<SEC-DOCUMENT>0000950142-20-001613.txt : 20200622
<SEC-HEADER>0000950142-20-001613.hdr.sgml : 20200622
<ACCEPTANCE-DATETIME>20200622155819
ACCESSION NUMBER:		0000950142-20-001613
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200622
DATE AS OF CHANGE:		20200622

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATURAL RESOURCES LTD
		CENTRAL INDEX KEY:			0001017413
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232692
		FILM NUMBER:		20978797

	BUSINESS ADDRESS:	
		STREET 1:		2100, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
		BUSINESS PHONE:		403-514-7605

	MAIL ADDRESS:	
		STREET 1:		2100, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANADIAN NATURAL RESOURCES LTD
		CENTRAL INDEX KEY:			0001017413
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		2100, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
		BUSINESS PHONE:		403-514-7605

	MAIL ADDRESS:	
		STREET 1:		2100, 855-2 STREET SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P 4J8
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>eh2000836_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">
        <div style="text-align: right; line-height: 1.25; font-weight: bold;">Filed Pursuant to Rule 433</div>
        <div style="text-align: right; line-height: 1.25; font-weight: bold;">Registration No. 333-232692</div>
        <div style="text-align: right; line-height: 1.25; margin-bottom: 12pt; font-weight: bold;">June 22, 2020</div>
        <div style="text-align: center; line-height: 1.25; margin-bottom: 6pt; font-weight: bold;">Pricing Term Sheet</div>
        <div style="text-align: center; line-height: 1.25; margin-bottom: 6pt; font-weight: bold;">US$1,100,000,000</div>
        <div style="text-align: center; line-height: 1.25; margin-bottom: 6pt; font-weight: bold;">Canadian Natural Resources Limited</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">
          <div style="line-height: 1.25; font-weight: bold;">US$600,000,000 2.050% Notes due 2025 (the &#8220;<u>2025 Notes</u>&#8221;)<br>
            US$500,000,000 2.950% Notes due 2030 (the &#8220;<u>2030 Notes</u>&#8221;)</div>
        </div>
        <div style="background-color: #FFFFFF; line-height: 1.25;">
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
        </div>
        <div style="background-color: #FFFFFF; line-height: 1.25;">
          <div style="line-height: 1.25;">The following information supplements (or supersedes, to the extent that it is inconsistent therewith) the Preliminary Prospectus Supplement dated June 22, 2020 relating to the below described securities (the &#8220;<u>Preliminary




              Prospectus Supplement</u>&#8221;).&#160; <font style="background-color: #FFFFFF;">Capitalized terms used but not defined in this pricing term sheet shall have the meaning ascribed to them in the Preliminary Prospectus Supplement.</font></div>
          <div style="line-height: 1.25;"><font style="background-color: #FFFFFF;"> <br>
            </font></div>
          <div style="line-height: 1.25;"><font style="background-color: #FFFFFF;"> </font></div>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z853ef27d695d4fce964a983f163efb2c" border="0" cellpadding="2" cellspacing="0">

