Canadian Natural Resources Limited · TSX:CNQ
Canadian Natural Resources — Investor Presentation (September 2023)
80 slides from Canadian Natural Resources's investor presentation, September 2023
Slide 1: Corporate Presentation September 2023
CORPORATE PRESENTATION SEPTEMBER 2023
Slide 2: The Canadian Natural Advantage
The Canadian Natural Advantage Large, Low Risk, Diversified, Flexible Effective & Leading High Value Balanced Asset Capital Efficient ESG Reserves Base Allocation Operations Performance PREMIUM VALUE CREATION MATERIAL FREE CASH FLOW GENERATION & STRONG RETURN ON CAPITAL 2
Slide 3: Corporate Overview: Strategy: Premium Value Creation
Corporate Overview Strategy: Premium Value Creation Driving material free cash flow & maximizing returns to shareholders • Strong Balance Sheet supporting investment grade credit ratings • Defined growth/value enhancement plans by product/basin and opportunistic acquisitions • Diverse, balanced asse
Slide 4: Balancing the Four Pillars
Canadian Natural Balancing the Four Pillars Disciplined capital allocation, focused on value creation Balance Sheet Strength Balance Sheet strengthens with Maximizing free cash flow generation Shareholder Value Returns to Shareholders Growing, sustainable dividends & Balance Returns to Resource Oppo
Slide 5: Leading Total Proved & Proved Developed Producing Reserves
Leading Total Proved & Proved Developed Producing Reserves Canadian peers: 2022 ~60% of reserves are high value SCO, light crude oil & NGLs ~32 year total proved Reserve Life Index(1) Largest natural gas Peer average reserves in Canada(2) total proved Reserve Life Index ~16 years(3) Total Proved Pro
Slide 6: Total Proved Reserves vs Global Peers
Total Proved Reserves Global peers: 2022 Only Canadian company with >5 billion BOEs Total Proved 0 5,000 10,000 15,000 20,000 (MMBOE) Peers include: BP, COP, CVX, SHEL, TTE and XOM. Source: 2022 net proved reserves, based on SEC constant prices and costs, per company reports. SIGNIFICANT RESERVES ON
Slide 7: Typical Shale Well vs Oil Sands Mining & Upgrading
Typical Shale Well vs Oil Sands Mining & Upgrading Unique, Sustainable & Robust Typical Shale Well Oil Sands Mining & Upgrading High decline ~70% in year one No decline More reservoir risk No reservoir risk More reserve replacement risk No reserve replacement risk Shorter reserve life of ~10 year
Slide 8: Shale Well Example vs Oil Sands Mining & Upgrading
Shale Well Example vs Oil Sands Mining & Upgrading Annual capital required to maintain ~460,000 bbl/d Shale Well Example Oil Sands Mining & Upgrading • ~1,000 wells required initially No reservoir risk • ~400 wells of annual production required to maintain Low maintenance capital requirements of
Slide 9: Canadian Natural's Assets are Unique
Canadian Natural’s Assets are Unique Robust through all cycles Long life low decline assets provide sustainable production & free cash flow even in lower price environment Ability to ramp up Exercising capital flexibility by production with reducing spend on low capital exposure assets improving pri
Slide 10: Canadian Natural's Advantage: Low corporate decline rate
Canadian Natural’s Advantage Low corporate decline rate 2023F ~57% Production Mix(1) Long Life Low Decline production Oil Sands Mining & Upgrading ~10% ~0% Decline Pelican & Corporate Thermal ~13% Decline Decline Rate Conventional E&P ~19% Decline ~43% Conventional E&P production (1) Based upon midp
Slide 11: Canadian Natural's Differentiating Value
Canadian Natural’s Differentiating Value Long life low decline asset base Decline rate 50% Leading corporate decline rate of ~10% Low maintenance capital of ~$8/BOE in 2023F 40% 30% Peer Average 20% 10% 0% Canadian Peers US Peers Peers include: APA, CVE, DVN, EOG, FANG, IMO, MEG, OVV, PXD, SU and TO
Slide 12: Balanced, diverse asset portfolio
Canadian Natural Balanced, diverse asset portfolio 2023F North Sea Production Mix(1) North America ~2.2 Bcf/d natural gas Natural Gas ~27% 2nd largest natural gas producer in Canada Offshore Africa Heavy Oil ~29% ~985,000 bbl/d • Vast, balanced resource base to develop Light Oil & of total liquids N
Slide 13: Balanced, diverse marketing portfolio
Canadian Natural Balanced, diverse marketing portfolio 2023F Balanced Sales Production Mix(1) Points & Products AECO sales ~790 MMcf/d exported Natural Gas ~27% 28% outside of Alberta, 36% capturing North American natural gas pricing Canadian Natural 36% requirement Heavy Oil ~29% Heavy ~460,000 bbl
