Canadian Natural Resources Ltd.

Canadian Natural Resources Ltd. has entered into an agreement, subject to regulatory approval, to acquire substantially all of the assets of Devon Canada Corp., for a cash purchase price of CA$3.775 billion (subject to closing adjustments), with an effective date of January 1, 2019 and a targeted closing date of June 27, 2019.

Devon’s high quality land and production are located in Western Canada and are within Canadian Natural’s core areas. The asset base consists of 100% operated long life low decline thermal in situ production as well as 95% operated conventional primary heavy crude oil production, both adjacent to existing Canadian Natural assets.