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August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL)

Canadian Natural Resources Limited (CNRL) · Aug 15, 2014 · 72 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
    CORPORATE PRESENTATION August 2014
  2. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    Delivering Value and Growth SNAPSHOT 2013 2014F(1) Cash flow(2) (C$ million) $7,477 $9,800 - 10,200 Per share ? basic(2) (C$) $6.87 $9.00 - 9.35 Capital expenditures (C$ million) $7,274 $11,825 - 12,225 Dividend (C$/Share) $0.575…
  3. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    2013 2014F Oil WTI (US$/bbl) $98.00 $100.51 Natural gas NYMEX (US$/MMbtu) $3.67 $4.40 Natural gas AECO (C$/GJ) $3.00 $4.22 Heavy oil diff (%) 26% 21.8% Exchange rate (C$ = XUS$) $0.97 $0.92 Company Gross Reserves of crude oil and…
  4. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    CNQ Five Key Messages Proven, effective, value driven strategy Safe, effective, efficient & environmentally responsible operations Strong, balanced, diverse portfolio with significant upside Transition to long life, low decline…
  5. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    CNQ ? Capital allocation to maximize value ? Defined growth / value enhancement plans by product / basin ? Balance ?Product mix ?Project time horizons ?Drill bit and acquisitions ?Strong balance sheet ? Opportunistic…
  6. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 6
    CNQ 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 CNQ SU OXY IMP DVN APC CHK APA EOG CVE ECA NBL HSE TLM 1P Reserves After Royalties SIGNIFICANT VALUE TO UNLOCK Slide 4 Note: Sourced from 2013 corporate reports.…
  7. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    CNQ 2P Reserves Before Royalties SIGNIFICANT VALUE TO UNLOCK Slide 5 Based on forecast pricing assumptions. Note: Sourced from 2013 corporate reports. Peers include: CVE, ECA, HSE, IMO, SU, TLM. CNQ does not include reserves…
  8. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    CNQ 2014 Capital Capital ($ million) 2013 2014F* Natural gas $554 $800 Crude oil Pelican Lake 401 250 Primary Heavy 1,159 1,225 Thermal In Situ 1,279 1,100 Light Canada 541 620 North Sea 347 535 Offshore Africa 144 315 Total…
  9. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    CNQ 2014 Production Targeted Production 2013* 2014F* % Change Crude oil (Mbbl/d) North America Light Oil & NGLs 68 89 - 90 Pelican Lake 43 49 - 51 Primary Heavy 136 142 - 146 Thermal In Situ Oil Sands 97 112 - 122 International 34…
  10. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    CNQ -$2 -$1 $0 $1 $2 $3 $4 $5 $6 $7 $8 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F Targeted Total Corporate Free Cash Flow GROWING FREE CASH FLOW ($ billion) Note: Dependent upon economic and…
  11. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    CNQ Delivering Safety Excellence SAFETY IS A CORE VALUE Slide 9 0 0.1 0.2 2009 2010 2011 2012 2013 Lost time incident rate (incident per 200K hours) ? Safety is a core value ? Committed to continuous improvement ? No harm to…
  12. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    CNQ ? Proactive environmentally responsible operations ? Drive continuous improvement to reduce environmental impacts ? Meet or exceed all regulatory requirements ? Reducing Greenhouse Gas Intensity ? Restoring sites to natural…
  13. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    CNQ $0 $50 $100 $150 $200 $250 $300 $350 $400 2008 2009 2010 2011 2012 2013 Leveraging Technology for Value & Performance TECHNOLOGY UNLOCKS VALUE ($ million) Note: Sourced from Company internal reports and RE$EARCH…
  14. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    CNQ Balanced, Diverse Portfolio BUILDING A WORLD CLASS COMPANY Slide 12 ? Balanced, diverse production mix ? International exposure ? Vast, balanced resource base to develop ? Delivering significant Free Cash Flow ? 2014…
