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Corporate Presentation – Canadian Natural Resources Limited (CNRL)

Canadian Natural Resources Limited (CNRL) · Mar 7, 2014 · 76 slides

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Slides

  1. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 1
    Corporate Presentation March 2014 PROVEN EFFECTIVE STRATEGY
  2. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 2
    Delivering Value and Growth SNAPSHOT 2013 2014F(1) Cash flow(2) (C million) 7,477 9,500 - 9,700 Per share basic(2) (C) 6.87 8.74 - 8.92 Capital expenditures (C million)(3) 7,274 7,740 - 8,140 Dividend (C/Share) 0.575 Common shares…
  3. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 3
    Who is Canadian Natural Canadian based E&P company with international exposure 671 MBOE/d 2013 70% crude oil weighted 716-762 MBOE/d 2014F* 73% crude oil weighted Returns focused Major oil sands player Major thermal in situ…
  4. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 4
    The Sustainable Free Cash Flow Independent Largest reserve base in peer group Balanced Real value Delivering strong free cash flow Very large resources base to develop Long life, low decline Consistent capital allocation Horizon,…
  5. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 5
    Size of Canadian Natural Reserve Base 1P Reserves After Royalties (MMBOE) 4,500 Peers 4,000 3,500 3,000 2,500 CNQ CNQ 2,000 1,500 1,000 500 0 2013 2012 Note: Per BMO Capital Markets Research - 2012 Oil & Gas…
  6. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 6
    Size of Canadian Natural Reserve Base 2P Reserves Before Royalties (MMBOE) 9,000 Peers 8,250 7,500 6,750 6,000 5,250 4,500 CNQ CNQ 3,750 3,000 2,250 1,500 750 0 2013 2012 Based on forecast pricing…
  7. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 7
    Transitioning to a Longer Life Asset Base (% of CNQ liquids production)* 70% 60% 50% 40% 30% 20% 10% 0% 2007 2011 2015F 2018F Horizon - Sold as Synthetic Crude Oil Thermal In Situ - Sold as Heavy Crude Oil Pelican…
  8. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 8
    Canadian Natural Targeted Total Corporate Free Cash Flow ( billion) 7 6 5 4 3 2 1 0 2013 2014B 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F Note: Dependent upon economic and regulatory conditions, commodity…
  9. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 9
    Balanced Free Cash Flow Allocation ( million) Return to Shareholders 1,200 1,000 800 600 400 Horizon build years 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F Dividend Share Purchase…
  10. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 10
    2013 Highlights Record operating cash flow - 7.5 billion Record production 671,000 BOE/d 478,000 bbl/d crude oil & NGL Record Primary heavy crude oil production Record Pelican Lake crude oil production 90% dividend increase over…
  11. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 11
    2014 Targeted Free Cash Flow Uses ( million) 2013 2014F* Targeted Cash Flow 7,477 9,500 - 9,700 Capital Program 7,274 7,740 Free Cash Flow 203 1,760 - 1,960 Dividends 523 (950) Share Purchase** 320 (50) - (320) Flex Capital Program*** -…
  12. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 12
    Canadian Natural 2014 Capital Capital ( million) 2013 2014F* Natural gas 554 590 Crude oil Pelican Lake 401 245 Primary Heavy 1,159 1,200 Thermal In Situ 1,279 1,130 Light Canada 541 545 North Sea 347 470 Offshore Africa 144 280…
  13. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 13
    Canadian Natural 2014 Production Targeted Production 2013* 2014F* %Change Crude oil (Mbbl/d) North America Light Oil & NGLs 68 72 - 76 Pelican Lake 43 47 - 51 Primary Heavy 136 142 - 146 Thermal In Situ Oil Sands 97 120 - 135…
  14. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 14
    North America Natural Gas Core Area Summary 2nd largest producer of NEBC AB SK natural gas in Canada 365 MMcf/d 1,130 MMcf/d of natural gas average NGL yield above 20 bbl/MMcf in Q4/13 Large resource base 5.9 Tcf 2P reserves*…
  15. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 15
