Adjusted net earnings (loss) from operations is a non-GAAP measure that represents net earnings (loss) as presented in the Company's consolidated Statements of Earnings (Loss), adjusted for the after-tax effects of certain items of a non-operational nature.

Petrus Resources Ltd.’s board of directors approved a fourth quarter 2020 capital budget of $4.7 million, which includes the drilling of one (1.0 net) well.

Canadian Natural’s 2020 capital budget is targeted to be $4.05 billion, of which approximately $1.55 billion is allocated to conventional and unconventional assets and approximately $2.5 billion is allocated to Long Life Low Decline assets. Our focus on capital discipline, as a part of our four pillars of capital allocation, operational excellence and leveraging our competitive advantages drives economic asset development, significant margin growth and a strong balance sheet.". Presentation slides will be available on Canadian Natural's website shortly before the live webcast on December 4, 2019 at 9:00am Eastern Standard Time. Canadian Natural's 2020 capital budget is targeted to be $4.05 billion, of which approximately $1.55 billion is allocated to conventional and unconventional assets and approximately $2.5 billion is allocated to Long Life Low Decline assets. In accordance with the new “Leases” standard, comparative period balances in 2018 reported in the Company’s MD&A have not been restated. Forward-looking statements can be identified by the words "believe", "anticipate", "expect", "plan", "estimate", "target", "continue", "could", "intend", "may", "potential", "predict", "should", "will", "objective", "project", "forecast", "goal", "guidance", "outlook", "effort", "seeks", "schedule", "proposed" or expressions of a similar nature suggesting future outcome or statements regarding an outlook. ", Of the proved reserves, 83% is derived from long life low decline assets and 77% of budgeted 2020 liquids production is from the same type of long life low decline assets. Canadian Natural is a senior 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. The reconciliation “Net Capital Expenditures, as Reconciled to Cash Flows used in Investing Activities” is presented in the Net Capital Expenditures section of the Company’s MD&A. Net capital expenditures is a non-GAAP measure that represents cash flows used in investing activities as presented in the Company’s consolidated Statements of Cash Flows, adjusted for the net change in non-cash working capital, investment in other long-term assets, share consideration in business acquisitions and abandonment expenditures. Due to the Alberta government's recently announced elimination of curtailment for certain conventional drilling in Alberta and its previously announced reduction in income tax rates, Canadian Natural has increased its 2020 capital budget by approximately $250 million over 2019 levels, adding approximately 60 drilling locations across Alberta, and putting 3 additional drilling rigs to work, creating an additional approximate 1,000 full time equivalent jobs for Albertans. The Company considers available liquidity a key measure in evaluating the sustainability of the Company's operations and ability to fund future growth.
Free cash flow is a non-GAAP measure that represents cash flows from operating activities as presented in the Company’s consolidated Statements of Cash Flows, adjusted for the net change in non-cash working capital from operating activities, abandonment, certain movements in other long-term assets, less net capital expenditures and dividends on common shares. We will continue to manage within our curtailment optimization strategy and target to maintain capital flexibility by aligning production growth with improved market access. "title": "Commodities", CertainstatementsrelatingtoCanadianNaturalResourcesLimited(the"Company")inthisdocumentordocumentsincorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. * Prices as of Previous Day Close. ] Adjusted funds flow (previously referred to as funds flow from operations) is a non-GAAP measure that represents cash flows from operating activities as presented in the Company's consolidated Statements of Cash Flows, adjusted for the net change in non-cash working capital, abandonment expenditures and movements in other long-term assets, including the unamortized cost of the share bonus program and prepaid cost of service tolls. },

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Special Note Regarding Currency, Financial Information and Production and Reserves. "s": "INDEX:DJI", As a result, the Company's year end debt metrics are targeted to strengthen further throughout 2020 to approximately 1.6x debt to adjusted EBITDA and approximately 35% debt to book capitalization at year end. Canadian Natural Resources Ltd. (CNRL) and Suncor Energy Inc. — both based in Calgary — announced higher 2020 capital budgets this week. At the Company’s Oil Sands Mining & Upgrading assets Canadian Natural is targeting continued strong reliability which combined with continuous improvement will drive margin growth in 2020.
See note 8 - Long-term Debt in the Company’s consolidated financial statements. The Company’s large, balanced and diverse asset base is complemented by an extensive network of owned and operated infrastructure and is supported by a deep inventory of Long Life Low Decline assets and conventional and unconventional assets.


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