CANADIAN NATURAL RESOURCES Ltd
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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Sep 30, 2026 · Filed Nov 5, 2026
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EX-99.2 · COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company has committed to certain payments. The following table summarizes the Company's commitments as at September 30, 2026:
| ($ millions) | Remaining 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
|---|---|---|---|---|---|---|
| Product transportation, purchases, and processing (1) (2) | $590 | $2,280 | $2,167 | $2,014 | $1,852 | $19,882 |
| North West Redwater Partnership service toll (3) | $23 | $96 | $97 | $95 | $95 | $3,877 |
| Offshore vessels and decommissioning equipment | $324 | $— | $— | $— | $— | $— |
| Field equipment and supplies | $52 | $122 | $121 | $24 | $24 | $170 |
| Office leases and other | $72 | $67 | $20 | $20 | $19 | $179 |
(1)The Company's commitment under its product transportation agreement on the TMX pipeline reflects the toll approved by the Canada Energy Regulator in the third quarter of 2026. The Company’s product transportation commitment was extended through 2046, with capacity increased to approximately 178,000 bbl/d.
(2)In the second quarter of 2026, the Company executed crude oil transportation agreements delivering between 150,000 bbl/d and 165,000 bbl/d of new pipeline capacity to US markets, with service currently expected to commence in the fourth quarter of 2028. These agreements are subject to certain conditions precedent, including a final investment decision by the project proponents and certain regulatory approvals. Accordingly, the related agreements will not be recognized as commitments until the completion of all conditions precedent. The transportation agreements have a term of 20 years and, if all conditions are met, will result in transportation payments of approximately $500 million to $550 million annually being added to the Company's commitments.
(3)Pursuant to the processing agreements, the Company pays its 25% pro rata share of the debt component of the monthly fee-for-service toll. Included in the toll is $1,728 million of interest payable over the 40-year tolling period, ending in 2058.
In addition to the commitments disclosed above, the Company has entered into various agreements related to the engineering, procurement, and construction of its various development projects. These contracts can be cancelled by the Company upon notice without penalty, subject to the costs incurred up to and in respect of the cancellation.
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