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July 2018 Corporate Presentation – Canadian Natural Resources (CNRL)

Canadian Natural Resources (CNRL) · Jul 1, 2018 · 31 slides

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Slides

  1. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 1
    CORPORATE PRESENTATION JULY 2018
  2. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 2
    Delivering Value and Growth SNAPSHOT 2017 2018F Funds Flow (C million)(1) 7,347 10,100 - 10,500 Per share 6.25 8.25 - 8.55 Capital expenditures net (C million)(2) 4,972 4,335 Annualized dividend (C/share)(3) 1.10 1.34 Production…
  3. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 3
    Corporate Presentation July 2018 Canadian Naturals Key Message Delivering Free Cash Flow Safe Growing Sustainable 2 Canadian Naturals Strategy Flexible capital allocation to maximize value Strong Balance Sheet…
  4. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 4
    Corporate Presentation July 2018 Balanced, Diverse Portfolio Balanced, diverse production mix North America North Sea International exposure Vast, balanced resource base to develop Growing, sustainable funds flow Offshore 50%…
  5. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 5
    Corporate Presentation July 2018 Canadian Naturals Advantage Impact of Long Life Assets on Decline Rates (%) 23% Maintenance Capital of 3 billion required 21% 19% 19% 17% 16% 53% 15% Reduction in Corporate 13% Decline…
  6. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 6
    Corporate Presentation July 2018 Advantages of Infrastructure Ownership / Operatorship Control of our destiny Control development timing and pace eliminates commitments Control costs Operations flexibility with high working…
  7. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 7
    Corporate Presentation July 2018 Deep Basin/Montney Natural Gas Projects Return on Capital, 15% After Tax AECO (C/GJ) 3.50 Infrastructure Advantage Tier 4 3.00 Greenfield Tier 3 2.50 Tier 2 2.00 Tier 1 1.50 1.00…
  8. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 8
    Corporate Presentation July 2018 International Light Crude Oil Summary Q1/18 light crude oil production 41 Mbbl/d 2P reserves North Sea 305 million barrels (1) North Sea Operating efficiency gains and more favorable tax…
  9. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 9
    Corporate Presentation July 2018 Primary Heavy Crude Oil Core Area Summary Largest primary heavy crude oil producer in Canada Q1/18 production of 89 Mbbl/d CNQ Heavy Crude Oil Producing Properties CNQ Land Base Large…
  10. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 10
    Corporate Presentation July 2018 Pelican Lake Polymer Flood Industry leading EOR technology Crude Oil Capital requirements are reduced and polymer driven Production performance is realized Q1/18 production 63 Mbbl/d Industry…
  11. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 11
    Corporate Presentation July 2018 Thermal In Situ Oil Sands Portfolio Birch Mtn. Q1/18 production volumes of 112 Mbbl/d Ells River 2P reserves 2.58 billion barrels(1) Grosmont Majority working interest and operatorship Saleski…
  12. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 12
    Corporate Presentation July 2018 Thermal In Situ Oil Sands Kirby South SAGD Strong performance Q4/17 production 35 Mbbl/d 2018 plans 4 infill producers First production targeted July 2018 2 step-out producer / injector well…
  13. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 13
    Corporate Presentation July 2018 Thermal In Situ Oil Sands Projects Return on Capital, 15% After Tax WTI (US/bbl) 70.00 60.00 50.00 40.00 Small Scale SAGD Projects Kirby North Pads Tier 1 Kirby South Pads - Tier…
  14. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 14
    Corporate Presentation July 2018 2018 Capital Budget ( million) 2017 2018B North America Natural Gas & NGLs 488 440 North America Crude Oil 1,036 1,115 International Crude Oil 416 410 Total Exploration & Production 1,940 1,965…
  15. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 15
    Corporate Presentation July 2018 2018 Capital Breakdown Maintenance Capital ( million) 2018B Exploration & Production(1)(3) 1,765 Thermal In Situ Oil Sands 335 Maintains Production Volumes Oil Sands Mining & Upgrading 880 Total…
  16. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 16