            <tr>
              <td style="width: 26%; vertical-align: top;">
                <div style="margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issuer:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td style="width: 73%; vertical-align: top;">
                <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Canadian Natural Resources Limited</div>
                <div style="text-align: center; margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> </div>
              </td>
            </tr>
            <tr>
              <td style="width: 26%; vertical-align: top;">
                <div style="margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trade Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td style="width: 73%; vertical-align: top;">
                <div style="text-align: center; margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">June 22, 2020</div>
              </td>
            </tr>
            <tr>
              <td style="width: 26%; vertical-align: top;">
                <div style="margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Settlement Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td style="width: 73%; vertical-align: top;">
                <div style="text-align: center; margin-right: 8.1pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">June 24, 2020 (T+ 2)</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td style="width: 26%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="text-align: center; line-height: 1.25;"><u>2025 Notes</u><br>
                <font style="line-height: 1.25;">&#160;</font></div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="text-align: center; line-height: 1.25;"><u>2030 Notes</u><br>
                <font style="line-height: 1.25;">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Issue of Securities:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">2.050% Notes due 2025</div>
              <div style="line-height: 1.25;"> </div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">2.950% Notes due 2030</div>
              <div style="line-height: 1.25;"> </div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Principal Amount:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">US$600,000,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">US$500,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Maturity Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">July 15, 2025</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">July 15, 2030</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Price to Public:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">99.832%, plus accrued interest, if any, from June 24, 2020</div>
              </div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">99.955%, plus accrued interest, if any, from June 24, 2020</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Coupon:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">2.050%</div>
              </div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">2.950%</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Interest Payment Dates:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">January 15 and July 15 commencing January 15, 2021 (long first coupon)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">January 15 and July 15 commencing January 15, 2021 (long first coupon)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Regular Record Dates:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">January 1 and July 1</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">January 1 and July 1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Yield to Maturity:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">2.085%</div>
              </div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">2.955%</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Spread to Treasury:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">+175 basis points</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">+225 basis points</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Benchmark Treasury:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">UST 0.250% due May 31, 2025</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">UST 0.625% due May 15, 2030</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Treasury Yield (Price):&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">0.335% (99-18&#190;)</div>
              </div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">
                <div style="line-height: 1.25;">0.705% (99-07+)</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25;"><font style="font-weight: bold;">Make-Whole Call:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">Prior to June 15, 2025 (the date one month prior to the Maturity Date), T+30 basis points</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">Prior to April 15, 2030 (the date three months prior to the Maturity Date), T+35 basis points</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Call at Par:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">On or after June 15, 2025&#160; (the date one month prior to the Maturity Date)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">On or after April 15, 2030 (the date three months prior to the Maturity Date)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">CUSIP:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">136385AZ4</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">136385BA8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">ISIN:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">US136385AZ48</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 36%; vertical-align: top;">
              <div style="line-height: 1.25;">US136385BA87</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="2" cellspacing="0">

          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Joint Book-Running Managers:</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 36%;">
              <div style="line-height: 1.25;">J.P. Morgan Securities LLC<br>
                BofA Securities, Inc.<br>
                MUFG Securities Americas Inc.</div>
            </td>
            <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
            <td colspan="1" style="vertical-align: top; width: 36%;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 26%; vertical-align: top;">
              <div style="margin-right: 8.1pt; line-height: 1.25; font-weight: bold;">Co-Managers:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top; width: 36%;">
              <div style="line-height: 1.25;">BMO Capital Markets Corp.<br>
                Citibank Global Markets Inc.<br>
                RBC Capital Markets, LLC<br>
                Scotia Capital (USA) Inc.<br>
                TD Securities (USA) LLC<br>
                Mizuho Securities USA LLC<br>
                SMBC Nikko Securities America, Inc.<br>
                CIBC World Markets Corp.<br>
                Wells Fargo Securities, LLC<br>
                Barclays Capital Inc.<br>
                Desjardins Securities Inc.<br>
                National Bank of Canada Financial Inc.</div>
            </td>
            <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
            <td colspan="1" style="vertical-align: top; width: 36%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">
        <div style="line-height: 1.25; font-weight: bold;">This communication is intended for the sole use of the person to whom it is provided by us.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-weight: bold;">The Issuer has filed a registration statement (including a prospectus) with the United States <font style="background-color: #FFFFFF;">Securities and Exchange Commission (the &#8220;SEC&#8221;) </font>for
          the offering to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this
          offering.&#160; You may get these documents for free by visiting EDGAR on the SEC website at <font style="font-style: italic;">www.sec.gov</font>.&#160; Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to
          send you the prospectus if you request it by contacting J.P. Morgan Securities LLC (collect) at 1-212-834-4533, BofA Securities, Inc. toll-free at 1-800-294-1322 or at dg.prospectus_requests@bofa.com or MUFG Securities Americas Inc. toll-free at
          1-877-649-6848.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-weight: bold;">Certain of the underwriters may not be U.S. registered broker-dealers and accordingly will not effect any sales within the United States except in compliance with applicable U.S. laws and
          regulations, including the rules of the Financial Industry Regulatory Authority.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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        <div style="text-align: left; line-height: 1.25; font-weight: bold;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED.&#160; SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY
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