  15. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    CNQ AB SK MB CNQ Total Land Base West 1,222 MMcf/d East 384 MMcf/d BC North America Natural Gas & NGLs Core Area Summary ? Largest natural gas producer in Canada ? Q2/14 natural gas production of 1,606 MMcf/d ? Q2/14…
  16. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    CNQ 2013 2014F % Change Production (MMcf/d)* 1,130 1,510 - 1,530 35% Drilling (net wells) 45 68 Capital ($ million) $554 $800 ? Capital discipline, increased 2014 budget due to acquisitions ? Septimus expansion plant on-stream ahead…
  17. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    CNQ North America Light Crude Oil 2014 Facts ? Q2/14 light crude oil and NGLs production ? ~93 Mbbl/d ? 2014 light crude oil activity ? 96 wells ? 2 Enhanced Oil Recovery (EOR) pilots at Nipisi and Grand Forks ? 2P reserves ?…
  18. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    CNQ North America Light Crude Oil 2014 Plan SIGNIFICANT LAND BASE & OPPORTUNITY Slide 16 2013 2014F % Change Production (Mbbl/d)* 68 89 - 90 32% Drilling (net wells) ? Producers 104 96 Capital ($ million) $541 $620 *Includes NGLs.…
  19. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    CNQ International Light Crude Oil ? Q2/14 light crude oil production ? ~26 Mbbl/d ? 2P light crude oil reserves ? 478 million barrels* ? Long reserve life ? Low decline water floods ? Exploitation based ? Exploration upside LONG…
  20. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    CNQ ? Generates Field Operating Free Cash Flow in 2014 ? North Sea ?4 Brownfield Allowances (BFAs) approved to date ?Ninian development plan commenced in Q4/13 ? 6 well program ? Offshore Africa ?Espoir 10-well infill drilling…
  21. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    CNQ Primary Heavy Crude Oil Core Area Summary ? Largest primary heavy oil producer in Canada ? Q2/14 production of ~143,200 bbl/d ? Production growth ? 12% CAGR since 2010 ? Extensive land base and infrastructure ? Over 8,000…
  22. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    CNQ ? Low operating costs high netbacks strong Field Operating Free Cash Flow ? High return on capital ? Technology advancements unlock value 2013 2014F %Change Production (Mbbl/d) 136 142 - 146 6% Drilling (net wells) 859 845…
  23. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    CNQ ? Transitioning to long life, low decline asset mix ? All conventional assets deliver Field Operating Free Cash Flow ? Pelican Lake crude oil & Thermal in situ oil sands ?Long life, low decline assets ?Delivers significant Field…
  24. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    CNQ 0% 10% 20% 30% 40% 50% 60% 70% 2007 2011 2015F 2018F Horizon - Sold as Synthetic Crude Oil Thermal In Situ - Sold as Heavy Crude Oil Pelican Lake - Sold as Heavy Crude Oil Transitioning to a Longer Life Asset Base LONG…
  25. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    CNQ Pelican Lake Crude Oil ? Wabiskaw heavy crude oil pool ? Industry leading EOR project ? Amongst the largest polymer floods in the world ? Technology development continues to improve crude oil recovery ? Leading example of…
  26. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    CNQ 2013 2014F %Change Production (bbl/d) 43 49 - 51 16% Drilling (net wells) - Producers & Injectors 39 24 Capital ($ million) $401 $250 Pelican Lake 2014 Plan TECHNOLOGY ADVANCEMENT PROVIDES SIGNIFICANT UPSIDE Slide 24 Note:…
  27. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    CNQ Thermal In Situ Oil Sands Land Holdings VAST LAND BASE AND GREAT ASSETS = FLEXIBILITY Slide 25 CNQ Lands Cenovus Conoco Devon Shell Suncor Syncrude All Others Birch Mtn. Gregoire Kirby Leismer Ipiatik Grouse…
  28. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    CNQ Thermal In Situ Oil Sands Tremendous Potential MASSIVE RESOURCE TO DEVELOP Slide 26 McMurray 49 billion barrels Wabiskaw 9 billion barrels Carbonates 10 billion barrels Clearwater 14 billion barrels Grand Rapids 15…
  29. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    CNQ Thermal In Situ Oil Sands Growth Plan CAPTURING VALUE BY DOING IT RIGHT Slide 27 ? 522,000 bbl/d of oil facility capacity in the defined growth plan ? 40,000 - 60,000 bbl/d addition every 2-3 years ? 100% working interest and…
