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July 2020 Corporate Preentation – Canadian Natural Ltd

Canadian Natural Ltd · Jul 1, 2020 · 36 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. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 1
    Corporate Presentation July 2020 Canadian Natural 30 Years of Premium Value
  2. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 2
    Delivering Value & Growth SNAPSHOT 2019 2020F Capital expenditures net (C million)(1) 3,904 2,680 Annualized dividend (C/share)(2) 1.50 1.70 Production (annual average, before royalties) Natural gas (MMcf/d) 1,491 Crude Oil…
  3. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 3
    Corporate Presentation July 2020 The Canadian Natural Advantage Unique, Robust & Sustainable Robust, Economic, Long Life Low Decline Assets Capital Discipline & Operational Excellence Financial Strength LEADING FREE…
  4. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 4
    Corporate Presentation July 2020 Balanced, Diverse Portfolio Balanced, diverse production mix International Brent exposure North America North Sea Vast, balanced resource base to develop Robust adjusted funds flow 48% light…
  5. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 5
    Corporate Presentation July 2020 Canadian Natural Advantages (contd) Flexible capital allocation to maximize value Exceptionally low maintenance/sustaining capital Continue to drive cost efficiencies across the company…
  6. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 6
    Corporate Presentation July 2020 1P Reserves After Royalties 2019 (MMBOE) 84% of reserves are Long Life Low Decline 10,000 9,000 Reserve Life Index 27 plus years* 8,000 Oil Sands Mining Reserve Life Index 40 plus years* 7,000…
  7. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 7
    Corporate Presentation July 2020 Canadian Naturals Advantage Low Corporate Decline Rate BOE Production Mix Long Life Oil Sands Mining Low Decline & Upgrading Production 62% 0% Decline Pelican & Thermal 10% Corporate 13%…
  8. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 8
    Corporate Presentation July 2020 Free Cash Flow Breakeven & Dividends Global Peers (US WTI/bbl) 80.00 75 70 68 70.00 60.00 57 56 53 53 50 49 49 49 50.00 38 41 45 40.00 34 42 43 31 31 35 35 37 30.00 32 34 30 20.00 26 26…
  9. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 9
    Corporate Presentation July 2020 Capital Discipline & Operational Excellence Canadian Natural 2020 Capital Flexibility 2020 2020 2020 2019 Original Original Current Capital Budget ( million) Actuals* Budget Revision…
  10. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 10
    Corporate Presentation July 2020 Canadian Natural 2020 Operating Cost Savings 2019 2020F 2020 Targeted ( million) Actual Revised(2) Cost Savings North America Natural Gas 610 575 35 North America E&P Liquids(1) 1,230 930 300…
  11. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 11
    Corporate Presentation July 2020 Managing Through the Current Environment Canadian Natural robust and built for the long term Making all efforts to ensure safety of our people and maintaining reliability of our assets…
  12. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 12
    Corporate Presentation July 2020 Balance & Optimize the Four Pillars of Capital Allocation Maximizing Shareholder Value Balance Resource Returns to Opportunistic Sheet Value Shareholders Acquisitions Strength Growth…
  13. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 13
    Corporate Presentation July 2020 Canadian Natural Q1/20 Financial Highlights (contd) Disciplined capital budget Original 2020 annual capital program now reduced by 1.4 billion to 2.7 billion Capital spending in Q1/20 838 million…
  14. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 14
    Corporate Presentation July 2020 Canadian Natural Balanced Credit Facility Profile Revolving Credit Facilities (C million) Fully Drawn Term Credit Facilities(1) (C million) June 2022(1) 2,425 February 2022(2) 1,000 June 2023(1)…
  15. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 15
    Corporate Presentation July 2020 Canadian Oil Sands Companies 2019 PDP Reserve Valuations ( billion) 90 84 Majority of value in long life, no decline SCO reserves (Net Present Value 10% Btax) 80 Avoids heavy oil/bitumen…
  16. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 16
    Corporate Presentation July 2020 Levers, Beyond Capital Flexibility Monetization of post-2020 cross currency swaps 360 million valuation In Q1/20 unwound US500 million 2021 cross currency swaps realizing 166 million in proceeds…
  17. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 17
    Corporate Presentation July 2020 Asset Overview Conventional & Unconventional Natural Gas, Light Crude Oil & NGLs Core Area Summary Largest natural gas producer in Canada(1) Q1/20 1,407 MMcf/d BC AB SK MB Q1/20 operating…
