Canadian Natural Resources Targets to Generate Approximately $7.6B of Cash Flow in 2013

Canadian Natural Resources

In commenting on the Company's 2013 budget, John Langille, Vice-Chairman, stated, "Canadian Natural's 2013 capital budget will deliver near term production growth, enable continued development of our long life, low decline asset base and provide unallocated free cash flow. We target to generate approximately $7.6 billion of cash flow and $0.7 billion of free cash flow, further strengthening our financial position."Steve Laut, President, continued, "Our 2013 budget reflects the strength and breadth of our assets. Our capital program is balanced in allocation to near term growth and longer term growth that will support and drive sustainable free cash flow in 2013 and beyond. We have developed the largest reserve base in our peer group and this provides us options to allocate capital to the highest return projects. This is evident in our ability to grow crude oil and NGL volumes in 2013 by 9% while spending only half our capital budget on projects that add production in 2013. Heavy oil is a significant contributor to the growth in 2013. As new conversion capacity and infrastructure come online in 2013 we expect to benefit from stronger Canadian heavy