Skip to main content November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) | Shale Experts
Loading...
Pm

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

Canadian Natural Resources Limited (CNRL) · Nov 7, 2014 · 71 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. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
    CORPORATE PRESENTATION November 2014
  2. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    Delivering Value and Growth SNAPSHOT 2014F 2015B Cash flow(1) (C$ million) $9,600 - 10,000 $9,200 ? 9,600 Per share ? basic(1) (C$) $8.80 - 9.15 $8.35 ? 8.70 Capital expenditures (C$ million) $11,955 $8,600 Dividend (C$/Share)…
  3. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    2014F 2015B Oil WTI (US$/bbl) $95.34 $81.00 Natural gas NYMEX (US$/MMbtu) $4.19 $3.75 Natural gas AECO (C$/GJ) $4.34 $3.45 Heavy oil diff (%) 20.2% 18.0% Exchange rate (C$ = XUS$) $0.91 $0.89 Company Gross Reserves of crude oil and…
  4. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    CNQ Five Key Messages Large, balanced, high quality, diverse asset base Transitioning to long life, low decline asset base Delivering increasing, sustainable free cash flow through organic, profitable growth Balance sheet strength…
  5. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    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 3 Note: Sourced from 2013 corporate reports.…
  6. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 6
    CNQ 2P Reserves Before Royalties SIGNIFICANT VALUE TO UNLOCK Slide 4 Based on forecast pricing assumptions. Note: Sourced from 2013 corporate reports. Peers include: CVE, ECA, HSE, IMO, SU, TLM. CNQ does not include reserves…
  7. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    CNQ ? Transitioning to long life, low decline asset mix ? Conventional assets deliver field operating free cash flow ? Pelican Lake crude oil ?Leading-edge polymer flood ?Top tier operating costs deliver field operating free cash…
  8. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    CNQ Transitioning to a Longer Life Asset Base LONG LIFE ASSETS = MORE SUSTAINABLE FREE CASH FLOW Slide 6 *2015B - 2018F based on company internal forecast as at November 2014. Dependent upon economic and regulatory conditions,…
  9. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    CNQ -$3 -$2 -$1 $0 $1 $2 $3 $4 $5 $6 $7 $8 2013 2014F 2015B 2016F 2017F 2018F 2019F 2020F Targeted Total Corporate Free Cash Flow GROWING FREE CASH FLOW ($ Billion) Note: Dependent upon economic and regulatory conditions,…
  10. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    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…
  11. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    CNQ 2015 Targeted Free Cash Flow Uses Slide 9 ($ million) 2014F 2015B Expected Cash Flow $9,760 $9,400 Current Capital 4,470 4,910 Future Growth Capital 3,600 3,600 Midstream & Other 145 90 Free Cash Flow $1,545 $800 Dividends…
  12. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    CNQ Canadian Natural 2015 Capital Budget Slide 10 ($ million) 2014F 2015B Natural gas $785 $920 Crude oil Pelican Lake 250 240 Primary Heavy 1,250 1,130 Thermal In Situ 1,080 1,135 Light Canada 675 480 North Sea 545 545…
  13. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    CNQ ($ million) Capital Flexible Capital (1) %Flexible North America E&P $2,770 $1,440 52% Thermal 1,135 260 23% International 1,245 330 27% Horizon Sustaining 355 ? Turnaround reclamations & other 535 ? Project (2) 2,470 20 Net…
  14. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    CNQ Canadian Natural 2015 Production Budget STRATEGIC, DEFINED GROWTH PLAN Slide 12 Targeted Production 2014F 2015B %Change Crude oil (Mbbl/d) North America Light Oil & NGLs 89 - 90 96 - 100 9% Pelican Lake 49 - 51 52 - 55 7%…
  15. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    CNQ $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F Dividend Share Purchase Horizon build years Return to Shareholders RETURNS TO SHAREHOLDERS A PRIORITY…
  16. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    CNQ Balanced, Diverse Portfolio BUILDING A WORLD CLASS COMPANY Slide 14 ? Balanced, diverse production mix ? International exposure ? Vast, balanced resource base to develop ? Delivering significant Free Cash Flow ? 2015 Budget…
