Cash Flow Statement

Operating Cash Flow

-24%

+150%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	656	527	384	422	575	895	1 275	1 352	1 403	1 240	979	1 088	1 405	723	683	523	1 050	1 531	2 350	3 315	2 524	2 736	2 539	2 123	2 608	3 066	1 878	4 013	4 985	4 563	5 072	2 895	1 580	2 010	2 499	2 437	1 673	984	1 262	1 502	2 643	3 024	2 848	2 372	1 892	1 678	1 401	2 209	2 270	2 679	3 273	3 144	3 929	3 055	1 580	430	(637)	(490)	(424)	(639)	(204)	146	1 557	2 567	2 397	2 735	2 645	3 763	2 591	2 969	4 818	4 043	5 416	3 173	32	(587)	(435)	2 224	4 085	5 879	7 664	9 388	11 339	11 951	10 937	9 635	7 596	7 126	8 233	7 421	7 673	7 595	6 106	7 577	8 321	6 655
Depreciation & Amortization	904	930	1 004	1 170	1 314	1 441	1 520	1 504	1 509	1 537	1 593	1 659	1 769	1 854	1 912	1 964	2 013	2 060	2 133	2 217	2 391	2 579	2 742	2 868	2 863	2 842	2 792	2 736	2 683	2 641	2 635	2 649	2 819	2 970	3 185	3 410	4 120	4 172	4 163	4 152	3 604	3 730	3 944	4 113	4 328	4 495	4 583	4 785	4 844	4 713	4 778	4 746	4 880	5 224	5 267	5 417	5 483	5 347	5 241	5 081	4 858	4 938	4 974	5 029	5 186	5 144	5 204	5 239	5 161	5 167	5 204	5 324	5 546	5 847	5 943	5 981	6 046	5 903	5 888	5 866	5 724	5 710	5 685	5 697	7 353	7 364	7 398	7 481	6 413	6 528	6 780	6 841	6 681	7 018	7 134	8 747
Change in Deffered Taxes	283	166	209	224	401	590	342	399	338	92	314	334	474	252	232	97	353	862	576	1 031	652	484	824	526	(456)	(476)	(893)	(57)	1 607	1 471	1 571	643	(99)	199	469	420	399	210	198	317	407	302	307	183	(30)	(5)	(36)	58	31	215	373	458	807	368	707	517	231	342	(228)	(228)	(241)	(34)	170	300	640	741	742	740	557	514	(1 007)	(977)	(894)	(968)	123	38	(181)	(180)	216	181	399	503	505	643	(139)	(234)	(369)	(362)	53	43	68	21	422	530	421	(265)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	723	132	0	0	139	25	131	209	193	0	521	135	0	155	(212)	268	355	380	0	0	203	331	0	0	0	0	0	0	0	71	22	70	135	207	445	275	66	(13)	0	0	0	117	239	313	355	265	0	106	134	0	221	99	0	64	(30)	62	223	0	0	0	0	129	266	323	514	919	737	676	804	336	385	617	491	583	566	292	279	11	32	141
Other Non-Cash Items	88	38	10	(3)	(26)	(119)	(44)	(63)	(130)	187	332	418	89	1 072	1 279	1 862	1 559	541	76	(1 506)	(710)	(364)	(440)	414	1 112	812	2 819	154	(2 344)	(1 969)	(3 056)	(276)	1 742	810	93	(11)	(46)	320	(32)	(162)	(375)	(531)	(372)	(273)	(428)	(79)	60	(7)	106	180	289	314	(413)	(266)	(283)	18	316	(472)	(422)	(621)	(419)	(38)	(1 004)	(1 508)	(1 260)	(1 043)	64	62	466	(97)	(501)	188	(206)	928	639	186	(550)	(1 651)	(1 204)	(1 040)	(273)	160	573	1 286	1 161	957	407	299	71	458	770	(70)	920	323	(907)	(342)
