Canadian Natural Resources Limited Prices C$1,650 Million in 3, 5 and 10 Year Medium-Term Notes

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) priced C$1,650 million of medium-term notes on December 4, 2025 in three equal tranches of C$550 million.

Rhea-AI Summary

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) priced C$1,650 million of medium-term notes on December 4, 2025 in three equal tranches of C$550 million.

Tranches: 3-year 3.30% maturing December 8, 2028 (price C$99.887, yield 3.340%); 5-year 3.75% maturing February 8, 2031 (price C$99.781, yield 3.798%); 10-year 4.55% maturing February 8, 2036 (price C$99.700, yield 4.588%).

Joint lead agents were CIBC Capital Markets, TD Securities, and Scotia Capital. Net proceeds will be used for general corporate purposes and may repay indebtedness. The offering is under the company’s August 28, 2025 Canadian base shelf (up to C$3.0 billion) and is targeted to close December 8, 2025.

Positive

• Issued C$1,650,000,000 total principal across three tranches
• Each tranche sized C$550,000,000 with staggered maturities to 2036
• Notes issued under an existing C$3.0 billion Canadian base shelf

Negative

• Creates C$1,650,000,000 of fixed-rate debt principal for the company
• Long-term interest obligations with yields ranging 3.340%–4.588% through 2036
• Offering close is subject to customary closing conditions (targeted Dec 8, 2025)

Argus Dec 5 session

+0.58% close to close Open Argus

Details

News Market Reaction – CNQ

On Dec 5, the first trading day after this news, CNQ closed 0.58% above the previous close.

Data tracked by StockTitan Argus for the Dec 5 session.

Key Figures

Total notes issued: C$1,650,000,000 3-year coupon: 3.30% 5-year coupon: 3.75% +5 more

Total notes issued

C$1,650,000,000

Aggregate principal of 3-, 5- and 10-year medium-term notes

3-year coupon

3.30%

Coupon on 3-year C$550,000,000 notes due December 8, 2028

5-year coupon

3.75%

Coupon on 5-year C$550,000,000 notes due February 8, 2031

10-year coupon

4.55%

Coupon on 10-year C$550,000,000 notes due February 8, 2036

3-year yield to maturity

3.340%

Yield on C$550,000,000 3-year notes priced at C$99.887

5-year yield to maturity

3.798%

Yield on C$550,000,000 5-year notes priced at C$99.781

10-year yield to maturity

4.588%

Yield on C$550,000,000 10-year notes priced at C$99.700

Base shelf capacity

C$3.0 billion

Aggregate principal amount under Canadian debt securities base shelf prospectus

Historical Context

5 past events · Latest: Nov 06

5 events

1. Nov 06

   Dividend declaration

   24h Move

   -1.2%

   Announced quarterly dividend of C$0.5875 and 25th year of increases.

2. Nov 06

   Earnings results

   24h Move

   -1.2%

   Reported record Q3 2025 production and strong adjusted earnings and cash flow.

3. Nov 03

   Asset swap & guidance

   24h Move

   -0.2%

   Closed AOSP swap, gained 31,000 bbl/d bitumen and raised 2025 guidance.

4. Aug 07

   Dividend declaration

   24h Move

   -2.9%

   Declared C$0.5875 dividend and highlighted 25-year, 21% CAGR dividend growth.

5. Aug 07

   Earnings results

   24h Move

   -2.9%

   Reported strong Q2 2025 earnings, 10% production growth and major acquisitions.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

medium-term notes, yield to maturity, base shelf prospectus, short form base shelf prospectus, +2 more

6 terms

medium-term notes financial

"it priced the following medium-term notes ("Notes") which were sold to investors"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

yield to maturity financial

"Note / Coupon | Principal | Maturity | Price per Note | Yield to Maturity"

Yield to maturity is the total return an investor can expect to earn if they buy a bond today and hold it until it pays back all its money. It’s like calculating how much you’ll make from a savings account if you keep it for the full term, helping investors compare different investments to see which one offers the best potential earnings.