  30. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    CNQ Thermal In Situ Oil Sands 2014 Plan 2013 2014F % Change Production (Mbbl/d) 97 112 - 122 21% Drilling (net wells) Primrose producers 137 19 Kirby South producers 8 4 Strats 73 88 Service / observation wells 62 69 Total 280…
  31. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 31
    CNQ ? Incremental PADD 2 conversion capacity ? Whiting and Marathon capacity increase of 340,000 bbl/d ? Significant additional rail loading capacity in WCSB ? 1.4 million bbl/d of loading capacity by Q4/15 ? Debottlenecking pipeline…
  32. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 32
    CNQ 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Western Canadian Refineries TMPL TMX (2018+) Marketing WCSB Crude Supply Dispositions INCREMENTAL RAIL CAPACITY ADDED…
  33. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 33
    CNQ Horizon Oil Sands - Operations Core Area Summary ? World Class asset ? 14.4 billion barrels BIIP(1) ? 2P SCO reserves ? 3.3 billion barrels(2) ? Best estimate contingent resources other than reserves ? 4.1 billion barrels of…
  34. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 34
    CNQ Horizon Oil Sands - Operations 2014 Plan FOCUS ON OPERATIONAL EXCELLENCE Slide 32 2013 2014F % Change Production (Mbbl/d) 100 109 - 115 12% Sustaining Capital ($ million) $278 $290 Turnarounds, Reclamation & Other ($ million)…
  35. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 35
    CNQ ? Reliability and efficiencies will be achieved through completion of original design of Phase 1,2,3 with higher vacuum yield and an even more integrated energy efficient facility ?Completion of Reliability (OPP3 and SRU3) ?…
  36. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 36
    CNQ 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 300,000 2012 2013 2014F 2015F 2016F 2017F 2018F 2019F Horizon Oil Sands - Expansion Production Capacity Plan FUTURE EXPANSION CREATES VALUE Slide 34…
  37. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 37
    CNQ Horizon Oil Sands - Operations Targeted Operating Costs IMPROVING ECONOMICS THROUGH EXPANSION Slide 35 ($ million) ($/bbl) Targeted Operating Cost per Year Targeted Operating Cost per Barrel Note: Cost estimated with mine diesel…
  38. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 38
    CNQ Horizon Oil Sands - Expansion 2014 Plan ? Project Expansion Capital FOCUS ON PROJECT EXECUTION Slide 36 2013 2014F Project Capital ($ million) Reliability ? Tranche 2 $90 $40 Directive 74 and Technology 57 200 Phase 2A 167…
  39. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 39
    CNQ Slide 37 Delivering Our Financial Plan SOLID FINANCIAL BASE SUPPORTS FUTURE GROWTH ? Rating Agencies: maintain long term ratings from S&P (BBB+, Stable Outlook), Moody?s (Baa1, Stable Outlook) & DBRS (BBB High, Stable Trend) ?…
  40. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 40
    CNQ 2014 Budget Summary 2014F* Targeted Cash Flow $9.8 - $10.2 billion Capital $8.1 - $8.5 billion Net acquisitions and other $3.7 billion Crude oil & NGLs production growth 14% growth Capital for future production $3.6 billion…
  41. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 41
    CNQ -$2 -$1 $0 $1 $2 $3 $4 $5 $6 $7 $8 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F Targeted Total Corporate Free Cash Flow GROWING FREE CASH FLOW ($ billion) Note: Dependent upon economic and…
  42. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 42
    CNQ ? Resource development ?Executing our defined plan ? Dividends ?14 consecutive years of dividend increases ? 34% CAGR (2009 ? 2014) ?Must be sustainable ? Share purchases ?10.2 million common shares purchased in 2013 at an…
  43. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 43
    CNQ 0 200 400 600 800 1,000 1,200 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F Dividend Share Purchase Horizon build years Balanced Free Cash Flow Allocation RETURNS TO SHAREHOLDERS A PRIORITY Slide 41 ($…
