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September 2020 Corporate Presentation – Canadian Natural Resources (CNRL)

Canadian Natural Resources (CNRL) · Sep 2, 2020 · 35 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. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 1
    Corporate Presentation September 2020 Canadian Natural 30 Years of Premium Value
  2. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – 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. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 3
    Corporate Presentation September 2020 The Canadian Natural Advantage Unique, Robust & Sustainable Robust, Economic, Long Life Low Decline Assets Capital Discipline & Operational Excellence Financial Strength LEADING…
  4. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 4
    Corporate Presentation September 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 51% light…
  5. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 5
    Corporate Presentation September 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. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 6
    Corporate Presentation September 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. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 7
    Corporate Presentation September 2020 Canadian Naturals Advantage Low Corporate Decline Rate BOE Production Mix Oil Sands Mining Long Life & Upgrading 0% Decline Low Decline Pelican & Production 62% Thermal 13% Decline…
  8. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 8
    Corporate Presentation September 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…
  9. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 9
    Corporate Presentation September 2020 Capital Discipline & Operational Excellence Canadian Natural 2020 Capital Flexibility 2020 2020 2020 2019 Original Original Current Capital Budget ( million) Actuals* Budget Revision…
  10. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 10
    Corporate Presentation September 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…
  11. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 11
    Corporate Presentation September 2020 Financial Strength Balance & Optimize the Four Pillars of Capital Allocation Maximizing Shareholder Value Balance Resource Returns to Opportunistic Sheet Value Shareholders…
  12. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 12
    Corporate Presentation September 2020 Canadian Natural Q2/20 Financial Highlights Disciplined capital budget Original 2020 annual capital program now reduced by 1.4 billion to 2.7 billion Capital expenditures in Q2/20 421…
  13. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 13
    Corporate Presentation September 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…
  14. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 14
    Corporate Presentation September 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…
  15. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 15
    Corporate Presentation September 2020 Canadian Natural Returns to Shareholders Dividends ( million) 2,000 20 years of dividend increases Horizon Phase 3 1,500 20% CAGR since inception complete 1,000 500 Horizon Phase…
  16. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 16
    Corporate Presentation September 2020 Natural Gas, Light Crude Oil & NGLs Core Area Summary Largest natural gas producer in Canada(1) Q2/20 1,431 MMcf/d BC AB SK MB Q2/20 operating costs 1.11/Mcf 2P reserves 9.5 Tcf(2)…
  17. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 17
    Corporate Presentation September 2020 Thermal In Situ Oil Sands Asset Overview CNQ Thermal Producing Properties Birch Mtn. Long Life Low Decline assets CNQ In Situ Project Inventory Peers Ells River 2P reserves 4.11 billion…
  18. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 18
    Corporate Presentation September 2020 Oil Sands Mining & Upgrading Operating Costs (/bbl) 45.00 40.00 35.00 30.00 50% reduction in operating costs 25.00 3.0 billion in additional 20.00 margin in 2019* 15.00 10.00…
  19. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 19
    Corporate Presentation September 2020 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 Environment Protection Index…
  20. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 20
    Corporate Presentation September 2020 The Strength of Canadian Naturals Business Model Leaders in ESG performance Advantaged assets for downside scenarios Leverage technology, innovation and continuous improvement Delivered…
  21. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 21
    Corporate Presentation September 2020 Governance Risk Assessment & Mitigation Strong track record of identifying, assessing, adapting, aligning and executing Board of Directors as well as Board Governance and Risk Committees…
  22. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 22
    Corporate Presentation September 2020 Social Performance Investing in Indigenous Communities 500 Million IN CONTRACTS WITH LOCAL INDIGENOUS BUSINESSES IN 2018 1.2 Billion IN LAST 3 YEARS 188 Indigenous Companies DOING…
  23. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 23
    Corporate Presentation September 2020 Canadas Crude Oil & Natural Gas Sector Has Delivered Advancing Innovation Recognized a need to reduce GHG emissions 3.4 Billion INVESTED BY Leverage technology and Canadian ingenuity…
  24. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 24
    Corporate Presentation September 2020 Conventional Heavy Oil Pilot Zero Emission Primary Heavy Oil Pad Site Canadian Natural is piloting zero emissions from Vapor reservoir to storage tank in primary heavy oil Recovery Unit…
  25. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 25
    Corporate Presentation September 2020 Capturing Oil Sands Technological Improvements Journey to Net Zero Emissions GHG Emissions Intensity(1) (tonnes CO2e/bbl) 0.54 0.52 US Refined Average (2) 0.50 0.48 Targeting 0.46…
  26. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 26
    Notes
  27. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 27
    Notes
  28. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 28
    Notes
  29. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 29
    Advisory 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…
  30. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 30
    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…
  31. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 31
    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…
  32. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 32
    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…
  33. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 33
    Hedging At June 30, 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 price…
  34. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 34
    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…
  35. September 2020 Corporate Presentation – Canadian Natural Resources (CNRL) – slide 35
    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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