Economics : Break-Even
Showing 3 Results
Northwest Alberta (Deep Basin)
Significant Resource Upside
Large defined oil-in-place
High quality short cycle projects
Multiple expansion and growth opportunities
Well economics Wapiti Cardium
DCE&T costs (MM) 3.2
WTI (US/bbl) 40 50
Payout (yrs.) 1.6 1.0
P/I 0.9 1.4
IRR 62% 116%
Break-even (10% IRR) US23.00 WTI
Refer to Appendix Notes and Advisories.
23
Whitecap Resources Inc.
November 2020
Spirit River Productivity Results
Consistently Rank Best in Class
2015 HIGHEST DELIVERABILITY WELLS IN ALBERTA
20.0
18.0
16.0
First month calendar day rate (Mmcfe/d)
14.0
12.0
10.0
8.0
6.0
4.0
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Spirit River
Nikanassin
Montney
Cadomin
2.0
0.0
Spirit River wells claim 22 of the top 25 wells in Alberta in 2015
Bellatrix delivered four of the top 20 wells in 2015
Source: National Bank Financial Inc. research
11 Based on publicly available first month calendar daily average (first month cumulative / 30 days) production rates from January through December 2015
Bellatrix Exploration Ltd.
August 2016
-127-07_04_2016-July_2016_Corporate_Presentation/Canadian_Natural_Resources_Limited_(CNRL)-127-07_04_2016-July_2016_Corporate_Presentation_PAGE-045.PNG)
CNQ
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
STRONG PORTFOLIO OF LIQUIDS-RICH GAS PROJECTS 45
Deep Basin/Montney Natural Gas Projects
Return on Capital, 15% After Tax
$2.00-$2.50
Tier 3
$1.50-$2.00
Tier 2
$1.00-$1.50
Tier 1
$2.50-$3.00
Tier 4
$3.00-$3.50
Tier 5
0 1.0 2.0 3.0 4.0 5.0 6.0
AECO
(C$/GJ)
Production Capability (Bcfe/d)
Infrastructure Advantage
Greenfield
Note: Assumes WTI = $50.00 US$/bbl benchmark for natural gas liquids. See Advisory for pricing assumptions and cautionary statements.3
Canadian Natural Resources (CNRL)
July 2016