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June 2015 Corporate Presentation – Canadian Natural Ltd

Canadian Natural Ltd · Jun 10, 2015 · 27 slides

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  1. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 1
    CORPORATE PRESENTATION June 2015
  2. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 2
    Delivering Value and Growth SNAPSHOT 2014 2015F Cash flow(1) (C million) 9,587 6,400 - 6,800 Per share basic(1) (C) 8.87 5.80 - 6.20 Capital expenditures (C million) 11,744 5,745 Dividend (C/Share) 0.90 Common shares (thousands)…
  3. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 3
    Corporate Presentation June 2015 Key Messages Strong financial position Large, balanced, high quality asset base Transitioning to long life, low decline assets Increasing sustainable free cash flow through organic…
  4. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 4
    Corporate Presentation June 2015 1P Reserves After Royalties (MMBOE) 5,000 4,500 4,000 3,500 3,000 2,500 CNQ 2,000 1,500 1,000 500 0 Peers Note: Sourced from 2014 corporate reports. Peers include: APA,…
  5. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 5
    Corporate Presentation June 2015 Funding the Transition to a Longer Life Asset Mix Transitioning to long life, low decline asset mix Conventional assets deliver field operating free cash flow Pelican Lake crude oil Leading-edge…
  6. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 6
    Corporate Presentation June 2015 Targeted Total Corporate Free Cash Flow ( Billion) 8 7 6 US90 WTI 5 US81 WTI 4 3 US70 WTI 2 1 0 -1 2014 reflecting acquisitions -2 -3 2014 2015F 2016F 2017F 2018F 2019F 2020F…
  7. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 7
    Corporate Presentation June 2015 Return to Shareholders ( million) 1,600 1,400 1,200 1,000 800 600 400 Horizon Phase 1 build years 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  8. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 8
    Corporate Presentation June 2015 Canadian Natural 2015 Production Budget Targeted Production 2014 2015F % Change(1) Crude oil (Mbbl/d) North America Light Oil & NGLs 89 91 - 96 5% Pelican Lake 50 53 - 55 8% Primary Heavy 143…
  9. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 9
    Corporate Presentation June 2015 North America Natural Gas & NGLs Core Area Summary AB SK Largest natural gas producer in Canada Q1/15 natural gas production of 1,713 MMcf/d East 388 MMcf/d Q1/15 average NGLs yield over 24…
  10. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 10
    Corporate Presentation June 2015 North America Light Crude Oil Core Area Summary Q1/15 light crude oil and NGLs production AB Record quarterly 98 Mbbl/d SK 2014 light crude oil activity 101 wells 2 Enhanced Oil Recovery…
  11. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 11
    Corporate Presentation June 2015 International Light Crude Oil Q1/15 light crude oil production 36 Mbbl/d 2P light crude oil reserves North Sea 457 million barrels* Long reserve life Low decline water floods Exploitation…
  12. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 12
    Corporate Presentation June 2015 International Exploration Cte dIvoire CI-514 CNQ 36% WI First exploratory well encountered 40 meter column of 34 degree API crude Second exploratory well drilled April 2015; results being…
  13. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 13
    Corporate Presentation June 2015 Primary Heavy Crude Oil 2015 Plan 2014 2015F %Change Production (Mbbl/d) 143 130 - 133 (8%) Drilling (net wells) 896 186 Recompletion (net wells) 637 568 Capital ( million) 1,253 480 Note:…
  14. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 14
    Corporate Presentation June 2015 Pelican Lake 2015 Plan 2014 2015F %Change Production (bbl/d) 50 53 - 55 8% Drilling (net wells) Producers & Injectors 24 - Capital ( million) 246 170 Note: Rounded to the nearest 1,000 bbl/d.…
  15. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 15
    Corporate Presentation June 2015 Thermal In Situ Oil Sands Tremendous Potential Long life low decline asset base Grand Rapids 15 billion barrels Vast asset base developed 97 billion barrels with a defined growth plan…
  16. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 16
    Corporate Presentation June 2015 Thermal In Situ Oil Sands 2015 Plan 2014 2015F % Change Production (Mbbl/d) 108 126 - 140 23% Drilling (net wells) Primrose producers 11 Kirby producers 4 3 Strats 78 17 Service / observation…
  17. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 17
    Corporate Presentation June 2015 Horizon Oil Sands - Operations 2015 Plan 2014 2015F % Change Production (Mbbl/d) 111 121 - 131 14% Sustaining Capital ( million) 352 275 Turnarounds & Reclamation ( million) 50 40 Capitalized…
  18. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 18
    Corporate Presentation June 2015 Horizon Oil Sands - Expansion 2015 Plan Phase 2/3 Project Expansion 2014 2015F Project Capital ( million) Reliability Tranche 2 60 0 Directive 74 and Technology 129 40 Phase 2A 95 35 Phase 2B…
  19. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 19
    Corporate Presentation June 2015 Horizon Oil Sands Operations Targeted Operating Costs Targeted Operating Cost per Year Targeted Operating Cost per Barrel ( million) (/bbl) 2,500 40 2,000 1,500 20 1,000 500 0 0 Phase 1…
  20. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 20
    Corporate Presentation June 2015 Committed Management Management / Directors Stock Ownership Substantial management and (US million) director wealth at stake Strong motivation for 1,000 956 management to perform Delivers clear…
  21. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 21
    Notes
  22. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 22
    Notes
  23. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 23
    Advisory Free Cash Flow Pricing Assumptions 1. 2014 based upon actual; WTI of US92.92/bbl, AECO of C4.19/GJ, WCS differential of 21% and foreign exchange of US1.00 to C1.10. 2. 2015F based upon pricing assumptions at May 2015; WTI of…
  24. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 24
    Hedging As at May 7, 2015, the Company had the following net derivative financial instruments outstanding: Sales contracts Remaining term Volume Weighted average price Index Crude oil Price collars Apr 2015 Dec 2015 50,000 bbl/d…
  25. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 25
    Key Historic Data Operational Information 2009 2010 2011 2012 2013 2014 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 355 425 389 451 478 531 Natural gas (MMcf/d) 1,315 1,243 1,257 1,220 1,158 1,555 Barrels of oil…
  26. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 26
    Corporate Guidance May 7, 2015 Q2/15 2015 Updated Guidance Guidance Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,750 - 1,770 1,730 - 1,770 Crude oil and NGLs (Mbbl/d) North America 266 - 274 274 - 284 North…
  27. June 2015 Corporate Presentation – Canadian Natural Ltd – slide 27
    Steve W. Laut President Tim S. McKay Chief Operating Officer Douglas A. Proll Executive Vice President Corey B. Bieber Chief Financial Officer and Senior Vice President, Finance Jason Popko Leah Loyola Manager,…

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