  17. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    CNQ AB SK MB CNQ Total Land Base West 1,273 MMcf/d East 371 MMcf/d BC North America Natural Gas & NGLs Core Area Summary ? Largest natural gas producer in Canada ? Q3/14 natural gas production of 1,644 MMcf/d ? Q3/14…
  18. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    CNQ 2014F 2015B % Change Production (MMcf/d)* 1,530 - 1,535 1,715 - 1,755 13% Drilling (net wells) 77 69 Capital ($ million) $785 $920 ? Capital discipline ? Preserve land base for increasing natural gas prices ? 2015 operating…
  19. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    CNQ North America Light Crude Oil 2014 Facts ? Q3/14 light crude oil and NGLs production ? ~94 Mbbl/d ? 2014 light crude oil activity ? 99 wells ? 2 Enhanced Oil Recovery (EOR) pilots at Nipisi and Grand Forks ? 2P reserves ?…
  20. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    CNQ ? 2015 budget activity ? Target multiple formations across basin ? Leverage infrastructure and ?Drill-to-Fill? ? Drives capital efficiencies ? Maximizes value ? Opportunities to optimize facilities and operating costs ?…
  21. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    CNQ International Light Crude Oil ? Q3/14 light crude oil production ? ~32 Mbbl/d ? 2P light crude oil reserves ? 478 million barrels* ? Long reserve life ? Low decline water floods ? Exploitation based ? Exploration upside LONG…
  22. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    CNQ ? 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 program ? Targeted to commence late Q4/14 ?Baobab 6…
  23. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    CNQ ? C?te d?Ivorie ?CI-514 ? CNQ 36% WI ? First exploratory well encountered 40 meter column of 34 degree API crude ? Second exploratory well targeted up-dip for first half of 2015 ?CI-12 ? CNQ 60% WI ? 3D seismic acquired and…
  24. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    CNQ Primary Heavy Crude Oil Core Area Summary ? Largest primary heavy oil producer in Canada ? Record Q3/14 production of ~142,500 bbl/d ? Delivering strong execution ? Extensive land base and infrastructure ? Over 8,000…
  25. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    CNQ ? Low operating costs high netbacks strong field operating free cash flow ? Reducing capital to maintain capital efficiencies ? Most flexible capital in portfolio ? Technology advancements unlock value ? 2015 field operating…
  26. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    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…
  27. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    CNQ 2014F 2015B %Change Production (bbl/d) 49 - 51 52 - 55 7% Drilling (net wells) ? Producers & Injectors 24 2 Capital ($ million) $250 $240 Pelican Lake 2015 Plan TECHNOLOGY ADVANCEMENT PROVIDES SIGNIFICANT UPSIDE Slide 25 Note:…
  28. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    CNQ Thermal In Situ Oil Sands Land Holdings VAST LAND BASE AND GREAT ASSETS = FLEXIBILITY Slide 26 CNQ Lands Cenovus Conoco Devon Shell Suncor Syncrude All Others Birch Mtn. Gregoire Kirby Leismer Ipiatik Grouse…
  29. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    CNQ Thermal In Situ Oil Sands Tremendous Potential MASSIVE RESOURCE TO DEVELOP Slide 27 McMurray 49 billion barrels Wabiskaw 9 billion barrels Carbonates 10 billion barrels Clearwater 14 billion barrels Grand Rapids 15…
  30. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    CNQ Thermal In Situ Oil Sands Growth Plan CAPTURING VALUE BY DOING IT RIGHT Slide 28 ? 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…
  31. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 31
    CNQ ? Primrose ?Ramp up Primrose East Area1 steamflood ? 2015 targeted exit rate of 15,000 - 17,000 bbl/d ?Low Pressure Cycle Steam Primrose East Area 2 ? 4 pads targeted for Q1/15, subject to regulatory approval ?Primrose South…
  32. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 32
    CNQ Thermal In Situ Oil Sands 2015 Plan 2014F 2015B % Change Production (Mbbl/d) 112 - 122 126 - 140 14% Drilling (net wells) Primrose producers 11 4 Kirby producers 4 34 Strats 88 64 Service / observation wells 62 66 Total 165…
  33. November 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. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 34