Cash Taxes Paid	161	138	144	135	160	124	98	95	51	125	184	205	218	372	207	400	430	463	560	610	703	555	522	420	302	249	175	165	258	248	354	263	216	219	181	202	213	449	582	615	706	689	766	724	639	587	488	419	357	599	675	708	792	546	454	263	42	(284)	(109)	(534)	(444)	(262)	(882)	(808)	(792)	(794)	(544)	(183)	(225)	(514)	138	342	445	712	231	44	(29)	(191)	(184)	(94)	(62)	1 818	2 191	2 514	3 057	2 854	3 094	3 131	3 317	1 959	1 745	1 718	1 144	1 631	1 423	1 384
Cash Interest Paid	127	119	102	132	132	148	187	175	178	185	172	181	192	187	187	194	200	208	218	227	262	368	398	486	556	544	589	615	574	612	572	545	516	484	472	465	471	466	464	465	456	442	457	440	464	473	477	469	460	453	466	482	521	542	551	581	541	567	571	593	617	634	634	658	725	786	886	892	911	879	839	878	865	850	841	789	745	744	712	697	672	644	621	604	613	597	613	621	602	615	606	593	586	662	773	845
Change in Working Capital	(42)	(132)	(28)	(148)	(241)	(261)	(407)	(210)	(38)	(119)	(22)	(2)	(47)	(116)	(10)	(111)	(178)	(277)	(419)	(436)	(681)	(487)	(308)	(386)	(308)	(329)	(148)	(194)	(164)	(14)	(450)	(256)	(230)	(336)	(21)	(2)	136	509	212	(342)	(36)	(70)	(89)	512	447	(172)	32	(394)	(33)	(381)	(588)	(339)	(744)	(21)	(83)	83	239	232	224	89	(542)	(470)	(241)	691	299	483	387	358	1 346	95	382	(806)	(1 033)	578	(391)	280	(166)	(771)	(169)	150	964	(966)	(351)	(18)	79	111	(350)	(2 462)	(2 417)	(524)	(26)	382	(743)	(646)	(1 137)	(25)
Cash from Operating Activities	1 888 N/A	1 529 -19%	1 579 +3%	1 666 +5%	2 023 +21%	2 547 +26%	2 686 +5%	2 982 +11%	3 082 +3%	2 937 -5%	3 196 +9%	3 497 +9%	3 690 +6%	3 785 +3%	4 096 +8%	4 335 +6%	4 797 +11%	4 717 -2%	4 716 0%	4 621 -2%	4 176 -10%	4 948 +18%	5 357 +8%	5 545 +4%	5 819 +5%	5 915 +2%	6 448 +9%	6 652 +3%	6 767 +2%	6 692 -1%	5 772 -14%	5 655 -2%	5 812 +3%	5 653 -3%	6 225 +10%	6 254 +0%	6 282 +0%	6 195 -1%	5 803 -6%	5 467 -6%	6 243 +14%	6 455 +3%	6 638 +3%	6 907 +4%	6 209 -10%	5 917 -5%	6 040 +2%	6 651 +10%	7 218 +9%	7 406 +3%	8 125 +10%	8 323 +2%	8 459 +2%	8 360 -1%	7 188 -14%	6 465 -10%	5 632 -13%	4 959 -12%	4 391 -11%	3 682 -16%	3 452 -6%	4 542 +32%	5 456 +20%	7 079 +30%	7 262 +3%	8 060 +11%	9 042 +12%	10 162 +12%	10 121 0%	8 648 -15%	8 896 +3%	7 772 -13%	8 829 +14%	9 558 +8%	6 346 -34%	5 898 -7%	4 714 -20%	5 525 +17%	8 816 +60%	11 036 +25%	14 478 +31%	14 795 +2%	17 751 +20%	19 559 +10%	19 391 -1%	17 833 -8%	14 682 -18%	12 082 -18%	12 353 +2%	13 926 +13%	15 265 +10%	14 769 -3%	13 386 -9%	14 802 +11%	13 832 -7%	14 770 +7%
Investing Cash Flow