    Corporate Presentation July 2018 Canadian Natural 5 Year Free Cash Flow After Dividends ( billion) US64.80/bbl WTI / US20.88/bbl WCS diff 6 US52.03/bbl WTI / US14.34/bbl WCS diff 5 Cash Flow Sensitivity US1 WTI = 250MM 4 US1…
  17. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 17
    Corporate Presentation July 2018 Robust Financial Position Long-Term Ratings Outlook Short-Term Ratings DBRS BBB High Stable n/a Standard & Poors BBB+ Negative A-2 Moodys Baa3 Stable P-3 Strong financial position as of March…
  18. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 18
    Corporate Presentation July 2018 Canadian Natural Balance Sheet Strengthens Quickly (Debt/EBITDA) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F Actual Forecast…
  19. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 19
    Corporate Presentation July 2018 Committed Management Management Ownership (% of Outstanding Shares) 2.5% 2.3% 2.0% Substantial management and director wealth at stake Strong motivation for management to perform 1.5%…
  20. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 20
    Corporate Presentation July 2018 Canadian Natural A Unique E&P Company Canadian Natural Delivers: Operations Financial Vast, diverse well balanced assets Disciplined capital allocation Top tier effectiveness and efficiency…
  21. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 21
    Corporate Presentation July 2018 Delivering Safety Excellence Corporate total recordable injury frequency (incident per 200,000 hours) Safety is a core value 1.00 Committed to continuous improvement No harm to people, no…
  22. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 22
    Corporate Presentation July 2018 Investing in Carbon Capture & Sequestration / Storage 3rd largest CO2 capturer and sequesterer for oil and gas sector in the world(1) Quest 17.9 million tonnes of CO2e conserved in last 5 years…
  23. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 23
    Corporate Presentation July 2018 Canadian Natural GHG Advantage Primary Heavy Crude Oil Vent (e3m3/year) 200,000 71% Reduction 160,000 Absolute Vent Volumes 120,000 80,000 40,000 0 2013 2014 2015 2016 2017…
  24. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 24
    Corporate Presentation July 2018 Balanced Portfolio of Natural Gas Sales Points (%) 100% 90% 80% 70% 60% 50% 40% 30% 20% AECO 10% 0% 2015 2016 2017 2018B Natural Gas Internal Consumption Exports & International Note:…
  25. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 25
    Corporate Presentation July 2018 Production per Share CAGR (2012 - 2016) Production/Share (% CAGR) 10% 5.9% 5% CNQ 0% CNQ -5% -10% Peers Integrated Peers (15.7%) Peers include: APA, APC, COP, CVE, DVN,…
  26. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 26
    Corporate Presentation July 2018 2018 Estimated Free Cash Flow Yield (%) 10% 9.6% 8% 6% CNQ 4% 2% 0% -2% Peers Integrated Peers Peers Include: APA, APC, COP, CVE, DVN, ECA, EOG, HSE, IMO, MRO, NBL, OXY, SU.…
  27. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 27
    Advisory Special Note Regarding Currency, Production and Reserves In this document, all references to dollars refer to Canadian dollars unless otherwise stated. Reserves and production data are presented on a before royalties basis…
  28. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 28
    Advisory Cautionary Statement Project progress and financial results are dependent upon economic and regulatory conditions, commodity prices, global economic factors, project sanction and capital allocation. Pricing Assumptions…
  29. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 29
    Advisory Reserves Notes: (1) Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests. (2) Company Net reserves are working interest share after deduction of royalties and…
  30. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 30
    Key Historic Data Operational & Financial Information 2012 2013 2014 2015 2016 2017 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 451 478 531 564 524 685 Natural gas (MMcf/d) 1,220 1,158 1,555 1,726 1,691 1,662…
  31. July 2018 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 31
    Corporate Guidance May 3, 2018 Q2/18 2018 Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,515 - 1,565 1,650 - 1,710 Crude oil and NGLs (Mbbl/d) North America E&P 236 - 244 253 - 263 North America Thermal In Situ…

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