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January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL)

Canadian Natural Resources Limited (CNRL) · Jan 18, 2016 · 31 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. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
  2. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    Delivering Value and Growth SNAPSHOT 2014 2015F Cash flow(1) (C$ million) $9,587 $5,700 - 6,000 Per share ? basic(1) (C$) $8.87 $5.20 - 5.50 Capital expenditures (C$ million) $11,744 $5,435 Dividend (C$/Share) $0.90 Common shares…
  3. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    2014 2015F Oil WTI (US$/bbl) $92.92 $50.23 Natural gas NYMEX (US$/MMbtu) $4.37 $2.74 Natural gas AECO (C$/GJ) $4.19 $2.63 Heavy oil diff (%) 21% 27% Exchange rate (C$ = XUS$) $0.91 $0.79 Company Gross Reserves of crude oil and…
  4. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    CNQ % Reduction* Pelican Lake 15% Primary Heavy Crude Oil 21% Light Crude Oil & NGLs 19% Thermal In Situ Oil Sands(2) 16% North Sea Light Crude Oil 5% Offshore Africa Light Crude Oil(2) 37% Horizon Oil Sands 27% North America…
  5. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    CNQ (C$ million) Maturity Revolving bank line 1 $2,425 June 2020 Revolving bank line 2 $2,425 June 2019 Non-revolving bank line 3 $1,500 April 2018 Non-revolving term facility $1,000 January 2017 Operating demand loan $ 100 Demand…
  6. January 2016 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 5,000 SIGNIFICANT VALUE TO UNLOCK Slide 11 1P Reserves After Royalties Note: Sourced from 2014 corporate reports. Peers include: APA, APC, EOG, CVE, CHK, DVN, ECA,…
  7. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    CNQ $0 $10 $20 $30 $40 $50 $60 TOP TIER F&D COSTS Slide 12 F&D Costs Reserve Replacement ? 3 Year Average ($/BOE, net) Source: BMO Report, ?Oil & Gas: E&P? dated May 26, 2015. Peers include APA, APC, CHK, CVE, DVN, ECA, EOG,…
  8. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    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 LONG LIFE ASSETS = MORE SUSTAINABLE CASH FLOW Slide…
  9. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    CNQ ($ million) 2014 2015F Natural gas $767 $410 Crude oil Pelican Lake 246 145 Primary Heavy 1,253 370 Thermal In Situ 1,039 320 Light Canada 639 160 International 823 1,070 Total crude oil $4,000 $2,065 Horizon Sustaining…
  10. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    CNQ Targeted Production 2014 2015F % Change(1) Crude oil (Mbbl/d) North America Light Oil & NGLs 89 91 - 92 3% Pelican Lake 50 50 - 52 2% Primary Heavy 143 126 - 129 (11%) Thermal In Situ Oil Sands 108 126 - 140 23% International…
  11. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    CNQ ? Committed to lowering cost structure ?Execution/productivity step changes ?Right scoping ?Leverage technology ?Regulatory effectiveness/efficiency ?Lower costs through the supply chain ? Disciplined approach lowered operating…
  12. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    CNQ BUILDING A WORLD CLASS COMPANY Slide 18 Balanced, Diverse Portfolio ? Balanced, diverse production mix ? International exposure ? Vast, balanced resource base to develop ? Growing free cash flow Heavy Crude Oil ~35% Light…
  13. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    CNQ ? Largest natural gas producer in Canada ? Q3/15 natural gas production of 1,592 MMcf/d ? Q3/15 average NGLs yield over 24 bbl/MMcf ? Large resource base ? 9.47 Tcfe reserves(1) ? Significant unconventional assets ? Montney…
  14. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    CNQ 2014 2015F % Change Production (MMcf/d)* 1,527 1,655 - 1,692 10% Drilling (net wells) 76 17 Capital ($ million) $767 $410 MOST EFFECTIVE AND EFFICIENT PRODUCER Slide 20 North America Natural Gas & NGLs 2015 Plan ? Capital…
  15. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    CNQ ? Q3/15 light crude oil and NGL production ? ~88 Mbbl/d ? 2P reserves ? Light crude oil 203 million barrels* ? High quality light crude oil horizontal multi-frac opportunities ? Montney ? Dunvegan ? Halfway/Doig ? Charlie…
  16. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    CNQ ? 2015 activity ? Target multiple formations across basin ? Leverage infrastructure and ?Drill-to-Fill? ? Drive capital efficiencies ? Maximize value ? Opportunities to optimize facilities and operating costs ? Leverage…