  44. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 44
    CNQ 0 200 400 600 800 1,000 1,200 1,400 CNQ EOG PXD DVN APA APC SU CVE Committed Management ? Substantial management and director wealth at stake ? Strong motivation for management to perform ? Delivers clear alignment…
  45. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 45
    CNQ Slide 43 The Sustainable Free Cash Flow Independent CONSISTENT HISTORY OF VALUE CREATION 1. Proven, Effective, Value Driven Strategy ? Resource development ? Dividends ? Share purchases ? Acquisitions ? Debt repayment 2.…
  46. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 46
    CNQ North America Natural Gas & NGLs Our Montney Position Project Gas Sales Capacity (MMcf/d) Liquids Sales Capacity (bbl/d) Gas Price Required (AECO) Septimus Phase 1 57 5,555 On stream Septimus Phase 2 68 6,645 On…
  47. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 47
    CNQ North America Natural Gas & NGLs Duvernay Lands and Plans LEVERAGE LAND, INFRASTRUCTURE AND TECHNOLOGY Slide 46 Kaybob Wild River Pembina AB Volatile Crude Oil Wet Gas (10-80 bbl/MMcf) Lean Gas…
  48. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 48
    CNQ International Light Crude Oil Cote d?Ivoire - Exploration EXPLORATION OPPORTUNITIES FOR VALUE CREATION Slide 47 12.5km CI-12 CI-515 CI-516 CI-115 CI-116 CI-514 Saphir-1X Espoir/Baobab Paon Oil Discovery 2012 CI-12 (CNQ…
  49. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 49
    CNQ International Light Crude Oil South Africa ? Big E Exploration ? 5 structures up to 1 billion barrels ? High caliber, experienced partner selected ? 1st exploratory well commenced drilling in Q3/14 HIGH IMPACT POTENTIAL…
  50. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 50
    CNQ ? Commercial EOR projects ? Polymer flood at Pelican Lake ? Miscible hydrocarbon gas flood at Swan Hills ? CO 2 flood at Enchant ? EOR pilot tests ? Water floods heavy crude oil (Lone Rock, Epping) ? Polymer flood heavy crude…
  51. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 51
    CNQ 0 100 200 300 400 500 600 700 800 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 ? Post primary production application ? Water flood pilots ? 28 producer wells ? 15-17 degrees API, 700 - 2,300 cp…
  52. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 52
    CNQ Pelican Lake Polymerflood INDUSTRY LEADING EOR TECHNOLOGY Slide 51 $/bbl New wells / well conversions $1.75-$2.50 Facilities and pipelines $2.75-$3.50 Polymer $4.00-$6.00 Maintenance and other $4.50-$5.00 Total $13.00-$17.00…
  53. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 53
    CNQ Pelican Lake Polymer Flood Expansion POLYMER FLOOD SUCCESS LEADS TO EXPANSION Slide 52 Polymer Flood at end of 2012 53% 5 Year Polymer Plan 72% 2013 / 2014 Polymer Plan 57% Contingent 97%
  54. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 54
    CNQ 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Pelican Lake Production by Recovery Method THREE PRODUCING REGIMES ?…
  55. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 55
    CNQ Thermal In Situ Oil Sands Primrose Flow to Surface ? The Contributing Factors ? Large volume of fluid released into the Grand Rapids from the Clearwater ? Volume released must make it to the top of the Grand Rapids at…
  56. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 56
    CNQ Thermal In Situ Oil Sands Primrose Flow to Surface ALL CONTRIBUTING FACTORS ADDRESSED Mitigation Non Conforming Wellbores Steam Operations 100% Coverage of Grand Rapids Pressure Monitoring Increased Sensitivity to Pressure…
  57. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 57
    CNQ Superior Fort McMurray Kitimat Edmonton Steele City Sarnia Montreal Portland St. John Enbridge Gateway 525 Mbbl/d Crude Export Line (2017+) TMX Expansion 890 Mbbl/d (2018+) Seaway Pipeline Twin 450 Mbbl/d in Q3/2014…
  58. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 58
    CNQ -45 -35 -25 -15 -5 5 15 25 35 2010 2011 2012 2013 2014 2015 2016 2017 WTI WCS Maya LLS Marketing Selected Differentials Percentage of WTI UNCONSTRAINED LOGISTICS - IMPROVING DIFFERENTIALS Slide 57 Source: EIA Actual…
