Canadian Natural Resources Limited December 14, 2023 2024 Budget 2024 BUDGET December 14, 2023 Introduction Lance Casson, Manager, Investor Relations 1
Canadian Natural Resources Limited December 14, 2023 2024 Budget Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the Company) in this document or…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Corporate Overview Strategy: Premium Value Creation Driving material free cash flow & maximizing returns to shareholders Strong Balance Sheet supporting…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Canadian Natural Asset base drives long-term value: 2023F Low Increased Leading Strong dividend twice, maintenance Share capital & 4% free cash flow balance…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Leading Total Proved & Proved Developed Producing Reserves Canadian peers 60% of reserves are high value SCO, light crude oil & NGLs 32 year total proved Reserve…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Canadian Naturals Advantage Low corporate decline rate 2024B 58% Production Mix(1) Long Life Low Decline production Oil Sands Mining & Upgrading 11% Pelican…
Canadian Natural Resources Limited December 14, 2023 2024 Budget 2024 Budget Details Scott Stauth, Chief Operating Officer, Oil Sands Canadian Natural 2024 Budget: Strategy Driving material free cash flow & maximizing…
Canadian Natural Resources Limited December 14, 2023 2024 Budget 2024 Budget Capital Capital Expenditures ( millions)(1) 2024B Conventional E&P (excluding Thermal) 2,540 Thermal and Oil Sands Mining & Upgrading 2,880 Total…
Canadian Natural Resources Limited December 14, 2023 2024 Budget 2024 Budget Strategic Drilling Program Drilling program timed for incremental market egress Heavy crude oil program primarily targeting Mannville/Clearwater…
Canadian Natural Resources Limited December 14, 2023 2024 Budget 2024 Budget Thermal In Situ Development Program Primrose Drilling two CSS pads targeted to come on production in Q2/25 Continuing with Wolf Lake (Primrose) strong…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Horizon Oil Sands Increasing long-term SCO production Naphtha Recovery Unit Tailings Treatment (NRUTT) Project Increases SCO production by 6,300 bbl/d GHG…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Shareholder Returns Mark Stainthorpe, Chief Financial Officer 2023F Free Cash Flow Allocation Significant direct returns to shareholders (/share) 16 Direct…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Canadian Natural Leading history of returns to shareholders growth ( millions) 12,000 24 years of consecutive dividend increases 10,000 21% CAGR since…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Free Cash Flow Sensitivity Adjusted funds flow less capital Free cash flow (/share) per share is (yield)(1) 20 18% 40% higher at Diverse, balanced asset base…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Questions & Answers PROVEN EFFECTIVE STRATEGY 15
Canadian Natural Resources Limited December 14, 2023 2024 Budget Advisory Special Note Regarding Currency, Financial Information and Production This presentation should be read in conjunction with the Company's unaudited interim…
Canadian Natural Resources Limited December 14, 2023 2024 Budget Advisory Glossary of Terms Pricing Assumptions 2023F 2024B AECO Alberta Energy Company (benchmark pricing) Strip AOSP Athabasca Oil Sands Project US WTI/bbl 77.98…
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