    CNQ ? Enhanced reliability ? Continued focus on safe, steady and reliable operations ? Plant utilization of 95% post turnaround 2013 ? Greater focus on operating cost efficiencies ? 2015 Guidance: $35.00 - $38.00/bbl, $32.00 -…
  35. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 35
    CNQ 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 CNQ CNQ CNQ CNQ Peer 1 Peer 2 CNQ Peer 1 Peer 2 Horizon Oil Sands - Operations Industry Leading Utilization BEST IN CLASS OPERATIONAL PERFORMANCE Slide 33 Q1/14…
  36. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 36
    CNQ Horizon Oil Sands - Expansion 2015 Plan ? Phase 2/3 Project Expansion FOCUS ON PROJECT EXECUTION Slide 34 2014F 2015B Project Capital ($ million) Reliability ? Tranche 2 $60 $0 Directive 74 and Technology 125 130 Phase 2A 100…
  37. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 37
    CNQ 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 2012 2013 2014F 2015B 2016F 2017F 2018F 2019F Horizon Oil Sands - Expansion Production Capacity Plan FUTURE EXPANSION CREATES VALUE Slide 35…
  38. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 38
    CNQ Horizon Oil Sands - Operations Targeted Operating Costs IMPROVING ECONOMICS THROUGH EXPANSION Slide 36 ($ million) ($/bbl) Targeted Operating Cost per Year Targeted Operating Cost per Barrel Note: Cost estimated with mine diesel…
  39. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 39
    CNQ 2015 Budget Summary Slide 37 ? Strong cash flow ?$9.4 billion* ?$8.50 per share* ? Capital Budget - $8.6 billion ?Future growth capital - $3.6 billion or ~42% of budget ?Significant capital flexibility - ~$2 billion ? Strong…
  40. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 40
    CNQ -$3 -$2 -$1 $0 $1 $2 $3 $4 $5 $6 $7 $8 2013 2014F 2015B 2016F 2017F 2018F 2019F 2020F Targeted Total Corporate Free Cash Flow GROWING FREE CASH FLOW ($ Billion) Note: Dependent upon economic and regulatory conditions,…
  41. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 41
    CNQ ? Resource development ?Executing our defined plan ? Dividends ?14 consecutive years of dividend increases ? 34% CAGR (2009 - 2014) ?Must be sustainable ? Share purchases ?9.675 million common shares purchased year to date in…
  42. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 42
    CNQ $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F Dividend Share Purchase Horizon build years Return to Shareholders RETURNS TO SHAREHOLDERS A PRIORITY…
  43. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 43
    CNQ 0 200 400 600 800 1,000 1,200 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 with…
  44. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 44
    CNQ ? Large, diversified, well balanced asset base ? Delivers significant cash flow, only a portion required to provide near term growth ? Delivers increasing and more sustainable free cash flow to allocate to: ?Resource development…
  45. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 45
    CNQ ? Quarterly production ? 797,000 BOE/d ? 13% YOY growth ? 518,000 bbl/d crude oil & NGLs ? 2% YOY growth ? 2014F targeted annual growth of 12% ? 1,674 MMcf/d natural gas ? 44% YOY growth ? Record Pelican Lake heavy crude oil…
  46. November 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. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 47
    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. November 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. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 49
    CNQ Pelican Lake Polymerflood INDUSTRY LEADING EOR TECHNOLOGY Slide 48 $/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…
  50. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 50
    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 ?…
  51. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 51
    CNQ Delivering Safety Excellence SAFETY IS A CORE VALUE Slide 50 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…
  52. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 52
    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…
  53. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 53
    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…
  54. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 54