Capital Expenditures	(1 948)	(1 827)	(1 754)	(2 035)	(1 752)	(2 054)	(2 166)	(2 138)	(2 486)	(2 686)	(3 552)	(3 805)	(4 582)	(4 933)	(4 599)	(4 996)	(5 340)	(6 266)	(6 859)	(7 239)	(7 266)	(6 965)	(6 869)	(6 652)	(6 464)	(6 227)	(6 901)	(7 219)	(7 433)	(6 924)	(5 273)	(4 122)	(2 985)	(2 775)	(3 866)	(4 150)	(5 335)	(5 928)	(5 743)	(6 223)	(6 201)	(5 779)	(5 688)	(5 909)	(6 104)	(5 956)	(6 426)	(6 673)	(7 269)	(7 277)	(10 018)	(11 292)	(11 398)	(10 977)	(7 722)	(5 803)	(5 331)	(4 645)	(4 506)	(4 394)	(3 803)	(3 612)	(3 294)	(4 260)	(4 698)	(4 906)	(5 046)	(4 433)	(4 441)	(4 297)	(4 240)	(3 724)	(3 608)	(3 488)	(3 002)	(2 808)	(2 560)	(2 552)	(3 412)	(3 663)	(4 493)	(5 140)	(5 279)	(5 457)	(5 136)	(5 005)	(5 194)	(5 167)	(4 909)	(4 765)	(4 817)	(5 058)	(14 546)	(14 736)	(15 030)	(15 805)
Other Items	11	126	78	(558)	(792)	(645)	(580)	50	361	(111)	(11)	(133)	(81)	362	228	537	1 007	1 259	903	606	(4 469)	(4 912)	(4 833)	(4 752)	(76)	(47)	351	196	255	(1)	(380)	(281)	(573)	(232)	(223)	(49)	146	89	171	118	238	(36)	(61)	(5)	177	(213)	(137)	144	263	93	(809)	70	221	(402)	413	(853)	(134)	(161)	19	241	(8)	(83)	(8 166)	(8 303)	(8 404)	(8 441)	(495)	(413)	(373)	(177)	(3 560)	(3 719)	(3 647)	(3 597)	(312)	(241)	(259)	(56)	778	951	790	834	347	117	149	116	90	(7)	51	(332)	265	431	451	721	89	(96)
Cash from Investing Activities	(1 937) N/A	(1 700) +12%	(1 676) +1%	(2 593) -55%	(2 544) +2%	(2 699) -6%	(2 745) -2%	(2 088) +24%	(2 125) -2%	(2 797) -32%	(3 563) -27%	(3 938) -11%	(4 663) -18%	(4 571) +2%	(4 371) +4%	(4 459) -2%	(4 333) +3%	(5 007) -16%	(5 956) -19%	(6 633) -11%	(11 735) -77%	(11 877) -1%	(11 702) +1%	(11 404) +3%	(6 540) +43%	(6 274) +4%	(6 550) -4%	(7 023) -7%	(7 178) -2%	(6 925) +4%	(5 653) +18%	(4 403) +22%	(3 558) +19%	(3 007) +15%	(4 089) -36%	(4 199) -3%	(5 189) -24%	(5 839) -13%	(5 572) +5%	(6 105) -10%	(5 963) +2%	(5 815) +2%	(5 749) +1%	(5 914) -3%	(5 927) 0%	(6 169) -4%	(6 563) -6%	(6 529) +1%	(7 006) -7%	(7 184) -3%	(10 827) -51%	(11 222) -4%	(11 177) +0%	(11 379) -2%	(7 309) +36%	(6 656) +9%	(5 465) +18%	(4 806) +12%	(4 487) +7%	(4 153) +7%	(3 811) +8%	(3 695) +3%	(11 460) -210%	(12 563) -10%	(13 102) -4%	(13 347) -2%	(5 541) +58%	(4 846) +13%	(4 814) +1%	(4 474) +7%	(7 800) -74%	(7 443) +5%	(7 255) +3%	(7 085) +2%	(3 314) +53%	(3 049) +8%	(2 819) +8%	(2 608) +7%	(2 634) -1%	(2 712) -3%	(3 703) -37%	(4 306) -16%	(4 932) -15%	(5 340) -8%	(4 987) +7%	(4 889) +2%	(5 104) -4%	(5 174) -1%	(4 858) +6%	(5 097) -5%	(4 552) +11%	(4 627) -2%	(14 095) -205%	(14 015) +1%	(14 941) -7%	(15 901) -6%
Financing Cash Flow
Net Issuance of Common Stock	(71)	(8)	61	74	84	44	39	(25)	(55)	(45)	(79)	(26)	(9)	(19)	6	(115)	(143)	(135)	(157)	(37)	(7)	(4)	18	23	21	17	19	19	18	25	22	22	24	48	80	18	102	224	209	187	151	97	110	15	(124)	(234)	(225)	(297)	(190)	(58)	(85)	63	35	(60)	(26)	75	91	86	159	328	559	689	632	518	466	412	74	(368)	(950)	(1 214)	(1 296)	(1 049)	(581)	(663)	(303)	(163)	(163)	127	101	(324)	(874)	(1 755)	(3 681)	(4 971)	(5 129)	(4 840)	(3 335)	(2 131)	(2 946)	(2 835)	(3 102)	(3 312)	(2 380)	(2 324)	(1 934)	(1 483)
