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Corporate Presentation – Canadian Natural Ltd

Canadian Natural Ltd · Jul 1, 2014 · 39 slides

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Slides

  1. Corporate Presentation – Canadian Natural Ltd – slide 1
    CORPORATE PRESENTATION July 2014
  2. Corporate Presentation – Canadian Natural Ltd – slide 2
    Delivering Value and Growth SNAPSHOT 2013 2014F(1) Cash flow(2) (C million) 7,477 10,300 - 10,700 Per share basic(2) (C) 6.87 9.40 - 9.80 Capital expenditures (C million) 7,274 11,730 - 12,130 Dividend (C/Share) 0.575 Common shares…
  3. Corporate Presentation – Canadian Natural Ltd – slide 3
    Corporate Presentation July 2014 Five Key Messages Proven, effective, value driven strategy Safe, effective, efficient & environmentally responsible operations Strong, balanced, diverse portfolio with significant upside…
  4. Corporate Presentation – Canadian Natural Ltd – slide 4
    Corporate Presentation July 2014 1P Reserves After Royalties (MMBOE) 4,500 CNQ 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 CNQ SU OXY IMP DVN APC CHK APA EOG CVE ECA NBL HSE TLM Note: Sourced from 2013…
  5. Corporate Presentation – Canadian Natural Ltd – slide 5
    Corporate Presentation July 2014 2014 Capital Capital ( million) 2013 2014F Natural gas 554 800 Crude oil Pelican Lake 401 250 Primary Heavy 1,159 1,225 Thermal In Situ 1,279 1,140 Light Canada 541 620 North Sea 347 535…
  6. Corporate Presentation – Canadian Natural Ltd – slide 6
    Corporate Presentation July 2014 Targeted Total Corporate Free Cash Flow ( billion) 8 7 6 5 4 3 2 1 0 -1 Free Cash Flow including 2014 opportunistic acquisitions -2 2013 2014F 2015F 2016F 2017F 2018F 2019F…
  7. Corporate Presentation – Canadian Natural Ltd – slide 7
    Corporate Presentation July 2014 Environmental Performance Proactive environmentally responsible operations Drive continuous improvement to reduce environmental impacts Meet or exceed all regulatory requirements Reducing…
  8. Corporate Presentation – Canadian Natural Ltd – slide 8
    Corporate Presentation July 2014 Balanced, Diverse Portfolio Balanced, diverse production mix International exposure Vast, balanced resource base to develop Delivering significant Production Mix* Free Cash Flow Light…
  9. Corporate Presentation – Canadian Natural Ltd – slide 9
    Corporate Presentation July 2014 North America Natural Gas & NGLs 2014 Plan 2013 2014F % Change Production (MMcf/d)* 1,130 1,490-1,530 34% Drilling (net wells) 45 66 Capital ( million) 554 800 *Excludes NGLs. Capital…
  10. Corporate Presentation – Canadian Natural Ltd – slide 10
    Corporate Presentation July 2014 North America Light Crude Oil 2014 Plan 2013 2014F % Change Production (Mbbl/d)(1) 68 88 - 90 31% Drilling (net wells) Producers 104 96 Capital ( million) 541 620 (1) Includes NGLs. Note:…
  11. Corporate Presentation – Canadian Natural Ltd – slide 11
    Corporate Presentation July 2014 International Light Crude Oil 2014 Plan 2013 2014F %Change Crude oil production (Mbbl/d) 34 33 - 37 3% Capital ( million) 491 850 Note: Rounded to the nearest 1,000 bbl/d. Generates Field…
  12. Corporate Presentation – Canadian Natural Ltd – slide 12
    Corporate Presentation July 2014 Primary Heavy Crude Oil 2014 Plan 2013 2014F %Change Production (Mbbl/d) 136 142 - 146 6% Drilling (net wells) 859 843 Recompletion (net wells) 560 545 Capital ( million) 1,159 1,225 Note:…
  13. Corporate Presentation – Canadian Natural Ltd – slide 13
    Corporate Presentation July 2014 Transitioning to a Longer Life Asset Base (% of CNQ liquids production)* 70% 60% 50% 40% 30% 20% 10% 0% 2007 2011 2015F 2018F Horizon - Sold as Synthetic Crude Oil Thermal…
  14. Corporate Presentation – Canadian Natural Ltd – slide 14
