Canadian Natural Resources Limited Announces Normal Course Issuer Bid

Executive Summary

• Canadian Natural Resources Ltd. announced that the TSX has accepted its notice to commence a new Normal Course Issuer Bid, allowing the company to repurchase up to 182,396,564 shares (≈10 % of the public float) between March 13 2026 and March 12 2027.
• The bid will be supported by an Automatic Share Purchase Plan (ASPP) that can operate during regulatory blackout periods; the ASPP is slated to begin on March 13 2026 and run until March 5 2027.
• The company disclosed its recent share‑repurchase activity: 27,810,000 shares were bought at a weighted‑average price of $43.99 per share under the prior NCIB (March 13 2025 – March 12 2026).

Key Details

• Maximum Shares to Repurchase: 182,396,564 shares (10 % of public float as of Feb 27 2026).
• Repurchase Period: 12‑month window from Mar 13 2026 to Mar 12 2027.
• Daily Purchase Limit: No more than 4,071,234 shares per trading day (≈25 % of average daily TSX volume for the prior six months).
• Purchase Price: Market price at time of acquisition; no set price floor or ceiling.
• ASPP Implementation: Pre‑cleared by TSX; effective Mar 13 2026, terminating Mar 5 2027; allows purchases during blackout periods at broker’s discretion within defined parameters.
• Free Cash Flow Allocation Policy (effective Jan 1 2026):
• Net debt ≥ $16 bn → 60 % of free cash flow to share repurchases, 40 % to balance sheet.
• Net debt $13‑$16 bn → 75 % to repurchases, 25 % to balance sheet.
• Net debt ≤ $13 bn → 100 % to repurchases.
• Prior NCIB Activity (Mar 13 2025 – Mar 12 2026): Purchased 27,810,000 shares at a weighted‑average price of $43.99 per share; prior authorization allowed up to 178,738,237 shares for cancellation.
• Regulatory Framework: Purchases subject to TSX rules, applicable securities laws, and any self‑imposed blackout periods; ASPP classified as an “automatic securities purchase plan” under Canadian law.

Notable Quotes

• None included in the release.