    North America Natural Gas 2014 Plan 2013 2014F* % Change Production (MMcf/d) 1,130 1,130 - 1,170 2% Drilling (net wells) 44 61 Capital ( million) 554 590 Capital discipline Significant flexibility to quickly respond to strengthening…
  16. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 16
    North America Light Crude Oil and NGLs Core Summary Q4/13 production 73 Mbbl/d, 7% growth in 2013 2013 light crude oil activity AB 104 wells SK 2 EOR pilots CNQ Land 2P reserves CNQ Operated Light Oil Wells Light crude oil 166…
  17. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 17
    North America Light Crude Oil and NGLs 2014 Plan 2013 2014F* % Change Production (Mbbl/d)** 68 72 - 76 10% Drilling (net wells) Producers 104 93 Capital ( million) 541 545 Note: Rounded to the nearest 1,000 bbl/d. 2014 forecast…
  18. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 18
    International Light Crude Oil 2014 Plan 2013 2014F %Change Crude oil production (Mbbl/d) 34 33 - 37 3% Capital ( million)* 491 750 Note: Rounded to the nearest 1,000 bbl/d. 2P light crude oil reserves 478 million barrels* Light oil…
  19. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 19
    International Light Crude Oil Offshore Cote dIvoire Opportunities CNRI Lands * Exploration Discovery Wells Independence-1X Jubilee 2011 Field 110,000 CI-12 bopd * C1-103 CI-12 * C1-401 * PSC signed June 2013…
  20. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 20
    International Light Crude Oil South Africa Partnering with Total SA (50% WI, Total South Africa as operator) Mossel Bay Plettenberg Bay 5 structures ranging up to 1 billion barrels Superior Gas Discovery First exploration well FA…
  21. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 21
    Heavy Oil Assets Thermal in situ development Birch Mountain Massive resource potential (W. Horizon) Staged value growth 510,000 bbl/d of crude oil facility capacity Gregoire AB Primary heavy production Grouse SK Kirby High return…
  22. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 22
    Primary Heavy Crude Oil Core Area Summary Largest primary producer in Canada Q4/13 135,000 bbl/d, 9% growth in 2013 to 136,000 bbl/d 2P reserves ECHO Pipeline CNQ Producing 334 million barrels* Properties CNQ Lands Dominant land…
  23. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 23
    Primary Heavy Crude Oil 2014 Plan 2013 2014F %Change Production (Mbbl/d) 136 142 - 146 6% Drilling (net wells) 859 898 Recompletion (net wells) 560 503 Capital ( million) 1,159 1,200 Note: Rounded to the nearest 1,000 bbl/d. Low…
  24. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 24
    Pelican Lake Crude Oil Pool Massive Wabiskaw heavy crude oil pool Industry leading EOR project Massive Resource to Exploit Amongst the largest polymerfloods in the world How much of that crude oil Technology development continues is…
  25. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 25
    Pelican Lake 2014 Plan 2013 2014F %Change Production (bbl/d) 43 47 - 51 14% Drilling (net wells) Producers 37 17 Capital ( million) 401 245 Note: Rounded to the nearest 1,000 bbl/d. Increasing free cash flow wedge as capital…
  26. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 26
    Thermal In Situ Oil Sands Land Holdings Clearwater Primrose, Wolf Lake Birch Mtn. Hilda Lake, Marie Lake McMurray Kirby Saleski Grouse Gregoire Birch Mountain Germain Gregoire Leismer Pelican Leismer Lake Ipiatik Wabiskaw…
  27. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 27
    Thermal In Situ Oil Sands Tremendous Potential Grand Rapids 97 billion barrels total BIIP* 15 billion barrels Clearwater Proved Reserves** 1.2 billion bbl 14 billion barrels Probable Reserves** 1.0 billion bbl Wabiskaw 9…
  28. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 28
    Thermal In Situ Oil Sands Growth Plan Oil Facility Target Steam-In Phase Reservoir Capacity Target Timing (bbl/d) (year) Primrose South/North CSS Clearwater 80,000 On Stream Primrose East CSS Clearwater 40,000 On Stream Kirby South SAGD…
  29. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 29