    Corporate Presentation July 2014 Pelican Lake 2014 Plan 2013 2014F %Change Production (bbl/d) 43 47 - 51 14% Drilling (net wells) - Producers & Injectors 39 28 Capital ( million) 401 250 Note: Rounded to the nearest 1,000…
  15. Corporate Presentation – Canadian Natural Ltd – slide 15
    Corporate Presentation July 2014 Thermal In Situ Oil Sands Tremendous Potential Long life low decline 97 billion barrels asset base Grand Rapids total BIIP(1) 15 billion barrels Vast asset base developed with a defined growth…
  16. Corporate Presentation – Canadian Natural Ltd – slide 16
    Corporate Presentation July 2014 Thermal In Situ Oil Sands 2014 Focused Execution Plan Primrose Complete the flow to surface causation review Initiate steam flood in Primrose East Area 1 Resume cost effective pad adds with new…
  17. Corporate Presentation – Canadian Natural Ltd – slide 17
    Corporate Presentation July 2014 Marketing Continued Strong Heavy Oil Pricing Incremental PADD 2 conversion capacity Whiting and Marathon capacity increase of 340,000 bbl/d Significant additional rail loading capacity in WCSB…
  18. Corporate Presentation – Canadian Natural Ltd – slide 18
    Corporate Presentation July 2014 Horizon Oil Sands - Operations Core Area Summary World Class asset 14.4 billion barrels BIIP(1) 2P SCO reserves 3.3 billion barrels(2) Best estimate contingent resources SHC Synenco other than…
  19. Corporate Presentation – Canadian Natural Ltd – slide 19
    Corporate Presentation July 2014 Horizon Oil Sands - Expansion Efficiencies Achieved Through Expansion Reliability and efficiencies will be achieved through completion of original design of Phase 1,2,3 with higher vacuum yield and…
  20. Corporate Presentation – Canadian Natural Ltd – slide 20
    Corporate Presentation July 2014 Horizon Oil Sands - Operations Targeted Operating Costs Targeted Operating Cost per Year Targeted Operating Cost per Barrel ( million) (/bbl) 2,500 40 2,000 1,500 20 1,000 500 0 0 2014F…
  21. Corporate Presentation – Canadian Natural Ltd – slide 21
    Corporate Presentation July 2014 Balance Sheet Strength Actual 2013 2014F(1) Debt / book cap 27.0% 30.2% Debt / EBITDA 1.1x 1.1x (1) Midpoint of Guidance. Rating Agencies: maintain long-term ratings from S&P (BBB+, Stable…
  22. Corporate Presentation – Canadian Natural Ltd – slide 22
    Corporate Presentation July 2014 Targeted Total Corporate Free Cash Flow ( billion) 8 7 6 5 4 3 2 1 0 -1 Free Cash Flow including 2014 opportunistic acquisitions -2 2013 2014F 2015F 2016F 2017F 2018F 2019F…
  23. Corporate Presentation – Canadian Natural Ltd – slide 23
    Corporate Presentation July 2014 Balanced Free Cash Flow Allocation Return to Shareholders ( million) 1,200 1,000 800 600 400 Horizon build years 200 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
  24. Corporate Presentation – Canadian Natural Ltd – slide 24
    Corporate Presentation July 2014 The Sustainable Free Cash Flow Independent 1. Proven, Effective, 4. Transition to Long Life, Value Driven Strategy Low Decline Assets Increasing Resource development Sustainable Free Cash Flow…
  25. Corporate Presentation – Canadian Natural Ltd – slide 25
    Corporate Presentation July 2014 PROVEN EFFECTIVE STRATEGY Appendices PREMIUM VALUE, DEFINED GROWTH, INDEPENDENT. CNQ North America Natural Gas & NGLs Our Montney Position Large resource base BC Conventional Oil…
  26. Corporate Presentation – Canadian Natural Ltd – slide 26
    Corporate Presentation July 2014 North America Natural Gas & NGLs Duvernay Lands and Plans Over 480,000 net acres in total play area Strong positions in two sub basins with 30-60m net shale pay Play Limits SK Gas liquids Oil…
  27. Corporate Presentation – Canadian Natural Ltd – slide 27
