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Canadian Natural continues to execute on its defined growth plan and achieved record quarterly production in primary
heavy crude oil, Pelican Lake heavy crude oil and North America light crude oil and NGLs. Additionally, we had
continued strong production at Horizon, with quarterly production averaging 113,000 barrels per day, and April 2014
production of approximately 119,000 barrels per day. Our Kirby South SAGD project is progressing well and we are
targeting a strong ramp up in production to the 40,000 barrel per day facility capacity by the end of 2014.
We will continue to focus on execution and capital discipline to deliver on our defined growth plan. This prudent
development of our diverse asset base enables us to generate increasing free cash flow to allocate to resource
development, sustainable dividends, share purchases, opportunistic acquisitions, and debt repayment.”
Canadian Natural’s Chief Financial Officer, Corey Bieber, continued, “The solid production growth this quarter
combined with strong crude oil and natural gas pricing, led to an increase in cash flow by 20% over the fourth quarter of
2013.
We have demonstrated the value of our large and diverse asset base as we remain on track to deliver a solid year of
cash flow generation. This increase in cash flow enables us to maximize returns to our shareholders in the form of
sustainable dividends and share purchases. During the first quarter of 2014 we increased our quarterly dividend to
$0.225 per common share from $0.20 per common share. This is our fourteenth consecutive year of quarterly dividend
increases and represents a year over year increase of 80% in the quarterly dividend. Subsequent to the quarter, we
renewed our Normal Course Issuer Bid. In 2014, year to date, we have purchased 2,105,000 common shares at an
average price of $37.86 per common share.
Our disciplined strategy and financial strength will enable us to continue to execute on the significant growth
opportunities which we have in the near, mid and long-term.”

http://www.cnrl.com/upload/media_element/774/03/0508_q114.pdf