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

Canadian Natural Resources Limited (CNRL) · Feb 3, 2016 · 30 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. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
    CORPORATE PRESENTATION February 2016
  2. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    % 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 Natural…
  3. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    • Leading R&D investor ? Largest crude oil and natural gas R&D investor in Canada in 2014 ? 7th largest R&D investor for all industries in Canada in 2014 ? 2014 $450 million ? 2013 $390 million ? 2012 $300 million • Technology ?…
  4. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    • Proactive environmentally responsible operations • Drive continuous improvement to reduce environmental impacts • Meet or exceed all regulatory requirements • Reducing Greenhouse Gas Intensity • Restoring sites to natural…
  5. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    (C$ 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 North…
  6. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 6
    0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1P Reserves After Royalties Note: Sourced from 2014 corporate reports. Peers include: APA, APC, EOG, CVE, CHK, DVN, ECA, HSE, IMO, OXY, NBL, SU, TLM. (MMBOE) Peers…
  7. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    $0 $10 $20 $30 $40 $50 $60 F&D Costs Reserve Replacement – 3 Year Average ($/BOE, net) Source: BMO Report, “Oil & Gas: E&P” dated May 26, 2015. Peers include APA, APC, CHK, CVE, DVN, ECA, EOG, HSE, IMO, NBL, OXY, SU. Note: Uses…
  8. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    0% 10% 20% 30% 40% 50% 60% 70% 2007 2011 2015F 2018F Total Low Decline Production (% of CNQ liquids production)* Transitioning to a Longer Life Asset Base *2015F and 2018F based on company internal forecast at November 2015.…
  9. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    ($ 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 $2,065 Horizon Sustaining Capital…
  10. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    Targeted Production 2014 2015F % Change(1) Crude oil (Mbbl/d) North America Light Oil & NGLs 89 91 - 92 3% Pelican Lake 50 50 - 52 2% Primary Heavy 143 126 - 129 (11%) Thermal In Situ Oil Sands 108 126 - 140 23% International 30 41…
  11. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    Balanced, Diverse Portfolio • Balanced, diverse production mix • International exposure • Vast, balanced resource base to develop • Growing free cash flow Heavy Crude Oil ~35% Light Crude Oil and NGLs / SCO ~30% Natural Gas…
  12. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    • Largest natural gas producer in Canada ? Q3/15 natural gas production of 1,592 MMcf/d ? Q3/15 average NGLs yield over 24 bbl/MMcf • Large resource base ? 9.47 Tcfe reserves(1) • Significant unconventional assets ? Montney and…
  13. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    2014 2015F % Change Production (MMcf/d)* 1,527 1,655 - 1,692 10% Drilling (net wells) 76 17 Capital ($ million) $767 $410 North America Natural Gas & NGLs 2015 Plan • Capital discipline • Preserve land base for increasing natural…
  14. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    • Q3/15 light crude oil and NGL production ? ~88 Mbbl/d • 2P reserves ? Light crude oil 203 million barrels* • High quality light crude oil horizontal multi-frac opportunities ? Montney ? Dunvegan ? Halfway/Doig ? Charlie Lake…
  15. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    • 2015 activity ? Target multiple formations across basin ? Leverage infrastructure and “Drill-to-Fill” ? Drive capital efficiencies ? Maximize value • Opportunities to optimize facilities and operating costs • Leverage technology,…
  16. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    International Light Crude Oil Summary North Sea Côte d’Ivoire Gabon South Africa *Company gross proved plus probable reserves at December 31, 2014. • Q3/15 light crude oil production ? ~43 Mbbl/d • 2P light crude oil reserves ?…
  17. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    2014 2015F % Change Crude oil production (Mbbl/d) 30 41 - 47 47% Capital ($ million) $823 $1,070 International Light Crude Oil 2015 Plan Note: Rounded to the nearest 1,000 bbl/d. • Offshore Africa ? Espoir 10 gross well infill…
  18. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    • Largest primary heavy oil producer in Canada ? Q3/15 production of ~126 Mbbl/d • Delivering strong execution • Extensive land base and infrastructure ? 5 major processing facilities ? ECHO sales pipeline • 2P reserves ? 317…
  19. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    2014 2015F %Change Production (Mbbl/d) 143 126 - 129 (11%) Drilling (net wells) 896 107 Recompletion (net wells) 637 393 Capital ($ million) $1,253 $370 Primary Heavy Crude Oil 2015 Plan Note: Rounded to the nearest 1,000 bbl/d. •…
  20. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    2014 2015F %Change Production (bbl/d) 50 50 - 52 2% Drilling (net wells) – Producers & Injectors 24 – Capital ($ million) $246 $145 Pelican Lake 2015 Plan Note: Rounded to the nearest 1,000 bbl/d. • Industry leading operating costs…
  21. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    Thermal In Situ Oil Sands Land Holdings Birch Mtn. Gregoire Leismer Ipiatik Grouse Pelican Lake Germain Primrose Wolf Lake Hilda Lake Marie Lake Saleski • Clearwater ? Primrose, Wolf Lake ? Hilda Lake, Marie Lake •…
  22. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    Phase Reservoir Oil Facility Capacity Target (bbl/d) Primrose South/North CSS Clearwater 80,000 Primrose East CSS Clearwater 40,000 Kirby South SAGD McMurray 40,000 Kirby North Phase 1 SAGD McMurray 40,000 Grouse SAGD McMurray…
  23. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    2014 2015F % Change Production (Mbbl/d) 108 126 - 140 23% Drilling (net wells) Primrose producers 11 – Kirby producers 4 3 Strats 78 17 Service / observation wells 65 24 Total 158 44 Capital ($ million) $1,039 $320 Thermal In…
  24. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Western Canadian Refineries TMPL ENB- Ex Superior W. Access to PADD IV Clearbrook/Superior Keystone Base (in service)…
  25. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    • World Class asset • 2P SCO reserves – 3.6 billion barrels(1) • Phased development (SCO) ? Current targeted nameplate capacity of 137,000 bbl/d ? Targeted completion of Phase 2B Q4/16 ? Targeted completion of Phase 3 Q4/17 ?…
  26. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    Horizon Oil Sands – Operations 2015 Plan 2014 2015F % Change Production (Mbbl/d) 111 121 - 131 14% Sustaining Capital ($ million) $352 $290 Turnarounds & Reclamation ($ million) $50 $40 Capitalized Interest & Other ($ million) $225…
  27. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    96 89 85 75 89 85 85 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 Q3/15 CNQ Peer 1 Peer 2 CNQ Peer 1 Peer 2 Horizon Oil Sands – Operations Industry Leading Utilization Rate (Average) Note…
  28. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    Horizon Oil Sands - Expansion 2015 Plan – Phase 2/3 Project Expansion 2014 2015F Project Capital ($ million) Reliability – Tranche 2 $60 $0 Directive 74 and Technology 129 40 Phase 2A 95 35 Phase 2B 1,298 1,230 Phase 3 633 560…
  29. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    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 Horizon Oil Sands Expansion Production Capacity Plan Note: Production capacity,…
  30. February 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    • Substantial management and director wealth at stake ? Strong motivation for management to perform ? Delivers clear alignment with shareholder interests Committed Management Note: Based on share ownership data excluding options…

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