    Corporate Presentation July 2014 International Light Crude Oil South Africa Big E Exploration 5 structures up to 1 billion barrels High caliber, experienced partner selected Brulpadda 1AX Operator targeting to drill 1st…
  28. Corporate Presentation – Canadian Natural Ltd – slide 28
    Corporate Presentation July 2014 Enhanced Oil Recovery Pilots Heavy Oil Water Flood Lone Rock Post primary production application Water flood pilots 28 producer wells 15-17 degrees API, 700 - 2,300 cp oil viscosity (bbl/d)…
  29. Corporate Presentation – Canadian Natural Ltd – slide 29
    Corporate Presentation July 2014 Pelican Lake Polymer Flood Expansion Polymer Flood at end of 2012 53% 2013 / 2014 Polymer Plan 57% 5 Year Polymer Plan 72% Contingent 97% CNQ POLYMER FLOOD SUCCESS LEADS TO…
  30. Corporate Presentation – Canadian Natural Ltd – slide 30
    Corporate Presentation July 2014 Thermal In Situ Oil Sands Primrose Flow to Surface Wellbore FTS Location The Contributing Factors Wellbore & Geological Path Quaternary Large volume of fluid Non-Wellbore Path released into…
  31. Corporate Presentation – Canadian Natural Ltd – slide 31
    Corporate Presentation July 2014 Marketing Expanding Pipeline Options Enbridge Gateway 525 Mbbl/d Crude Export Line (2017+) Fort McMurray TCPL East Coast Option Kitimat 1100 Mbbl/d (2017+) Edmonton Enbridge Main Line Quebec…
  32. Corporate Presentation – Canadian Natural Ltd – slide 32
    Corporate Presentation July 2014 North American Crude Oil Markets Redwater Upgrader / Refinery Project sanctioned November 2012 50,000 bbl/d additional bitumen conversion capacity Canadian Natural 50% ownership Return on capital…
  33. Corporate Presentation – Canadian Natural Ltd – slide 33
    Corporate Presentation July 2014 Horizon Oil Sands Expansion Update Overall expansion 37% physically complete 97% Complete 26% Complete 84% Complete Reliability Directive 74 Phase 2A (5,000 bbl/d capacity) (12,000 bbl/d…
  34. Corporate Presentation – Canadian Natural Ltd – slide 34
    Corporate Presentation July 2014 Bank Credit Facilities (C million) Maturity Revolving bank line 1 3,000 June 2017 Revolving bank line 2 1,500 June 2016 Non-Revolving term facility 1,000 April 2016 Operating demand loan 275…
  35. Corporate Presentation – Canadian Natural Ltd – slide 35
    Corporate Presentation July 2014 Resource Disclosure(1) Horizon Oil Sands Synthetic Crude Oil Discovered Bitumen Initially-In-Place 14,400 million barrels Proved Company Gross Reserves 2,221 million barrels of SCO Bitumen volume…
  36. Corporate Presentation – Canadian Natural Ltd – slide 36
    Hedging At May 8, 2014, the Company had the following net derivative financial instruments and physical sales outstanding: Sales contracts Remaining term Volume Weighted average price Index Crude oil Price collars(1) Apr 2014 Jun…
  37. Corporate Presentation – Canadian Natural Ltd – slide 37
    Key Historic Data Operational Information 2008 2009 2010 2011 2012 2013 Daily production, before royalties Crude oil and NGLs (Mbbl/d) 316 355 425 389 451 478 Natural gas (MMcf/d) 1,495 1,315 1,243 1,257 1,220 1,158 Barrels of oil…
  38. Corporate Presentation – Canadian Natural Ltd – slide 38
    Corporate Guidance May 8, 2014 Includes production volumes and capital associated with acquisitions closed to date in 2014. Q2/14 2014 Updated Guidance Guidance Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,620…
  39. Corporate Presentation – Canadian Natural Ltd – slide 39
    PROVEN EFFECTIVE STRATEGY Steve W. Laut Mark Stainthorpe President Manager, Investor Relations (403) 514-7845 Tim S. McKay Chief Operating Officer Jason Popko Douglas A. Proll Supervisor, Executive Vice President Investor…

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