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

Canadian Natural Resources Limited (CNRL) · Apr 4, 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. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
  2. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    Balanced, Diverse Portfolio • Balanced, diverse production mix • International exposure • Vast, balanced resource base to develop • Growing, sustainable cash flow Heavy Crude Oil ~35% Light Crude Oil and NGLs / SCO ~30%…
  3. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    CNQ 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 CNQ IMO SU CVE OXY DVN EOG APC APA CHK NBL ECA HSE SIGNIFICANT VALUE TO UNLOCK Slide 5 1P Reserves After Royalties Note: Based on SEC reserve reporting,…
  4. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    % Reduction Drilling, Completions & Facilities 20% - 25% 2015 capital cost reductions(1) % Reduction Pelican Lake 15% Primary Heavy Crude Oil 15% Light Crude Oil & NGLs 14% Thermal In Situ Oil Sands(2) 17% North Sea Light Crude…
  5. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    (% of CNQ liquids production)* Transitioning to a Longer-Life Asset Base 0% 10% 20% 30% 40% 50% 60% 70% 2007 2011 2015 2018F Pelican Lake, Thermal in situ & Horizon oil sands production *2018F based on company internal…
  6. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 6
    Long-Term Ratings Short-Term Ratings Standard & Poor’s BBB+ A-2 DBRS BBB High n/a Moody’s Baa3 P-3 • Strong financial position as of December 31, 2015 ?Debt/book capitalization 38% ?Available bank lines of $3.4 billion •…
  7. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    $0 $5 $10 $15 $20 $25 2015 Ending Debt Per BOE/d (After Royalties) Peers Note: Sourced from Company Reports and Bloomberg. Peers include: APA, APC, COP, CVE, DVN, EOG, OXY, SU. CNQ (US$M/BOE/d)
  8. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    (C$ million) Maturity Revolving bank line 1(1) $2,425 June 2019 Revolving bank line 2(1) $2,425 June 2020 Non-revolving bank line 3(1) $1,500 April 2018 Non-revolving term facilities(1) $ 875 February 2019 Operating demand loan $ 100…
  9. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    ($ million) 2015 2016B North America natural gas and NGLs $375 $160 - 195 North America crude oil 718 305 - 435 International crude oil 1,062 450 - 495 Total Exploration and Production $2,155 $915 - 1,125 Thermal in Situ Oil Sands…
  10. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    Targeted Production 2015 2016B % Change(1) Natural Gas (MMcf/d) 1,726 1,770 - 1,830 4% Crude Oil and NGLs (Mbbl/d) North America 270 235 - 245 (11%) North America – Thermal In Situ 130 110 - 130 (8%) North America – Oil Sands…
  11. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    Canadian Natural Operating Costs 2016 Area (C$/bbl) 2014 2015 2016B % Change(1) North America Light Oil & NGLs $17.24 $14.88 $13.50 - 14.50 (19%) Pelican Lake 8.52 7.24 5.75 - 6.75 (27%) Primary Heavy 17.61 15.01 13.75 - 14.75 (19%)…
  12. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    • Largest natural gas producer in Canada ? Q4/15 natural gas production of 1,635 MMcf/d ? Q4/15 average NGLs yield over 25 bbl/MMcf • Large resource base ? 10.0 TcfGE reserves(1) • Significant unconventional assets ? Montney and…
  13. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Source: Company reports. Note: Peers include ARX, BNP, ECA, HSE, PGF, PWT. *Operating costs disclosed on a…
  14. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    • Q4/15 light crude oil and NGL production ? ~90 Mbbl/d • 2P reserves ? Light crude oil 192 million barrels* • High quality light crude oil horizontal multi-frac opportunities ? Montney ? Dunvegan ? Halfway/Doig ? Charlie Lake…
  15. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    International Light Crude Oil Summary North Sea Côte d’Ivoire Gabon South Africa *Company gross proved plus probable reserves at December 31, 2015. • Q4/15 light crude oil production ? ~48 Mbbl/d • 2P light crude oil reserves ?…
  16. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    • Largest primary heavy oil producer in Canada ? Q4/15 production of ~120 Mbbl/d • Delivering strong execution • Extensive land base and infrastructure ? 5 major processing facilities ? ECHO sales pipeline • 2P reserves ? 294…
  17. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Operating Costs Primary Heavy Oil (C$/bbl) Peer Range Source: Company reports. Note:…
  18. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    • Capital requirements are reduced and polymer driven performance is realized ? Q4/15 production ~49 Mbbl/d • Industry leading operating costs ? 2016 targeted operating costs of less than $7.00/bbl ? Q4/15 industry leading operating…
  19. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    $5.00 $10.00 $15.00 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Operating Costs Pelican Lake (C$/bbl) CNQ Source: Company reports.
  20. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    Thermal In Situ Oil Sands Tremendous Potential Birch Mtn. Gregoire Leismer Ipiatik Grouse Pelican Lake Germain Primrose Wolf Lake Hilda Lake Marie Lake Saleski • Vast resource base with short, mid and long-term value ?…
  21. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Operating Costs Thermal In Situ Oil Sands (C$/bbl) Peer Range CNQ Source: Company reports. Note: Peers…
  22. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    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)…
  23. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    • World Class asset • 2P SCO reserves – 3.63 billion barrels(1) • Phased development (SCO) ? Current targeted nameplate capacity of 137,000 bbl/d ? Targeted completion of Phase 2B 6 months ? Targeted completion of Phase 3 Q4/17 ?…
  24. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    Horizon Oil Sands – Operations 2016 Plan 2015 2016B % Change Production (Mbbl/d) 123 120 - 132 2% Sustaining Capital ($ million) $301 $280 - 310 Turnarounds & Reclamation ($ million) $31 $110 - 120 Operating Cost ($/bbl)* $29.61…
  25. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 $90.00 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Operating Costs Horizon Oil Sands (C$/bbl) Peer Range CNQ Source: Company reports. Note: Peers…
  26. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    Horizon Oil Sands – Operations Industry Leading Utilization Rate (Average) Note For CNQ, 2015 per CNQ internal reports. Peers include: Suncor, Syncrude. Source: Peer data per FirstEnergy Capital Corp. – Synopsis: Integrated, Oilsands,…
  27. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    $0 $500 $1,000 $1,500 $2,000 $2,500 50,000 100,000 150,000 200,000 250,000 2013 2014 2015 2016 2017 2018 2019 Horizon Oil Sands Expansion Production Capacity Plan Note: Production capacity, assumes 3 months ramp up to full…
  28. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    $20 $25 $30 $35 $40 $45 50,000 100,000 150,000 200,000 250,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Horizon Oil Sands Significant Operating Cost Reductions Production* (bbl/d)…
  29. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% CNQ PXD DVN EOG APA APC CVE SU ECA • Substantial management and director wealth at stake ? Strong motivation for management to perform ? Delivers clear alignment with shareholder interests…
  30. April 2016 Investor Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    0 200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dividend Share Purchase Horizon Phase 1 build years Return to Shareholders ($ millions)

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