest January 17, 2011 London Energy Conference 2011 Heavy Oil Heavy Oil Primary Primary • Robust economics Gross Operated (bbl/d) Heavy Oil Production – Typical vertical / slant well 140,000 costs $500,000 – Typical well produces 40-50 bbl/d 120,000 – Wells payout in less than 1 year – Recycle ratio greater than 3x 100,000 • Today – Largest primary producer in region 80,000 – Pumping technology transformed the heavy oil business 60,000 – Large resource remains unrecovered post primary 40,000 • What’s next – EOR 20,000 • Waterflooding - 2 pilots • Polymerflooding 0 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 A Proven Success A Proven Success CNQ 8 Pelican Lake Oil Pool Pelican Lake Oil Pool How much of that oil • World class oil pool is producible? • Polymer flood successful both technically and economically Contingent Resources 198 mmbbl OOIP Probable Reserves • Technology enhancement will 4.1 103 mmbbl 17% continue to improve billion Proved Reserves barrels oil recovery 246 mmbbl Developed Region Produced to Date 140 mmbbl (bbl/d) 100,000 80,000 Convert waterfloods 60,000 to polymer 40,000 Polymer flood Waterflood 20,000 Primary 0 1995 2001 2007 2013 2019 Primary Waterflood Polymerflood Massive Resource to Exploit CNQ Massive Resource to Exploit 9 4

TD Newcrest January 17, 2011 London Energy Conference 2011 Pelican Lake Polymer Flood Pelican Lake Polymer Flood • What is a polymer? – It is a polyacrylamide powder mixed with water Oil Production • Why does it help recovery? – It increases the viscosity of water and improves vertical and aerial sweep efficiencies by reducing fingering • What additional facilities are required? – Water handling capability at batteries – Polymer skids • What is the incremental capital cost? Polymer – $6.00-$9.00/bbl oil recovered Injector • What is the incremental operating cost? – $2.00-$3.00/bbl oil An Industry Leading Technology An Industry Leading Technology CNQ 10 Thermal Heavy Oil Sands Thermal Heavy Oil Sands • Land Holdings (net) – McMurray - 373,000 acres • Birch Mountain • Gregoire • Kirby Fort McMurray • Grouse Grande Prairie • Germain • Leismer Edmonton • Ipiatik – Clearwater - 201,000 acres Oil Sands Calgary Deposits • Primrose • Wolf Lake • Hilda Lake • Marie Lake – Grand Rapids - 267,000 acres Scale 1:1,730,000 – Carbonates - 317,000 acres Great Assets, Huge Land Base Great Assets, Huge Land Base CNQ 11 5

TD Newcrest January 17, 2011 London Energy Conference 2011 Thermal Heavy Oil Sands Thermal Heavy Oil Sands Potential Potential McMurray 23.5 billion barrels Kirby Grouse Leismer Contingent Resources Birch Mountain 5.0 billion bbl Gregoire Probable Reserves 0.6 billion bbl Proved Reserves 0.7 billion bbl Clearwater Produced to Date 11 billion barrels 0.3 billion bbl Estimated Bitumen in Place 34.5 billion barrels total CNQ 12 Thermal Oil Sands Thermal Oil Sands Bitumen Recovery Schemes Bitumen Recovery Schemes Cyclic Steam Stimulation (CSS) Steam Assisted Gravity Drainage (SAGD) – Inject / produce from single well – Dedicated injector / producer (2 wells) – High pressure – Low pressure continuous process – Wet steam (~1.25 dry steam SOR) – Requires dry steam – Only process for Clearwater – Only process for McMurray Match Scheme to Reservoir CNQ Match Scheme to Reservoir 13 6