Canadian Natural Resources Limited

Good morning. We would like to welcome everyone to Canadian Naturals 2025 Third Quarter Earnings Conference Call and Webcast. After the presentation, we will conduct a question and answer session. Instructions will be given at that time. Please note that this call is being recorded today, November 6, 2025, at 9 a.m. Mountain Time. I would now like to turn the meeting over to your host for today's call, Lance Kasson, Manager of Investor Relations. Please go ahead.

Lance Kasson Thank you, Operator. Good morning. Thanks for joining Canadian Natural's 2025 Third Quarter Earnings Conference Call. As always, I'd like to remind you of our forward-looking statements, and it should be noted that in our reporting disclosures, everything is in Canadian dollars unless otherwise stated, and we report our reserves and production before royalties. Also, I would suggest review the advisory section in our financial statements that includes comments on non-GAAP disclosure. Speaking on today's call will be Scott Stealth, our President, and Victor Durrell, our Chief Financial Officer. Additionally in the room with us this morning are Robin Zabeck, CEO of E&P, and Jay Frock, CEO of OilSams. Scott will begin by running through our strong operational performance that includes numerous production records in the quarter and our leading operating costs. Victor will then summarize our strong financial results and our significant return to shareholders so far this year. To close, Scott will summarize prior to opening the line for questions. With that, over to you, Scott.

Thank you, Lance, and good morning, everyone. Canadian Natural retrieved record quarterly corporate production during the quarter, both in liquids and natural gas production. This is the second time this year where we have achieved quarterly production records on strong performance by our teams as we executed both organic growth and accretive acquisitions. Our production totals approximately 1.62 million BOEs per day, which, as mentioned, includes records for both liquids and natural gas at approximately 1.18 million barrels per day and approximately 2.7 BCF per day, respectively. The increase in production from Q3 2024 levels is very significant, totaling approximately 257,000 BOEs per day or up 19%. Our world-class oil sands mining and upgrading assets continue to achieve strong operational performance as Q3 2025 production averaged approximately 581,000 barrels of SCO with strong utilization of 104% and industry-leading operating costs of approximately $21 per barrel. On November 1st, we closed the AOSP swap with Shell Canada Limited. Canadian Natural now owns and operates 100% of the Albion oil sands mines and associated reserves and retains a non-operated 80% working interest in the Scotford Upgrader and Quest facilities. This transaction adds approximately 31,000 barrels per day of annual zero-decline bitumen production to our portfolio, providing additional cash flow driving long-term value creation for our shareholders. This swap also enhances our ability to integrate equipment and services across our mining operations, unlocking additional value through continuous improvement initiatives. Subsequent to the close of the swap transaction, we increased our 2025 corporate production guidance range to 1,560,000 BOEs per day, 1,580,000 million barrels per day, while our operating capital forecast remained unchanged at approximately $5.9 billion, despite executing on additional activity on our larger asset base reflecting acquisitions this year. I will now run through a third quarter area operating results, starting with oil sands mining and upgrading. During the quarter, our world-class oil sands mining and upgrading production was strong, averaging 581,136 barrels per day. of the SCO, an increase of approximately 83,500 barrels per day, or 17% from Q3 2024 levels, reflecting the additional interest in the AOSP acquired in December 2024, combined with our effective and efficient operations, which drove stronger utilization of approximately 104% in the quarter. Additionally, Canadian Naturals oil sands mining and upgrading operating costs continued to be industry-leading, averaging $21.29 per barrel of SCO in Q3 of 2025. In our thermal in situ operations, we achieved strong thermal production in the quarter, averaging 274,752 barrels per day in Q3, up slightly from Q3 2024 levels. Thermal in situ operating costs remain strong, averaging $10.35 per barrel in Q3, a decrease of 2% from the same quarter last year. We continue to progress our pad development plans across our thermal assets. At Primrose, we began drilling a CSS pad in Q3 of 25 with production targeted to come on the second half of 26. At Jackfish, we brought a SAGD pad on production in July 25 as planned. At Kirby, we brought on a five-well pair SAGD on production in late October as planned. And lastly, at Pike, the company tied in the two recently drilled SAG-D pads into the jackfish facilities. These two SAG-D pads targeted to keep the jackfish facilities at full capacity, with the first pad targeted to come on production in January of 2026, the second pad, Q2 of 26. At the commercial-scale solvent SAG-D pad in Kirby North, current SOR reductions in solvent recoveries are meeting expectations following recent workovers and optimizations. On the conventional side of the business, Canadian Natural's highly successful multilateral heavy crude oil drilling program continues to unlock opportunities on our approximately 3 million net acres of high-quality land throughout our primary heavy crude oil assets. Primary heavy crude oil production averaged 87,705 barrels during the quarter, an increase of 14% from Q3 2024 levels, reflecting strong drilling results on our multilateral wells. Operating costs in our primary heavy oil crude oil operations averaged $16.46 per barrel in Q3, a decrease of 12% from Q3 of 2024, primarily reflecting higher production volumes and the increasing proportion of lower operating costs in multilateral production. Pelican Lake production averaged approximately 42,100 barrels per day, a decrease of 7% from Q3 of 24, reflecting planned maintenance that took place in Q3 of 25, the low nature of field declines from this long life low decline asset. Low operating costs of Pelican averaged $9 per barrel in the quarter. North American Lake crude oil and natural gas production averaged 180,100 barrels per day during the quarter, an increase of 69% or approximately 74,000 barrels per day from Q3 of 24, primarily reflecting production volumes from the acquisition of the liquid-rich DuVernay assets in December of 24, and light crude oil from the Pallister Block assets in Q2 of this year, as well as liquid-rich Montney assets in the Grand Prairie area during the third quarter. Operating costs of the company's North American Lake Crude Oil and NGL's operations averaged $12.91 per barrel, a decrease of 6% from Q3 2024, primarily reflecting higher production volumes. The natural gas side, North American production averaged approximately 2.66 BCF for the quarter, an increase of 30% from Q3 2024 levels, primarily reflecting the Duvernay and Montney acquisitions and strong drilling results in our liquid-rich natural gas assets. North American natural gas operating costs average $1.14 per MCF in Q3, a decrease of 7% from Q3 at 24 levels of $1.23 per MCF, reflecting higher production volumes and cost efficiencies. Our unique and diverse asset base provides us with a competitive advantage. We allocate capital to the highest return projects without being reliant on any one commodity. Our consistent and top-tier results are driven by safe and reliable operations. Our commitment to continuous improvement is supported by a strong team culture in all areas of our company that focus on improving our costs, driving execution of growth opportunities, and increasing value to shareholders. Now, I will turn it over to Victor for our third quarter financial review.