Slide 14: Top Tier Conventional E&P, Thermal In Situ & Oil Sands Mining & Upgrading Assets
Top Tier Conventional E&P, Thermal In Situ & Oil Sands Mining & Upgrading Assets
Slide 15: Top tier plays throughout the asset base
Conventional E&P Top tier plays throughout the asset base Clearwater Marten Hills Top North American plays Clearwater Nipisi Frobisher Dual Leg Montney Gas (average) Deep Basin Hinton Canadian Natural has a significant land Montney Dawson High Liquids SW Marcellus - Liquids Rich Deep Basin Resthaven
Slide 16: Thermal In Situ Oil Sands: Top tier WTI breakeven price
Thermal In Situ Oil Sands Top tier WTI breakeven price (US$/bbl) $60 Effective & efficient operations support a low WTI breakeven price, delivering superior returns $50 Peer Average $40 $30 Canadian Peers Peers include: ATH, CVE, IMO, MEG and SU. Source: Peters & Co. North American Crude Oil Update;
Slide 17: World Class Oil Sands Mining Assets
World Class Oil Sands Mining Assets Top tier WTI breakeven price (US$/bbl) $70 Canadian Natural’s world class assets deliver top tier results on ~480,000 bbl/d of high value SCO capacity in 2023 $60 $50 Peer Average $40 Bitumen Bitumen $30 SCO SCO $20 SCO SCO $10 $0 Canadian Peers Peers include: IMO
Slide 18: Total development potential
Canadian Natural Total development potential Natural Gas Liquids (Bcf/d) (bbl/d) 4.5 3,000,000 4.0 2,500,000 3.5 3.0 2,000,000 Total corporate future growth potential of 2.5 1,500,000 ~1,790,000 BOE/d(1) 2.0 1.5 1,000,000 ~72% from long life low decline assets 1.0 500,000 0.5 0.0 0 2022F Natural Gas
Slide 19: Returns on Capital, Leading Free Cash Flow & Returns to Shareholders
Returns on Capital, Leading Free Cash Flow & Returns to Shareholders
Slide 20: Asset base drives long-term value: 2022
Canadian Natural Asset base drives long-term value: 2022 Increased Low Leading Strong dividend twice by maintenance Share ~4% free cash flow balance sheet ~45% & paid a capital & repurchases of production generation of with year end special dividend disciplined ~$5.6 billion growth ~$11 billion net
Slide 21: Industry Returns on Capital Employed (ROCE)
Industry Returns on Capital Employed (ROCE) Significant value opportunity (ROCE) (EV/EBITDA) 35% Leading ROCE across industries 25x 30% with higher multiple potential 20x 25% 15x 20% 15% 10x 10% 5x 5% 0% 0x 2022E Return On Capital Employed (LHS) 2022E EV/EBITDA (RHS) Source: FactSet consensus and es
Slide 22: Top Tier Return on Capital Employed (ROCE)
Top Tier Return on Capital Employed (ROCE) Peer comparison: 3 year average: 2019 - 2021 (ROCE) 10% Top tier returns on capital employed in low point of commodity price cycle 8% 6% 4% Peer Average 2% 0% -2% Canadian Peers US Peers Peers include: APA, CHK, COP, DVN, CVE, EOG, IMO, NBL, OVV, OXY, SU an
Slide 23: Free Cash Flow Allocation Policy
Canadian Natural Free Cash Flow Allocation Policy When net debt is between When net debt is $10 - $15 billion < $10 billion Adjusted Funds Flow Adjusted Funds Flow Less: Base Capital Less: Total Capital (1) Less: Dividends Less: Dividends Free Cash Flow Free Cash Flow 50% 50% Balance Sheet Share Rep
Slide 24: 2022 Free Cash Flow Allocation
2022 Free Cash Flow Allocation Significant direct & indirect returns to shareholders ($/share) $20 Total 2022 direct shareholder returns of $16 Base $9.25 per share from combined Capital $4.34 per share of dividends & $4.91 per share of share repurchases Quarterly $12 Dividend Special ~50% of free c
Slide 25: Leading history of returns to shareholders growth
Canadian Natural Leading history of returns to shareholders growth ($ millions) 12,000 23 years of consecutive dividend increases 10,000 ~21% CAGR since inception 8,000 Share Repurchases 6,000 Horizon Special 4,000 Phase 3 Dividend PSK complete distribution 2,000 Horizon Phase 1 build years 0 2008 2
Slide 26: Long-Term Dividend Growth vs. Global Peers
Long-Term Dividend Growth vs. Global Peers 10 year CAGR: 2022 (CAGR) 30% Leading long-term dividend growth Special 25% Dividend Sustainable dividend; was maintained & grew in low commodity price periods while others cut 20% Increased dividend for 23rd consecutive year 15% ~$4.34 per share of
Slide 27: Free Cash Flow Sensitivity
Free Cash Flow Sensitivity Adjusted funds flow less capital Free cash flow ($/share) per share is (yield)(1) Diverse, balanced asset base underpinned $25 ~30% higher at 24% by long life low decline production US$100 WTI vs. 20% $20 US$85 WTI Effective & efficient operations combined 16% with executi