Net Issuance of Debt	145	249	59	917	495	127	98	(813)	(740)	14	533	543	1 001	897	365	335	(229)	517	1 512	2 183	7 687	7 083	6 436	5 982	868	504	271	545	561	402	69	(1 052)	(2 055)	(2 475)	(1 958)	(1 811)	(872)	(216)	(96)	817	(26)	(361)	(420)	(543)	326	991	1 338	699	503	484	3 352	3 701	3 669	4 107	1 187	1 170	1 077	775	936	1 139	506	(497)	6 487	6 430	6 746	6 319	(2 027)	(3 473)	(2 831)	(1 393)	2 083	2 305	788	789	(1 223)	(961)	97	(1 940)	(4 284)	(5 161)	(7 171)	(6 419)	(6 472)	(5 002)	(4 242)	(3 031)	(1 061)	(1 472)	(701)	(1 290)	(2 653)	(1 935)	6 772	5 400	6 875	6 761
Cash Paid for Dividends	(47)	(59)	(62)	(66)	(70)	(74)	(79)	(83)	(77)	(78)	(82)	(87)	(101)	(108)	(111)	(116)	(121)	(126)	(136)	(145)	(153)	(161)	(167)	(172)	(178)	(184)	(192)	(200)	(208)	(216)	(219)	(222)	(225)	(228)	(252)	(277)	(302)	(327)	(344)	(361)	(378)	(395)	(412)	(428)	(444)	(460)	(481)	(502)	(523)	(625)	(735)	(845)	(955)	(983)	(988)	(994)	(1 251)	(1 006)	(1 007)	(1 007)	(758)	(1 035)	(1 089)	(1 171)	(1 252)	(1 311)	(1 416)	(1 491)	(1 562)	(1 629)	(1 667)	(1 705)	(1 743)	(1 784)	(1 837)	(1 892)	(1 950)	(2 009)	(2 064)	(2 120)	(2 170)	(2 356)	(2 670)	(4 644)	(4 926)	(5 175)	(5 293)	(3 745)	(3 891)	(4 029)	(4 165)	(4 299)	(4 429)	(4 537)	(4 645)	(4 755)
Other	7	(5)	8	(17)	26	35	18	41	(11)	(22)	(7)	(7)	6	31	30	20	19	5	5	11	37	13	54	35	8	35	15	0	46	5	12	0	(12)	20	(12)	28	(12)	(8)	(13)	(14)	(15)	(18)	(163)	(34)	(37)	(40)	(102)	(25)	(23)	(22)	184	(22)	(22)	(30)	(51)	(46)	(40)	(27)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	166	166	166	166	0	0	0	0	0	69	69	69	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	36 N/A	177 +399%	66 -63%	908 +1 277%	536 -41%	133 -75%	76 -42%	(880) N/A	(883) 0%	(131) +85%	365 N/A	423 +16%	897 +112%	801 -11%	290 -64%	124 -57%	(474) N/A	261 N/A	1 224 +369%	2 012 +64%	7 564 +276%	6 931 -8%	6 341 -9%	5 868 -7%	719 -88%	372 -48%	113 -70%	364 +222%	417 +15%	216 -48%	(116) N/A	(1 252) -979%	(2 268) -81%	(2 635) -16%	(2 142) +19%	(2 042) +5%	(1 084) +47%	(327) +70%	(244) +25%	629 N/A	(268) N/A	(677) -153%	(885) -31%	(990) -12%	(279) +72%	257 N/A	530 +106%	(125) N/A	(233) -86%	(221) +5%	2 716 N/A	2 897 +7%	2 727 -6%	3 034 +11%	122 -96%	205 +68%	(123) N/A	(172) -40%	88 N/A	460 +423%	307 -33%	(843) N/A	6 030 N/A	5 777 -4%	5 960 +3%	5 420 -9%	(3 369) N/A	(5 332) -58%	(5 343) 0%	(4 236) +21%	(880) +79%	(449) +49%	(1 536) -242%	(1 492) +3%	(3 197) -114%	(2 850) +11%	(1 850) +35%	(3 822) -107%	(6 247) -63%	(7 605) -22%	(10 215) -34%	(10 530) -3%	(12 754) -21%	(14 548) -14%	(14 228) +2%	(12 977) +9%	(9 689) +25%	(7 348) +24%	(7 538) -3%	(8 154) -8%	(9 920) -22%	(9 546) +4%	(37) +100%	(1 461) -3 849%	296 N/A	523 +77%