  17. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    CNQ LONG LIFE RESERVES Slide 23 International Light Crude Oil Summary North Sea C?te d?Ivoire Gabon South Africa *Company gross proved plus probable reserves at December 31, 2014. ? Q3/15 light crude oil production ? ~43 Mbbl/d…
  18. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    CNQ 2014 2015F % Change Crude oil production (Mbbl/d) 30 41 - 47 47% Capital ($ million) $823 $1,070 Slide 24 International Light Crude Oil 2015 Plan Note: Rounded to the nearest 1,000 bbl/d. ? Offshore Africa ? Espoir 10 gross…
  19. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    CNQ ? Largest primary heavy oil producer in Canada ? Q3/15 production of ~126 Mbbl/d ? Delivering strong execution ? Extensive land base and infrastructure ? 5 major processing facilities ? ECHO sales pipeline ? 2P reserves ?…
  20. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    CNQ 2014 2015F %Change Production (Mbbl/d) 143 126 - 129 (11%) Drilling (net wells) 896 107 Recompletion (net wells) 637 393 Capital ($ million) $1,253 $370 STRONG CASH-ON-CASH RETURNS Slide 26 Primary Heavy Crude Oil 2015 Plan…
  21. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    CNQ 2014 2015F %Change Production (bbl/d) 50 50 - 52 2% Drilling (net wells) ? Producers & Injectors 24 ? Capital ($ million) $246 $145 TECHNOLOGY ADVANCEMENT PROVIDES SIGNIFICANT UPSIDE Slide 27 Pelican Lake 2015 Plan Note:…
  22. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    CNQ VAST LAND BASE AND GREAT ASSETS = FLEXIBILITY Slide 28 Thermal In Situ Oil Sands Land Holdings Birch Mtn. Gregoire Leismer Ipiatik Grouse Pelican Lake Germain Primrose Wolf Lake Hilda Lake Marie Lake Saleski ?…
  23. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    CNQ Phase Reservoir Oil Facility Capacity Target (bbl/d) Primrose South/North CSS Clearwater 80,000 Primrose East CSS Clearwater 40,000 Kirby South SAGD McMurray 40,000 Kirby North Phase 1 SAGD McMurray 40,000 Grouse SAGD…
  24. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    CNQ 2014 2015F % Change Production (Mbbl/d) 108 126 - 140 23% Drilling (net wells) Primrose producers 11 ? Kirby producers 4 3 Strats 78 17 Service / observation wells 65 24 Total 158 44 Capital ($ million) $1,039 $320 CONTINUED…
  25. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    CNQ 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Western Canadian Refineries TMPL ENB- Ex Superior W. Access to PADD IV Clearbrook/Superior Keystone Base (in service)…
  26. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    CNQ ? World Class asset ? 2P SCO reserves ? 3.6 billion barrels(1) ? Phased development (SCO) ? Current targeted nameplate capacity of 137,000 bbl/d ? Targeted completion of Phase 2B Q4/16 ? Targeted completion of Phase 3 Q4/17 ?…
  27. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    CNQ FOCUS ON OPERATIONAL EXCELLENCE Slide 34 Horizon Oil Sands ? Operations 2015 Plan 2014 2015F % Change Production (Mbbl/d) 111 121 - 131 14% Sustaining Capital ($ million) $352 $290 Turnarounds & Reclamation ($ million) $50 $40…
  28. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    CNQ 96 89 85 75 89 85 85 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 Q3/15 CNQ Peer 1 Peer 2 CNQ Peer 1 Peer 2 BEST IN CLASS OPERATIONAL PERFORMANCE Slide 35 Horizon Oil Sands ?…
  29. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    CNQ Slide 36 Horizon Oil Sands - Expansion 2015 Plan ? Phase 2/3 Project Expansion FOCUS ON PROJECT EXECUTION 2014 2015F Project Capital ($ million) Reliability ? Tranche 2 $60 $0 Directive 74 and Technology 129 40 Phase 2A 95 35…
  30. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    CNQ 0 500 1,000 1,500 2,000 2,500 50,000 100,000 150,000 200,000 250,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 FUTURE EXPANSION CREATES VALUE Slide 37 Horizon Oil Sands Expansion…
  31. January 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 31
    CNQ 50,000 100,000 150,000 200,000 250,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 $20 $25 $30 $35 $40 $45 HORIZON PRODUCTION DOUBLES BY 2018 Slide 38 Horizon Oil Sands Significant…

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