Slide 28: 2023 Forecast
cm Canadian Natural 2023 Forecast
Slide 29: 2023 Forecast: Capital & Production
2023 Forecast Capital & Production Capital Expenditures ($ millions) 2023F Base $4,390 Strategic $1,020 Total $5,410 Production 2022 2023F Natural Gas (MMcf/d) 2,090 2,170 - 2,242 Conventional E&P Crude Oil & NGLs (Mbbl/d) 255 264 - 272 Thermal and Oil Sands Mining & Upgrading (Mbbl/d)(1) 678 705 -
Slide 30: Production per share growth: 2019 – 2023F
Canadian Natural Production per share growth: 2019 – 2023F (BOE production/share) 0.48 ~8% CAGR per share 0.44 0.40 0.36 0.32 2019 2020 2021 2022 2023F Capital(1) ($ billions) ~$3.9 ~$2.7 ~$3.5 ~$5.0 ~$5.4 (1) Capital excludes net acquisition costs. Note: Based upon actual and forecasted ending peri
Slide 31: Summary: 2023 Capital Update
Canadian Natural Summary: 2023 Capital Update Driving material free cash flow & maximizing returns to shareholders • Disciplined capital budget ‒ Base capital of ~$4.4 billion ‒ Strategic Growth capital of ~$1.0 billion • Low maintenance capital to maintain and grow production • Top tier execution t
Slide 32: Environmental, Social & Governance
Environmental, Social & Governance
Slide 33: The World Needs More Canadian Energy
The World Needs More Canadian Energy Overview Canadian Natural is part of the solution • Canada is the top rated ESG country among the top crude oil exporting nations • Canada has world class CCUS infrastructure ‒ Canadian Natural is the largest owner of carbon capture capacity in Canada • Industry
Slide 34: ESG Performance Among Top Oil Exporting Nations
ESG Performance Among Top Oil Exporting Nations The world needs more Canadian energy (Aggregate ESG Score) 250 Environment(1) Social(2) Governance(3) 200 150 Average 100 50 0 (1) 2022 Yale Environment Performance Index (EPI). (2) 2021 Social Progress Index (SPI) prepared by Social Progress Imperativ
Slide 35: Environmental Targets
Environmental Targets Strong commitment to improving performance 40% in corporate absolute scope 1 & 2 GHG emissions by 2035 from 2020 baseline Reduction 50% in North America E&P methane emissions by 2030 from 2016 baseline Reduction 40% in in situ fresh water intensity Reduction by 2026 from 2017 b
Slide 36: Technology & Innovation: One of Canada's leading R&D investors
Technology & Innovation One of Canada’s leading R&D investors • Ongoing investment in technology and innovation will ensure the crude oil and natural gas remains sustainable, competitive and productive for years to come • Advancing innovation drives performance ~$5.2 billion invested in research & d
Slide 37: Environment: Land management
Environment Land management >3,000 abandoned wells/year in each of last two years At this pace, 100% abandonment of current inactive well inventory in ~10 years ~4.2 million trees planted in our oil sands mining operations since 2009 ~4.4 million trees planted to date in our NA E&P operations The ab
Slide 38: Social: Frontline driven incident prevention
Social Frontline driven incident prevention Total Recordable Injury Frequency (TRIF) Incidents (per 200,000 exposure hours)(1) Comprehensive frontline driven 0.40 safety management system 43% 78,029 Worksite Safety Observations in 2022 TRIF reduction 0.30 since 2018 80% reduction in Lost Time Incide
Slide 39: Social: Working together with communities
Social Working together with communities In 2022 Canadian Natural worked with ~167 Indigenous businesses Awarded ~$684 million in contracts with local Indigenous businesses, a 20% increase from 2021 ~$2.2 million donated to United Way through employee giving & corporate matching ($30+ million over 3
Slide 40: Governance: Risk assessment & mitigation
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 and hold management accountable to identify and mitigate risks • Strong, effective strategies and pl
Slide 41: Technology & Innovation: Journey to net zero
Technology & Innovation Journey to net zero Current Actions Medium-Term Actions Long-Term Actions • Carbon capture and storage • Leverage CCUS advancements • Expand/develop future ‒ Horizon’s CCUS and learnings into the next CCUS projects ‒ Quest CCS generation of CCUS facilities • Carbon capture an
Slide 42: Carbon Capture & Sequestration/Storage Technology