    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…
  55. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 55
    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…
  56. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 56
    CNQ Superior Fort McMurray Kitimat Edmonton Steele City Sarnia Montreal Portland St. John Enbridge Gateway 525 Mbbl/d Crude Export Line (2018+) TMX Expansion 890 Mbbl/d (2018+) Seaway Pipeline Twin 850 Mbbl/d Vancouver…
  57. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 57
    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,…
  58. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 58
    CNQ Horizon Oil Sands - Expansion Expansion Progressing PHASE 2-3 PROGRESS Slide 57 2014 2011
  59. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 59
    CNQ Horizon Oil Sands Expansion Update EXPANSION 110 MBBL/D UP TO 250 MBBL/D Slide 58 ? Overall expansion 50% physically complete Reliability (5,000 bbl/d capacity) ? Projects on track, costs running below budget Complete 41%…
  60. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 60
    CNQ Horizon Oil Sands Expansion By Phase Slide 59 Ore Preparation Plant Extraction Froth Treatment Plant Distillate Recovery Vacuum Distillate Unit Coker Drums Hydrotreaters ** # of Units Capacity (bbl/d) Phase 1 110,000…
  61. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 61
    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…
  62. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 62
    CNQ Maturity Schedule Public Debt BALANCED MATURITY PROFILE Slide 61 (C$ billion) Note: Represents principal repayments only and does not reflect fair value adjustments, original issue discounts or transaction costs. Reflects…
  63. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 63
    Advisory Pricing Assumptions 1. 2014F based upon pricing assumptions at October 2014; WTI of US$95.34/bbl, AECO of C$4.19/GJ, WCS differential of 20% and foreign exchange of US$1.00 to C$1.10. 2. 2015B based upon pricing assumptions…
  64. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 64
    Natural Gas - Montney Discovered Natural Gas Initially-In-Place 67,746 billion cubic feet Proved Company Gross Reserves 738 billion cubic feet of Natural Gas 50 million barrels of NGL Probable Company Gross Reserves 547 billion cubic…
  65. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 65
    Remaining term Volume Weighted average price Index Crude oil Price collars Oct 2014 ? Dec 2014 50,000 bbl/d US$75.00 ? US$121.57 Brent Oct 2014 ? Dec 2014 50,000 bbl/d US$80.00 ? US$120.17 Brent Oct 2014 ? Dec 2014 50,000 bbl/d…
  66. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 66
    Note: The Company?s outstanding commodity derivative financial instruments are expected to be settled monthly based on the applicable index pricing for the respective contract month. (1) Western Canadian Select Remaining term Volume…
  67. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 67
    Key Historic Data Operational Information 2008 2009 2010 2011 2012 2013 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 316 355 425 389 451 478 Natural gas (MMcf/d) 1,495 1,315 1,243 1,257 1,220 1,158 Barrels of oil…
  68. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 68
    Results of operations (C$ million, except per share) Cash flow from operations 6,969 6,090 6,333 6,547 6,013 7,477 per share ? Basic 6.45 5.62 5.82 5.98 5.48 6.87 Net earnings 4,985 1,580 1,673 2,643 1,892 2,270 per share ? Basic 4.61…
  69. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 69
    Corporate Guidance November 6, 2014 2014 2015 Budget Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,550 - 1,570 1,790 - 1,830 Crude oil and NGLs (Mbbl/d) North America 280 - 287 292 - 302 North America ? Thermal…
  70. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 70
    Horizon Oil Sands Project Project capital Reliability ? Tranche 2 60 - Directive 74 125 130 Phase 2A 100 45 Phase 2B 1,325 1,370 Phase 3 630 565 Owner?s costs and other 275 340 Total capital projects 2,515 2,450 Technology 10 10…
  71. November 2014 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 71
    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…

From the store

Browse maps, data & reports in the Shale Experts store