  18. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 18
    Corporate Presentation July 2020 Conventional & Unconventional Heavy Crude Oil Core Area Summary 500 km Largest primary heavy crude oil producer Cliffdale in Canada Pelican Lake Deep inventory of traditional CHOPS, multilateral…
  19. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 19
    Corporate Presentation July 2020 Oil Sands Mining & Upgrading Overview Industry leading oil sands mine operator Q1/20 production 438,100 bbl/d of SCO Q1/20 operating costs 20.76/bbl (US15.43/bbl)(1) CNQ Operating Oil Sands…
  20. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 20
    Corporate Presentation July 2020 Long Term Sustainability The World Needs More Canadian Energy (Aggregate ESG Score) 300 Environment(1) Social(2) 250 Governance(3) 200 Average 150 100 50 0 (1) 2018 Yale…
  21. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 21
    Corporate Presentation July 2020 Canadian Natural Committed to Environmental Performance Stated environmental performance targets going forward: Already delivered Reduce oil sands GHG emissions intensity by 25% by 2025 game…
  22. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 22
    Corporate Presentation July 2020 Social Performance Industry Leading Safety Performance (Per 200,000 Hours) 1.0 62% TRIF REDUCTION VS 2014 20% 0.5 TRIF REDUCTION VS 2018 30% TRIF REDUCTION FOR CONTRACTORS VS 2018…
  23. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 23
    Corporate Presentation July 2020 Governance Management Aligned With Shareholders Management Ownership (% of Outstanding Shares) 2.5% 2.4% 2.0% Substantial Management & Director invested wealth delivers clear alignment with…
  24. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 24
    Corporate Presentation July 2020 Social Performance Abandonment & Reclamation (Wells) 2,100 Industry Leader in 1,800 AER approved Abandonment & Reclamation ABC* pilots 1,500 1,293 1,200 INACTIVE WELLS ABANDONED IN 2018…
  25. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 25
    Corporate Presentation July 2020 Continuous Improvement in GHG Emissions Corporate GHG Emissions Intensity (tonnes CO2e/BOE) 0.075 0.070 30% REDUCTION IN GHGs SINCE 2012 0.065 EQUIVALENT TO REMOVING 0.060 1.9 million CARS…
  26. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 26
    Corporate Presentation July 2020 Carbon Capture & Sequestration / Storage Technology Quest TOP TIER CO2 CAPTURER AND SEQUESTERER IN THE WORLD(1) Reduced CO2 footprint Reduced CO2 charges Tonnes per Year Horizon EQUIVALENT…
  27. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 27
    Notes
  28. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 28
    Notes
  29. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 29
    Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the Company) in this document or documents incorporated herein by reference constitute forward-looking…
  30. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 30
    Advisory Special Note Regarding non-GAAP Financial Measures This presentation includes references to financial measures commonly used in the crude oil and natural gas industry, such as: adjusted net earnings (loss) from operations;…
  31. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 31
    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. Oil Sands Mining & Upgrading…
  32. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 32
    Advisory Glossary of Terms AECO Alberta Energy Company (benchmark pricing) AOSP Athabasca Oil Sands Project APMC Alberta Petroleum Marketing Commission BOE barrels of oil equivalent BBL barrels of oil Bcf billion cubic feet bcm billion…
  33. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 33
    Advisory Reserves Notes: 1. Company Gross reserves are working interest share before deduction of royalties and excluding any royalty interests. 2. Information in the reserves data tables may not add due to rounding. BOE values and oil…
  34. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 34
    Hedging At March 31, 2020, the Company had the following derivative financial instruments outstanding to manage its commodity price risk: Weighted Sales Contracts Remaining term Volume average price Index Natural Gas AECO fixed…
  35. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 35
    Key Historic Data Operational & Financial Information 2014 2015 2016 2017 2018 2019 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 531 564 524 685 821 850 Natural gas (MMcf/d) 1,555 1,726 1,691 1,662 1,548 1,491…
  36. July 2020 Corporate Preentation – Canadian Natural Ltd – slide 36
    Tim S. McKay President Darren Fichter Chief Operating Officer, Exploration and Production Scott G. Stauth Chief Operating Officer, Oil Sands Mark Stainthorpe Chief Financial Officer and Senior Vice-President, Finance Corey…

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