 Bennett JonesClient Work Canadian Natural Resources Limited Closes C$1.65 Billion Note OfferingDecember 19, 2025 Authors Brent W. KrausPartner Annie B. TonkenAssociate Rebecca M. TaylorAssociate Kyle PetersonAssociate Kendall PearceAssociate Anu NijhawanPartner Derrick OsborneAssociate Canadian Natural Resources Limited has closed a C$1.65 billion public offering of medium-term notes, comprised of C$550 million aggregate principal amount of 3.30% notes due 2028, C$550 million aggregate principal amount of 3.75% notes due 2031, and C$550 million aggregate principal amount of 4.55% notes due 2036. The net proceeds received by Canadian Natural from the issuance and sale of the notes will be used for general corporate purposes. Canadian Natural may also use the proceeds for the repayment of indebtedness. Bennett Jones acted for Canadian Natural. Bennett Jones acted for Canadian Natural. The Bennett Jones team was led by Brent Kraus and included Annie Tonken, Rebecca Taylor, Kyle Peterson and Kendall Pearce (Capital Markets), and Anu Nijhawan and Derrick Osborne (Tax). Republishing Requests For permission to republish this or any other publication, contact Peter Zvanitajs at ZvanitajsP@bennettjones.com. For informational purposes only This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors. AuthorsBrent W. Kraus, Partner • Co-Head of Mergers & Acquisitions Practice Calgary • 403.298.3071 • krausb@bennettjones.com Annie B. Tonken, Associate Calgary • 403.298.3456 • tonkena@bennettjones.com Rebecca M. Taylor, Associate Calgary • 403.298.3086 • taylorr@bennettjones.com Kyle Peterson, Associate Calgary • 403.298.3659 • petersonk@bennettjones.com Kendall Pearce, Associate Calgary • 403.298.3006 • pearcek@bennettjones.com Anu Nijhawan, Partner • Co-Head of Tax Department Calgary • 403.298.3389 • nijhawana@bennettjones.com Derrick Osborne, Associate Calgary • 403.298.2072 • osborned@bennettjones.com |