    Thermal In Situ Oil Sands Focused Execution Plan Primrose Causation review and remediation of seepage to surface Continue with cost effective pad adds Progress Follow Up Processes Evaluate facility steam expansion Kirby South First…
  30. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 30
    Thermal In Situ Oil Sands 2014 Plan 2013 2014F %Change Production (Mbbl/d) 97 120 - 135 31% Drilling (net wells) Primrose producers 137 15 Kirby South producers 8 - Strats 73 130 Service / observation wells 62 54 Total 280 199…
  31. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 31
    Primrose Plan Going Forward* All wells, including old legacy wells, thoroughly reviewed for the potential to fail mechanically All wells with identified potential to fail will be repaired prior to additional steaming Enhanced…
  32. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 32
    Thermal In Situ Oil Sands Kirby South First steam Tank Farm September 16, 2013 Evaporators First shipment of crude oil from commissioning activities November 4, 2013 Steam Generators Oil Treating Ramp up to 40,000 bbl/d in…
  33. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 33
    North American Crude Oil Markets Canadian Naturals Viewpoint Pipeline/transportation infrastructure is complex Misconceptions are common Significant North American heavy oil demand 260,000 bbl/d PADD II demand increase 3,000,000+…
  34. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 34
    Crude Supply Dispositions With Keystone XL (MMbbl/d) 8.0 TCPL East 7.0 Western Canadian supply + TMX US Bakken movements NGP 6.0 XL 5.0 Keystone Base (in service) Rail 4.0 3.0 ENB - Ex Superior 2.0 Clearbrook/Superior…
  35. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 35
    Crude Supply Dispositions Without Keystone XL (MMbbl/d) 8.0 7.0 TCPL Energy East Western Canadian supply + US Bakken movements TMX 6.0 NGP Keystone Base (in service) 5.0 Rail 4.0 3.0 ENB - Ex Superior 2.0…
  36. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 36
    Horizon Oil Sands Core Area Summary World Class asset 14.4 billion barrels BIIP* 2P SCO reserves 3.3 billion barrels** Best estimate contingent resources other Synenco than reserves 3.3 billion barrels of SHC bitumen*** SU CNQ…
  37. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 37
    Horizon Oil Sands 2014 Plan 2013 2014F % Change Production (Mbbl/d) 100 107 - 115 11% Sustaining Capital ( million) 278 260 Turnarounds, Reclamation 267 330 & Other ( million) Operating Cost (/bbl)* 43.46 36.00 - 39.00 *2013 and 2014F…
  38. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 38
    Horizon Oil Sands Targeted Fixed vs. Variable Operating Costs Targeted Operating Cost per Year Targeted Operating Cost per Barrel ( million) (/bbl) 2,500 40 2,000 1,500 20 1,000 500 0 0 2014F Phase 1 Phase 1-2-3 2014F…
  39. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 39
    Horizon Oil Sands 2014 Plan Project Expansion Capital 2013 2014F Project Capital ( million) Reliability Tranche 2 90 40 Directive 74 57 200 Phase 2A 167 100 Phase 2B 1,009 1,325 - 1,575 Phase 3 493 550 - 700 Owners Costs & Other…
  40. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 40
    Horizon Oil Sands Efficiencies Achieved Through Expansion Reliability and efficiencies will be achieved through completion of original design of Phase 1,2,3 with higher vacuum yield and a more integrated, energy-efficient facility…
  41. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 41
    Horizon Oil Sands Production Capacity Plan* Moving Phase 2A into 2014* (bbl/d) 300,000 275,000 80 Mbbl/d added 250,000 Forecast/Budget Capacity Target 225,000 200,000 45 Mbbl/d 175,000 added 150,000 12 Mbbl/d added…
  42. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 42
    Canadian Natural 2014 Budget Summary 2014F* Targeted Cash Flow 9.5 - 9.7 billion Capital 7.7 - 8.1 billion Crude oil & NGLs production growth 13% growth Capital for future production 3.6 billion 45% Capital flexibility in original budget…
  43. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 43
    Canadian Natural Targeted Total Corporate Free Cash Flow ( billion) 7 6 5 4 3 2 1 0 2013 2014B 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F Note: Dependent upon economic and regulatory conditions, commodity…
