Delivering Value & Growth SNAPSHOT 2023F 2022 Net capital expenditures (C millions)(1) 5,410 5,001 Declared dividends (C/share)(2) 3.60 4.60 Production (annual average, before royalties) Natural gas (MMcf/d) 2,170 - 2,242 2,090…
Canadian Natural Resources Limited October 2023 The Canadian Natural Advantage Large, Low Risk, Diversified, Flexible Effective & Leading High Value Balanced Asset Capital Efficient ESG Reserves Base Allocation Operations…
Canadian Natural Resources Limited October 2023 Canadian Natural Balancing the Four Pillars Disciplined capital allocation, focused on value creation Balance Sheet Strength Balance Sheet strengthens with Maximizing free cash…
Canadian Natural Resources Limited October 2023 Total Proved Reserves Global peers: 2022 Only Canadian company with 5 billion BOEs Total Proved 0 5,000 10,000 15,000 20,000 (MMBOE) Peers include: BP, COP, CVX, SHEL,…
Canadian Natural Resources Limited October 2023 Shale Well Example vs Oil Sands Mining & Upgrading Annual capital required to maintain 460,000 bbl/d Shale Well Example Oil Sands Mining & Upgrading 1,000 wells required initially…
Canadian Natural Resources Limited October 2023 Canadian Naturals Advantage Low corporate decline rate 2023F 57% Production Mix(1) Long Life Low Decline production Oil Sands Mining & Upgrading 10% Pelican & 0% Decline…
Canadian Natural Resources Limited October 2023 Canadian Natural Balanced, diverse asset portfolio 2023F North Sea Production Mix(1) North America 2.2 Bcf/d natural gas Natural Gas 27% 2nd largest natural gas producer in…
Canadian Natural Resources Limited October 2023 Top Tier Conventional E&P, Thermal In Situ & Oil Sands Mining & Upgrading Assets Conventional E&P Top tier plays throughout the asset base Clearwater Marten Hills Top North…
Canadian Natural Resources Limited October 2023 Thermal In Situ Oil Sands Top tier WTI breakeven price (US/bbl) 60 Effective & efficient operations support a low WTI breakeven price, delivering superior returns 50 Peer…
Canadian Natural Resources Limited October 2023 Canadian Natural Total development potential Natural Gas Liquids (Bcf/d) (bbl/d) 4.5 3,000,000 4.0 2,500,000 3.5 3.0 2,000,000 Total corporate future growth potential of…
Canadian Natural Resources Limited October 2023 Canadian Natural Asset base drives long-term value: 2022 Increased Low Leading Strong dividend twice by maintenance Share 4% free cash flow balance sheet 45% & paid a capital &…
Canadian Natural Resources Limited October 2023 Top Tier Return on Capital Employed (ROCE) Peer comparison: 3 year average: 2019 - 2021 (ROCE) 10% Top tier returns on capital employed in low point of commodity price cycle 8%…
Canadian Natural Resources Limited October 2023 2022 Free Cash Flow Allocation Significant direct & indirect returns to shareholders (/share) 20 Total 2022 direct shareholder returns of 16 Base 9.25 per share from combined…
Canadian Natural Resources Limited October 2023 Long-Term Dividend Growth vs. Global Peers 10 year CAGR: 2022 (CAGR) 30% Leading long-term dividend growth 25% Special Dividend Sustainable dividend; was maintained & grew in…
Canadian Natural Resources Limited October 2023 2023 Forecast 2023 Forecast Capital & Production Capital Expenditures ( millions) 2023F Base 4,390 Strategic 1,020 Total 5,410 Production 2022 2023F Natural Gas (MMcf/d)…
Canadian Natural Resources Limited October 2023 Canadian Natural Production per share growth: 2019 2023F (BOE production/share) 0.48 8% CAGR per share 0.44 0.40 0.36 0.32 2019 2020 2021 2022 2023F Capital(1) (…
Canadian Natural Resources Limited October 2023 Environmental, Social & Governance The World Needs More Canadian Energy Overview Canadian Natural is part of the solution Canada is the top rated ESG country among the top…
Canadian Natural Resources Limited October 2023 ESG Performance Among Top Oil Exporting Nations The world needs more Canadian energy (Aggregate ESG Score) 250 Environment(1) Social(2) Governance(3) 200 150 Average 100…
Canadian Natural Resources Limited October 2023 Technology & Innovation One of Canadas leading R&D investors Ongoing investment in technology and innovation will ensure the crude oil and natural gas remains sustainable,…
Canadian Natural Resources Limited October 2023 Social Frontline driven incident prevention Total Recordable Injury Frequency (TRIF) Incidents (per 200,000 exposure hours)(1) Comprehensive frontline driven 0.40 safety management…
Canadian Natural Resources Limited October 2023 Governance Risk assessment & mitigation Strong track record of identifying, assessing, adapting, aligning and executing Board of Directors as well as Board Governance and Risk…
Canadian Natural Resources Limited October 2023 Carbon Capture & Sequestration/Storage Technology Key to net zero A global leader in CO2 capture & sequestration(1) Reduced CO2 footprint Capture Capacity (tonnes/year) Reduced…
