Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that the agreements to acquire in aggregate 70% of the Athabasca Oil Sands Project (“AOSP”), including 70% of the Scotford upgrader and the Quest Carbon Capture and Storage project, as well as additional working interests in other producing and nonproducing oil sands leases, have been completed. Upon closing, the respective ownership interests in the AOSP assets will be 70% Canadian Natural, 20% Chevron Canada Limited and 10% Shell Canada Limited and certain subsidiaries (“Shell”).

The aggregate consideration under the acquisition is comprised of 97,560,975 common shares of Canadian Natural issued to Shell, a combined pre-adjustment cash payment of $8.24 billion to Shell and Marathon Oil Corporation (“Marathon Oil”), and a deferred payment of US$375 million to Marathon Oil, due in the first quarter of 2018.

Canadian Natural welcomes approximately 2,800 high caliber employees from Shell and Marathon Oil to its teams in Fort McMurray, the Peace River region and the Calgary head office and will commence as operator of the AOSP mines on June 1, 2017. The acquired production, infrastructure and land will add to Canadian Natural’s existing core areas and provide the Company opportunities to more effectively and efficiently operate, upon full integration of the employees and the assets.

Based on the previously approved AOSP 2017 Joint Venture budget, June mine production from Canadian Natural’s working interest in the acquired AOSP assets is targeted to be 173,000 - 191,000 bbl/d. In addition, June budgeted production from the 100% acquired Peace River properties is targeted to be 12,000 - 14,000 bbl/d, reflected within the Company’s North America E&P and Thermal in situ production guidance. Corporate guidance has been updated to reflect the May 31, 2017 closing of the transaction based on the previously approved AOSP and Peace River 2017 budgets, and can be found on the Company’s website.

Canadian Natural is a senior 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.

About Canadian Natural

Canadian Natural is one of the largest independent crude oil and natural gas producers in the world. The Company continually targets cost effective alternatives to develop our portfolio of projects and to deliver our defined growth plan, thereby creating value for shareholders. We have a proven, effective, value driven strategy that works.

We have an effective and efficient, diversified combination of assets in North America, the North Sea and Offshore Africa, which enables us to generate significant value, even in challenging economic environments. We continually strive for safe, effective, efficient and environmentally responsible operations while developing our diverse asset base.

Our balanced mix of natural gas, light crude oil, heavy crude oil, bitumen and synthetic crude oil (“SCO”) represents one of the strongest and most diverse asset portfolios of any energy producer in the world. As we develop our assets, the Company is transitioning to a long-life, low decline asset base which provides increasing and sustainable free cash flow.