  44. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 44
    Free Cash Flow Uses 1. Resource development Executing our defined plan 2. Dividends 14 consecutive years of dividend increases 31% CAGR (2009 2014) Must be sustainable 3. Share purchases 10.2 million common shares purchased at an…
  45. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 45
    Committed Management Substantial management Management / Directors Stock Ownership and director wealth at stake (US million) 1,200 Strong motivation for 1,098 management to 1,050 perform 900 Delivers clear alignment with…
  46. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 46
    Canadian Natural Advantage Strong, balanced assets deliver excess cash flow over near term growth requirements Free cash flow allocation Increase asset strength and free cash flow Resource development Opportunistic acquisitions…
  47. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 47
    Reporting Disclosures 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…
  48. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 48
    Appendices CNQ PREMIUM VALUE DEFINED GROWTH INDEPENDENT Slide 48
  49. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 49
    Who is Canadian Natural Consistent value Proved Reserves History / Daily Production creation through (before royalties) (MMBOE) (MBOE/d) successful 6,000 800 Exploitation 700 5,000 Exploration 600 Opportunistic 4,000 500…
  50. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 50
    Primary Heavy Crude Oil Key Advantages in the Area Flexible and repeatable Year round access Efficient rig fleet delivers repeatable year over year program Deep inventory of drilling locations 8,000 locations in 10-year plan Long…
  51. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 51
    Primary Heavy Crude Oil Unlocking Resources Canadian Natural Total Cold Heavy Production Horizontal wells Oil (bbl/d) 140,000 Two main applications 120,000 Technology Improvements Oil over water 100,000 Directional / Horizontal…
  52. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 52
    Pelican Lake Polymerflood What is polymer It is a non-toxic polyacrylamide powder mixed with water Crude Oil Why does it help recovery Production Increases the viscosity of injected water improves sweep efficiencies, reduces…
  53. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 53
    Pelican Lake Polymerflood Expansion Polymerflood at end of 2011 49% 2012 / 2013 Polymer Plan 56% 5 Year Polymer Plan 73% Contingent 97% CNQ PREMIUM VALUE DEFINED GROWTH INDEPENDENT Slide 53
  54. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 54
    Pelican Lake Production by Recovery Method (bbl/d) Facility Constraints 50,000 45,000 40,000 35,000 30,000 25,000 Polymerflood Waterflood/Polymerflood Post Primary 20,000 15,000 10,000 Primary 5,000 0 Jan-01 Jan-02…
  55. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 55
    Thermal In Situ Oil Sands Primrose / Wolf Lake Development Plan Primrose North 100 wells 2013 80 wells 2016 80 wells 2019 Primrose North Primrose East Primrose 120 wells 2015 East Primrose 120 wells 2018 North 80 wells 2022…
  56. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 56
    Primrose Causation Review Update Wellbore Pathway Clearwater reservoir is 500m deep 3 barriers Clearwater Shale Grand Rapids Formation Colorado Group Shales Paleo CNQ PREMIUM VALUE DEFINED GROWTH INDEPENDENT Slide 56
  57. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 57
    Thermal In Situ Oil Sands Kirby Project Birch Two main plants Mountain Kirby North Plant 100% working interest (Steam & Oil Treating) Saleski Gregoire Kirby South target Germain facility capacities Pelican Lake Leismer Kirby…
  58. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 58
    Thermal In Situ Oil Sands Kirby South Phase 1 Geology Kirby South Type Log Foster Creek Type Log SAGD PAY TOP SAGD PAY TOP 30 meters 34 meters SAGD PAY BASE SAGD PAY BASE Similar Rock Quality to Foster Creek CNQ…
  59. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 59
