Canadian Natural Resources Limited January 9, 2025 2025 Budget 2025 BUDGET January 9, 2025 Introduction Lance Casson, Manager, Investor Relations 1
Canadian Natural Resources Limited January 9, 2025 2025 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 January 9, 2025 2025 Budget The Canadian Natural Advantage Large, Low Risk, Lower Capital Diversified, Flexible Effective & High Value Reinvestment Balanced Capital Efficient Reserves…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Balancing the Four Pillars Disciplined capital allocation, focused on value creation Balance Sheet Strength Maximizing Balance Sheet strengthens…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Leading Proved Developed & Total Proved Reserves Canadian energy peers (CVE, IMO & SU) PD Reserves TP Reserves to Market Cap to Market Cap Significant portion of…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Balanced, diverse asset portfolio 2025B North Sea Production Mix(1) North America 2.425 - 2.480 Bcf/d of natural gas Natural Gas 27% 2nd…
Canadian Natural Resources Limited January 9, 2025 2025 Budget 2025 Budget Details Scott Stauth, President Canadian Natural 2025 Budget: Strategy Driving material free cash flow & maximizing returns to shareholders…
Canadian Natural Resources Limited January 9, 2025 2025 Budget 2025 Budget Capital Capital Budget(1) ( millions) 2025B Conventional E&P 3,200 Thermal In Situ and Oil Sands Mining & Upgrading 2,815 Subtotal Operating Capital…
Canadian Natural Resources Limited January 9, 2025 2025 Budget 2025 Budget Conventional E&P drilling program (net producer wells) 2025B Natural Gas wells 82 Focused on liquids-rich Montney & Duvernay Crude Oil wells Primary…
Canadian Natural Resources Limited January 9, 2025 2025 Budget 2025 Budget Oil Sands Mining & Upgrading plan Increasing high value, zero decline Oil Sands Mining & Upgrading capacity and production through debottlenecking &…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Production per share growth: 2021 - 2025B (BOE production/share) 0.30 9% CAGR per share 0.25 0.20 0.15 0.10 2021 2022 2023 2024F…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Financial Strength: Strategy Driving material free cash flow & maximizing returns to shareholders Maintain strong financial position with maximum…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Leading history of growing returns to shareholders (/share) 3.50 25 consecutive years of dividend increases 5.25/share in share repurchases 3.00…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Canadian Natural Summary: Premium Value Creation Driving material free cash flow & maximizing returns to shareholders Significant and sustainable returns to…
Canadian Natural Resources Limited January 9, 2025 2025 Budget PROVEN EFFECTIVE STRATEGY Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Advisory (Continued) Special Note Regarding Common Share Split and Comparative Figures At the Company's Annual and Special Meeting held on May 2, 2024, shareholders…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Advisory (Continued) Cautionary Statement Project progress and financial results are dependent upon economic and regulatory conditions, commodity prices, global…
Canadian Natural Resources Limited January 9, 2025 2025 Budget Advisory (Continued) Reserves Notes: 1. Company gross reserves are working interest share before deduction of royalties and excluding any royalty interests. 2.…
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