  59. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 59
    CNQ ? Project sanctioned November 2012 ? 50,000 bbl/d additional bitumen conversion capacity ?Canadian Natural ? 50% ownership ? Return on capital generated by tolls ?30 year tolling agreement ?Tolls determined by project capital,…
  60. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 60
    CNQ Horizon Oil Sands - Expansion Expansion Progressing PHASE 2-3 PROGRESS Slide 59 2014 2011
  61. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 61
    CNQ Horizon Oil Sands Expansion Update EXPANSION 110 MBBL/D UP TO 250 MBBL/D Slide 60 ? Overall expansion 42% physically complete Reliability (5,000 bbl/d capacity) ? Projects on track, costs running below budget 99% Complete 27%…
  62. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 62
    CNQ Horizon Oil Sands Expansion By Phase Slide 61 Ore Preparation Plant Extraction Froth Treatment Plant Distillate Recovery Vacuum Distillate Unit Coker Drums Hydrotreaters ** # of Units Capacity (bbl/d) Phase 1 110,000…
  63. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 63
    CNQ Bank Credit Facilities (C$ million) Maturity Revolving bank line 1 $3,000 June 2017 Revolving bank line 2 $1,500 June 2016 Non-Revolving term facility $1,000 April 2016 Operating demand loan $ 275 Demand North Sea operating…
  64. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 64
    CNQ Maturity Schedule Public Debt BALANCED MATURITY PROFILE Slide 63 (C$ billion) Note: Represents principal repayments only and does not reflect fair value adjustments, original issue discounts or transaction costs. Using the July…
  65. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 65
    CNQ Resource Disclosure(1) Slide 64 Horizon Oil Sands Synthetic Crude Oil Discovered Bitumen Initially-In-Place 14,400 million barrels Proved Company Gross Reserves 2,221 million barrels of SCO Bitumen volume associated with Proved…
  66. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 66
    Hedging (1) Western Canadian Select (2) Subsequent to June 30, 2014, the Company entered into an additional 10,000 bbl/d of US$22.69 WCS differential swaps for the period October 2014 to December 2014 and 10,000 bbl/d of US$22.78 WCS…
  67. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 67
    Note: The Company?s outstanding commodity derivative financial instruments are expected to be settled monthly based on the applicable index pricing for the respective contract month. Remaining Term Volume Weighted average price Fixed…
  68. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 68
    Key Historic Data Operational Information 2008 2009 2010 2011 2012 2013 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 316 355 425 389 451 478 Natural gas (MMcf/d) 1,495 1,315 1,243 1,257 1,220 1,158 Barrels of oil…
  69. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 69
    Realized product pricing, before hedging activities & after transportation costs Crude oil and NGLs (C$/bbl) 82.41 57.68 65.81 77.46 70.24 71.59 Natural gas (C$/Mcf) 8.39 4.53 4.08 3.73 2.44 3.30 Results of operations (C$ million,…
  70. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 70
    Corporate Guidance August 7, 2014 Q3/14 Guidance 2014 Updated Guidance Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,645 - 1,675 1,550 - 1,570 Crude oil and NGLs (Mbbl/d) North America 283 - 290 280 - 287…
  71. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 71
    Note: Interest rates are subject to change depending upon short term rate changes. Cash income taxes are subject to variation with commodity prices and the level and classification of capital expenditures. Cash PRT is subject to…
  72. August 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 72
    CANADIAN NATURAL RESOURCES LIMITED 2100, 855 - 2nd Street S.W., Calgary, Alberta, T2P 4J8 Telephone: (403) 514-7777 Facsimile: (403) 514-7888 Email: ir@cnrl.com Steve W. Laut President Tim S. McKay Chief Operating Officer…

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