    Selected Differentials Percentage of WTI (% WTI) 35 30 Actual Forecast 25 20 15 Cushing to USGC 10 pipeline transport cost 5 (4-8%) 0 (6-10%) -5 -10 Hardisty to USGC transport (8-10%) -15 -20 -25 (2) (3) Enbridge…
  60. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 60
    Expanding Pipeline Options Access toGateway Enbridge New Markets 525 Mbbl/d Crude Export Line (2017+) Fort McMurray Kitimat Energy East (TCPL) Pipeline Edmonton 1,080 Mbbl/d (2017+) TransMountain Enbridge Main Line Pipeline 300…
  61. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 61
    USGC Heavy Oil Demand Current Crude State Optimized Crude State Heavy Crude Light Crude Light…
  62. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 62
    Redwater Upgrader / Refinery 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…
  63. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 63
    Horizon Oil Sands Site Layout Lease 15 Pit 6 Lease 12 Lease 11 Lease 19 Lease Lease 10 25 Overburden Lease Overburden Dump 20 Dump Pit 5 Horizon Lake Northeast Northwest Pit Lease 18 Pit Overburden Tailings Dump…
  64. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 64
    Horizon Oil Sands Original Design for Phase 3 Capacity Design optimized at 250,000 bbl/d of quality SCO Equipment redundancy increases reliability Improvement of 4% production yield (SCO per ton of ore) as Phase 2 is completed…
  65. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 65
    Horizon Oil Sands Expansion Update Overall expansion 34% physically complete 94% Complete 24% Complete 78% Complete Reliability Directive 74 Phase 2A (5,000 bbl/d capacity) (12,000 bbl/d capacity) On track Projects on track, costs…
  66. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 66
    Horizon Expansion Ore Froth Distillate Vacuum Coker Preparation Plant Extraction Treatment Plant Recovery Distillate Unit Drums Hydrotreaters of Units * * Capacity (bbl/d) Phase 1 110,000 Onstream Q1/09 Reliability 5,000…
  67. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 67
    Revolving Bank Credit Facilities (C million) Maturity Revolving bank line 1 3,000 June 2017 Revolving bank line 2 1,500 June 2016 Operating demand loan 275 Demand North Sea operating line (15 million) 26 Demand Total bank lines 4,801…
  68. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 68
    Maturity Schedule Public Debt (C million) 1,400 1,200 1,000 800 600 400 200 0 2014 2017 2020 2023 2026 2029 2032 2035 2038 C Public US Public (converted to C Equivalent) Note: Represents principal repayments only…
  69. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 69
    Resource Disclosure (1) Horizon Oil Sands Synthetic Crude Oil Discovered Bitumen Initially-In-Place 14.4 billion barrels Proved Company Gross Reserves 2.2 billion barrels of SCO Bitumen volume associated with Proved SCO reserves 2.6…
  70. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 70
    Notes
  71. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 71
    Notes
  72. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 72
    Notes
  73. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 73
    Hedging At March 6, 2014, the Company had the following net derivative financial instruments and physical sales outstanding: Sales contracts Remaining term Volume Weighted average price Index Crude oil Price collars (1) Jan 2014 Jun…
  74. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 74
    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…
  75. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 75
    Corporate Guidance March 6, 2014 Excludes production volumes and capital associated with the Devon acquisition announced February 19, 2014 and targeted to close April 1, 2014. Q1/14 2014 Updated Guidance Guidance Daily Production…
  76. Corporate Presentation – Canadian Natural Resources Limited (CNRL) – slide 76
    2500, 855 - 2nd Street S.W., Telephone: (403) 514-7777 CANADIAN NATURAL Calgary, Alberta, Facsimile: (403) 514-7888 RESOURCES LIMITED T2P 4J8 Email: ircnrl.com Steve W. Laut Mark Stainthorpe President Manager, Investor…

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