Canadian Natural Resources Limited October 2023 Pathways Alliance Update Industry collaboration to net zero Next Steps: Advance detailed pore space development plan Continue with Engineering & Design studies for CO2 pipeline &…
Canadian Natural Resources Limited October 2023 Balance Sheet Strength Canadian Natural Robust financial position Long-Term Ratings Outlook Short-Term Ratings DBRS A (low) Stable R-1 Standard & Poors BBB- Stable A-3…
Canadian Natural Resources Limited October 2023 Canadian Natural Balanced credit facility profile Revolving Credit Facilities (C millions) June 2025(1) 2,425 Support from 14 banks diversified June 2027(1) 2,425 by location…
Canadian Natural Resources Limited October 2023 Asset Overview Conventional E&P Overview 574,000 BOE/d of production(1) Largest conventional E&P reserves in Canada 5.3 billion BOE total proved plus probable(1) Significant…
Canadian Natural Resources Limited October 2023 Natural Gas, NGLs & Light Crude Oil: Montney & Deep Basin Overview Umbach West Nig 1.5 million net acres of Montney rights Blair/Daiber 1.8 million net acres of Deep Basin rights…
Canadian Natural Resources Limited October 2023 International Light Crude Oil Summary 27,300 bbl/d of light crude oil production(1) High return international light crude oil, North Sea with exposure to Brent pricing North…
Canadian Natural Resources Limited October 2023 Total Conventional E&P Near-, mid- & long-term development potential (MBOE/d) 1,200 Production of 1,000 2.1 Bcf/d & 255 Mbbl/d in 2022 800 Potential to leverage available…
Canadian Natural Resources Limited October 2023 Thermal In Situ Oil Sands Primrose / Wolf Lake overview Total facility capacity 140,000 bbl/d Leverage available facility capacity of 65,000 bbl/d Primrose North Primrose East…
Canadian Natural Resources Limited October 2023 Thermal In Situ Oil Sands Kirby / Jackfish / Pike SAGD overview Kirby Jackfish Total facility capacity of 200,000 bbl/d(1) North Leverage available facility capacity of 30,000…
Canadian Natural Resources Limited October 2023 Thermal In Situ Oil Sands Kirby & Pike SAGD development plan Drill to fill of available facility capacity Drilled 3 pads in 2022 and a fourth pad in early 2023 Production from the…
Canadian Natural Resources Limited October 2023 Thermal In Situ Oil Sands Near- & mid-term potential Strong capital (bbl/d) efficiency 400,000 9,500/bbl/d 350,000 Thermal in situ production of 252,000 bbl/d in 2022 300,000…
Canadian Natural Resources Limited October 2023 Oil Sands Mining & Upgrading Asset overview Industry leading oil sands operator Net capacity increases by 5,000 bbl/d in 2023 to 480,000 bbl/d of high value SCO CNQ Operating Oil…
Canadian Natural Resources Limited October 2023 Oil Sands Mining & Upgrading Operating costs reductions over 10 years (/bbl) 45 17/bbl 40% reduction 40 reduction over in SCO operating costs 10 years 35 (including energy…
Canadian Natural Resources Limited October 2023 Horizon Oil Sands Long-term opportunity: In-Pit Extraction Process (IPEP) IPEP is a relocatable, modular extraction plant that processes ore and separates bitumen in the mine pit.…
Canadian Natural Resources Limited October 2023 Horizon Oil Sands Combine & leverage technology for cost effective expansion: IPEP & PFT Reduces GHG emissions IPEP Eliminates / reduces need for tailings ponds Potential…
Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (Canadian Natural or the Company) in this document or documents incorporated herein by reference constitute…
Advisory Special Note Regarding Currency, Financial Information and Production This presentation should be read in conjunction with the Company's unaudited interim consolidated financial statements (the financial statements) and the…
Advisory Cautionary Statement Project progress and financial results are dependent upon economic and regulatory conditions, commodity prices, global economic factors, project sanction and capital allocation. Thermal In Situ Oil Sands…
Advisory Pricing Assumptions 2023E 2022 US WTI/bbl 81.45 94.23 C AECO/GJ 4.23 5.28 SCO Differential/(Premium) US/bbl (2.76) (4.43) WCS Differential US/bbl 22.78 18.26 Annual average FX 1.00 US = X C 1.33 1.30 2023E based on…
Advisory Reserves Notes: 1. Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests. 2. Information in the reserves data tables may not add due to rounding. BOE values and oil…
Key Historic Data Operational & Financial 2022 2021 2020 2019 2018 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 933 952 918 850 821 Natural gas (MMcf/d) 2,090 1,695 1,477 1,491 1,548 Barrels of oil equivalent…
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Tim McKay Trevor Cassidy Scott Stauth Mark Stainthorpe President Chief Operating Officer, Chief Operating Officer, Chief Financial Officer Exploration and Production Oil Sands Lance Casson Jason Fleury Crystal Hoeppner Manager,…
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