Canadian Natural Corporate Presentation March 2021
Delivering Value & Growth SNAPSHOT 2021F 2020 2019 Capital expenditures net (C million)(1) 3,205 2,701 3,904 Annualized dividend (C/share)(2) 1.88 1.70 1.50 Production (annual average, before royalties) Natural gas (MMcf/d) 1,620 -…
Corporate Presentation March 2021 Canadian Natural Advantages Large, Long Life Low Decline Asset Base Diversified Asset Base & Product Mix Flexible Capital Allocation / Effective & Efficient Operations Low Maintenance…
Corporate Presentation March 2021 1P Reserves After Royalties 2020 (MMBOE) 12,000 83% of reserves are Long Life Low Decline 10,000 Reserve Life Index 30 plus years* 8,000 Oil Sands Mining Reserve Life Index 44 plus years*…
Corporate Presentation March 2021 Balanced, Diverse Portfolio Balanced, diverse production mix North Long Life Low Decline production 81% of liquids Sea North America International Brent exposure Vast, balanced resource base to…
Corporate Presentation March 2021 Canadian Natural 2020 Annual Operational Highlights Strong operations maximized value for shareholders Record production of 1,164 MBOE/d Record liquids production of 917,958 bbl/d Thermal in…
Corporate Presentation March 2021 Operational Excellence Area knowledge, extensive infrastructure and operatorship Top tier effectiveness and efficiency Strong history of capturing margin growth opportunities Process…
Corporate Presentation March 2021 Canadian Natural Advantages Large, Long Life Low Decline Asset Base Diversified Asset Base & Product Mix Flexible Capital Allocation / Effective & Efficient Operations Low Maintenance…
Corporate Presentation March 2021 Canadian Natural Advantages Large, Long Life Low Decline Asset Base Diversified Asset Base & Product Mix Flexible Capital Allocation / Effective & Efficient Operations Low Maintenance…
Corporate Presentation March 2021 Long Term Dividend Growth vs. Peers 10 Year CAGR (% CAGR) CNQ increased dividend in 2020 20% 5 peers decreased their dividend 15% 4 peers maintained their dividend 3 peers increased their…
Corporate Presentation March 2021 Financial Strength Balancing the Four Pillars Balance Sheet Strength Balance Sheet strengthens with free cash flow generation Maximizing Shareholder Value Returns to Shareholders…
Corporate Presentation March 2021 Canadian Natural 2020 Annual Financial Highlights Significant adjusted funds flow of 5,340 million(1) Free cash flow of 690 million in 2020(2) Disciplined capital budget 2.7 billion capital…
Corporate Presentation March 2021 Canadian Natural 2021 Budget Capital Expenditures ( million) 2020 2021B Total(1) 2,701 3,205 Targeted Production 2020 2021B % Change(2) Natural Gas (MMcf/d) 1,477 1,620 - 1,680 12% Total…
Corporate Presentation March 2021 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 2023(2) 1,000 June 2023(1)…
Corporate Presentation March 2021 Canadian Natural Returns to Shareholders Dividends ( million) 2,250 2,000 21 years of dividend increases 1,750 20% CAGR since inception Horizon Phase 3 1,500 complete 1,250 1,000 750…
Corporate Presentation March 2021 Canadian Natural Advantages Summary (contd) Flexible capital allocation and effective and efficient operations Culture of innovation drives ever increasing effective and efficient operations…
Corporate Presentation March 2021 Natural Gas, Light Crude Oil & NGLs Core Area Summary Large, Canadian, natural gas producer 2020 1,477 MMcf/d 2020 operating costs 1.14/Mcf Significant light crude oil and NGL production base…
Corporate Presentation March 2021 Thermal In Situ Oil Sands Asset Overview CNQ Thermal Producing Properties Birch Mtn. Long Life Low Decline assets CNQ In Situ Project Inventory Peers 122 billion barrels BIIP(1) Ells River…
Corporate Presentation March 2021 Oil Sands Mining & Upgrading Industry leading oil sands mine operator Net capacity 475,000 bbl/d of SCO CNQ Operating Oil Sands Mines CNQ Lands December 2020 record of 490,800 bbl/d of SCO No…
Corporate Presentation March 2021 Oil Sands Mining & Upgrading Summary Long Life, no decline assets 475,000 bbl/d net capacity Capturing synergies through technology and innovation Reliability and capacity increases In-Pit…
Corporate Presentation March 2021 The World Needs More Canadian Energy (Aggregate ESG Score) 300 Environment(1) Social(2) 250 Governance(3) 200 Average 150 100 50 0 (1) 2020 Yale Environment Protection Index…
Corporate Presentation March 2021 2020 Environmental Achievements Canadian Natural's corporate GHG emissions intensity continues to improve Decreased by 18% from 2016 levels Decreased by 2% from 2019 levels One of the largest…
Corporate Presentation March 2021 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 Review…
Corporate Presentation March 2021 Canadas Crude Oil & Natural Gas Sector Has Delivered Advancing Innovation Recognize the need to reduce GHG emissions 3.9 Billion Leverage technology and Canadian ingenuity INVESTED IN RESEARCH &…
Corporate Presentation March 2021 Leading Canadian Oil Sands Intensity GHG Emissions Intensity (kgCO2/bbl) 80 70 60 50 35% 40 LOWER THAN TOTAL PEER UPSTREAM SCOPE 1 AVERAGE 30 20 10 0 Total Peer Oil Sands Note:…
Corporate Presentation March 2021 Technology & Innovation Journey to Net Zero Near-Term Actions Medium-Term Actions Long-Term Actions IPEP pilot IPEP commercialization Carbon capture and conversion (carbon fibers, asphalts,…
Notes
Notes
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…
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,…
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. Thermal In Situ Oil Sands…
Advisory Pricing Assumptions 2021F* 2020 2019 Strip US WTI/bbl 57.28 39.40 57.04 C AECO/GJ 2.88 2.12 1.54 SCO Diff/(Prem) US/bbl 2.34 3.14 0.69 WCS Differential US/bbl 11.77 12.57 12.79 FX 1.00 US = X C 1.27 1.34 1.33 *Strip…
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…
Hedging At December 31, 2020, the Company had the following derivative financial instruments outstanding to manage its commodity price risk: Weighted average Weighted average Remaining term volume price Index Natural Gas Fixed…
Key Historic Data Operational & Financial Information 2020 2019 2018 2017 2016 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 918 850 821 685 524 Natural gas (MMcf/d) 1,477 1,491 1,548 1,662 1,691 Barrels of oil…
Tim S. McKay Darren Fichter Scott G. Stauth Mark Stainthorpe President Chief Operating Officer, Chief Operating Officer, Chief Financial Officer and Exploration and Production Oil Sands Senior Vice-President, Finance Jason Popko…
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