base shelf prospectus regulatory

"issued under the Company's Canadian base shelf prospectus dated August 28, 2025"

A base shelf prospectus is a pre-approved regulatory document that lets a company register a range of securities once and then sell them to the public over time without repeating the full approval process for each offering. For investors it’s like a menu and standing permission slip: it lays out the types of securities, key risks and terms ahead of any specific sale, so buyers can assess potential dilution, timing and the company’s plans before new shares or debt hit the market.

short form base shelf prospectus regulatory

"The short form base shelf prospectus and the pricing supplement relating to the Notes"

A short form base shelf prospectus is a pre-approved, reusable document that lets a company register a pool of securities (like stocks or bonds) it can sell over time without repeating a full disclosure process each time. Think of it as a menu the company files once so it can quickly offer items from that menu later; investors care because it speeds up capital raises, can dilute existing holdings, and signals the company’s ability to access funding when needed.

pricing supplement regulatory

"The short form base shelf prospectus and the pricing supplement relating to the Notes"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

forward-looking statements regulatory

"Certain information regarding the Company contained herein may constitute forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Calgary, Alberta--(Newsfile Corp. - December 4, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces that on December 4, 2025, it priced the following medium-term notes ("Notes") which were sold to investors in Canada:

Note / Coupon	Principal	Maturity	Price per Note	Yield to Maturity
3 year / 3.30%	C$550,000,000	December 8, 2028	C$99.887	3.340%
5 year / 3.75%	C$550,000,000	February 8, 2031	C$99.781	3.798%
10 year / 4.55%	C$550,000,000	February 8, 2036	C$99.700	4.588%

 

CIBC Capital Markets, TD Securities Inc., and Scotia Capital Inc. acted as joint lead agents and joint book-runners for the offering of the Notes. BMO Nesbitt Burns Inc., and RBC Dominion Securities Inc. acted as co-managers and Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., ATB Securities Inc., SMBC Nikko Securities Canada Ltd., and Desjardins Securities Inc. acted as co-agents for the offering of the Notes.

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. The net proceeds that are not utilized immediately may be invested in short-term marketable securities. The Notes were issued under the Company's Canadian base shelf prospectus dated August 28, 2025 that allows for the issuance of debt securities in an aggregate principal amount of up to C$3.0 billion. The offering is targeted to close on December 8, 2025, subject to customary closing conditions. The short form base shelf prospectus and the pricing supplement relating to the Notes contain important detailed information about the Notes. Copies of these documents are, and in the case of the pricing supplement will be, available electronically on SEDAR+ at www.sedarplus.ca.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700 F (403) 517-7350 E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com
_________________________________________________________

SCOTT G. STAUTH
President

VICTOR C. DAREL
Chief Financial Officer

LANCE J. CASSON
Manager, Investor Relations

Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for detailed forward-looking statements and notes regarding Non-GAAP and Other Financial Measures at www.cnrl.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277010

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CNQ announce on December 4, 2025 about medium-term notes?

CNQ priced C$1,650 million of medium-term notes in three C$550 million tranches on December 4, 2025.

What are the maturities and coupons for CNQ's December 2025 notes?

Tranches: 3-year 3.30% maturing Dec 8, 2028; 5-year 3.75% maturing Feb 8, 2031; 10-year 4.55% maturing Feb 8, 2036.

How will CNQ use the proceeds from the C$1.65B note offering?

Net proceeds will be used for general corporate purposes and may be used to repay indebtedness.

When is CNQ's note offering expected to close and under what shelf?

The offering is targeted to close on Dec 8, 2025 and was issued under CNQ's Aug 28, 2025 Canadian base shelf (up to C$3.0 billion).

Who acted as joint lead agents for CNQ's note issuance (TSX: CNQ)?

CIBC Capital Markets, TD Securities Inc., and Scotia Capital Inc. acted as joint lead agents and joint book-runners.