Change in Cash
Net Change in Cash	(13) N/A	6 N/A	(31) N/A	(20) +35%	15 N/A	(19) N/A	17 N/A	15 -11%	74 +393%	9 -88%	(2) N/A	(18) -800%	(76) -322%	15 N/A	15 N/A	0 N/A	(10) N/A	(29) -190%	(16) +45%	0 N/A	5 N/A	2 -60%	(4) N/A	9 N/A	(2) N/A	13 N/A	11 -15%	(7) N/A	6 N/A	(17) N/A	3 N/A	0 N/A	(14) N/A	11 N/A	(6) N/A	13 N/A	9 -31%	29 +222%	(13) N/A	(9) +31%	12 N/A	(37) N/A	4 N/A	3 -25%	3 N/A	5 +67%	7 +40%	(3) N/A	(21) -600%	1 N/A	14 +1 300%	(2) N/A	9 N/A	15 +67%	1 -93%	14 +1 300%	44 +214%	(19) N/A	(8) +58%	(11) -38%	(52) -373%	4 N/A	26 +550%	293 +1 027%	120 -59%	133 +11%	132 -1%	(16) N/A	(36) -125%	(62) -72%	216 N/A	(120) N/A	38 N/A	981 +2 482%	(165) N/A	(1) +99%	45 N/A	(905) N/A	(65) +93%	719 N/A	560 -22%	(41) N/A	65 N/A	(329) N/A	176 N/A	(33) N/A	(111) -236%	(440) -296%	(43) +90%	675 N/A	793 +17%	596 -25%	(746) N/A	(674) +10%	(813) -21%	(608) +25%
Free Cash Flow
Free Cash Flow	(59) N/A	(298) -402%	(175) +41%	(370) -111%	271 N/A	493 +82%	520 +6%	844 +62%	596 -29%	251 -58%	(356) N/A	(308) +13%	(892) -190%	(1 148) -29%	(503) +56%	(661) -31%	(543) +18%	(1 549) -185%	(2 143) -38%	(2 618) -22%	(3 090) -18%	(2 017) +35%	(1 512) +25%	(1 107) +27%	(645) +42%	(312) +52%	(453) -45%	(567) -25%	(666) -17%	(232) +65%	499 N/A	1 533 +207%	2 827 +84%	2 878 +2%	2 359 -18%	2 104 -11%	947 -55%	267 -72%	60 -78%	(756) N/A	42 N/A	676 +1 510%	950 +41%	998 +5%	105 -89%	(39) N/A	(386) -890%	(22) +94%	(51) -132%	129 N/A	(1 893) N/A	(2 969) -57%	(2 939) +1%	(2 617) +11%	(534) +80%	662 N/A	301 -55%	314 +4%	(115) N/A	(712) -519%	(351) +51%	930 N/A	2 162 +132%	2 819 +30%	2 564 -9%	3 154 +23%	3 996 +27%	5 729 +43%	5 680 -1%	4 351 -23%	4 656 +7%	4 048 -13%	5 221 +29%	6 070 +16%	3 344 -45%	3 090 -8%	2 154 -30%	2 973 +38%	5 404 +82%	7 373 +36%	9 985 +35%	9 655 -3%	12 472 +29%	14 102 +13%	14 255 +1%	12 828 -10%	9 488 -26%	6 915 -27%	7 444 +8%	9 161 +23%	10 448 +14%	9 711 -7%	(1 160) N/A	66 N/A	(1 198) N/A	(1 035) +14%

Income Statement Balance Sheet Cash Flow Statement

Canadian Natural Resources Ltd
TSX:CNQ

Cash Flow Statement

Cash Flow Statement
Canadian Natural Resources Ltd

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Canadian Natural Resources Ltd TSX:CNQ

Cash Flow Statement

Cash Flow Statement Canadian Natural Resources Ltd

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Canadian Natural Resources Ltd
TSX:CNQ

Cash Flow Statement
Canadian Natural Resources Ltd