Carbon Capture & Sequestration/Storage Technology Key to net zero A global leader in CO2 capture & sequestration(1) Reduced CO2 footprint Capture Capacity (tonnes/year) Reduced CO2 charges Quest Horizon ~0.4 million Quest(2) ~1.1 million Equivalent to removing NWR(3) ~1.2 million ~576,000 cars o
Slide 43: Pathways Alliance: Net zero plan
Pathways Alliance Net zero plan • Canada’s six largest oil sands operators ‒ Accounts for ~95% of total oil sands production • Goal: achieve net zero GHG emissions from oil sands operations by 2050 ‒ Requires collective work with federal and provincial governments Phase 1 plan includes: • 22 Mt/year
Slide 44: Pathways Alliance Update
Pathways Alliance Update Industry collaboration to net zero Next Steps: ‒ Advance detailed pore space development plan ‒ Continue with Engineering & Design studies for CO2 pipeline & capture facilities ‒ More clarity on the Government of Alberta’s policy for CCS ‒ Regulatory submissions for proposed
Slide 45: Sustainability & ESG reporting
Canadian Natural Sustainability & ESG reporting Stewardship Report ESG CDP Climate Change Technology & Innovation to Stakeholders Highlights CDP Water Case Studies Climate Change ‘B’ Score Aligned with Task Force on Climate-Related Financial Disclosures (TCFD), Sustainability Accounting Standards Bo
Slide 46: Balance Sheet Strength
Canadian Natural Balance Sheet Strength
Slide 47: Robust financial position
Canadian Natural Robust financial position Long-Term Ratings Outlook Short-Term Ratings DBRS A (low) Stable R-1 Standard & Poor’s BBB- Stable A-3 Moody’s Baa1 Stable P-2 • Balance Sheet strength as at June 30, 2023 • Net debt → ~$12.0 billion, reduced by ~$9.2 billion since December 31, 2020 • Debt
Slide 48: Balanced credit facility profile
Canadian Natural Balanced credit facility profile Revolving Credit Facilities (C$ millions) June 2025(1) $2,425 Support from 14 banks diversified June 2027(1) $2,425 by location February 2024(1) $500 15+ year relationships Operating demand loan $100 with 12 banks Total $5,450 (1) Financial covenant
Slide 49: Debt maturity profile
Canadian Natural Debt maturity profile ($ billions) 3.0 Repurchased ~$500 million of bonds 2.5 outstanding in 2022 Early redemption of the 2023 US$1.0 billion bond in Q4/22 2.0 1.5 1.0 0.5 0.0 US$ Public C$ Public Repurchased STRATEGICALLY BALANCED MATURITY PROFILE 49
Slide 50: Asset Overview
cm Canadian Natural Asset Overview
Slide 51: Conventional E&P Overview
Conventional E&P Overview ~574,000 BOE/d of production(1) Largest conventional E&P reserves in Canada ~5.3 billion BOE total proved plus probable(1) Significant infrastructure in place for drill to fill strategy with ~305,000 BOE/d of net available capacity Montney Pelican Lake & Clearwater • Natura
Slide 52: Natural Gas, NGLs & Light Crude Oil: Montney & Deep Basin Overview
Natural Gas, NGLs & Light Crude Oil: Montney & Deep Basin Overview Umbach West Nig ~1.5 million net acres of Montney rights Blair/Daiber ~1.8 million net acres of Deep Basin rights Graham Montney Significant high value drill to fill opportunities Stoddart Septimus ~4,000 premium locations(1) Gordond
Slide 53: Montney & Deep Basin: Infrastructure advantage
Natural Gas, NGLs & Light Crude Oil: Montney & Deep Basin Infrastructure advantage Umbach West Nig Significant high value drill to fill Blair/Daiber Montney growth opportunities Graham ~2.8 Bcf/d net facility design capacity Stoddart Septimus ~1.1 Bcf/d net available facility capacity Gordondale Gre
Slide 54: International Light Crude Oil Summary
International Light Crude Oil Summary ~27,300 bbl/d of light crude oil production(1) High return international light crude oil, North Sea with exposure to Brent pricing • North Sea ‒ Leveraging expertise to manage costs in a mature basin ‒ Industry leading abandonment and decommissioning results • C
Slide 55: Heavy Crude Oil Overview
Heavy Crude Oil Overview Large land base ~3.2 million net acres Cliffdale ~1,570 defined multilateral locations(1) ~1,600 defined slant locations(1) High value drill to fill opportunities AB SK ~67,000 BOE/d available facility capacity Pelican Lake & Clearwater • Largest primary and polymer flood he
Slide 56: Total Conventional E&P: Development potential
Total Conventional E&P Near-, mid- & long-term development potential (MBOE/d) 1,200 Production of 1,000 ~2.1 Bcf/d & ~255 Mbbl/d in 2022 800 Potential to leverage available facility capacity of 600 ~305 MBOE/d Liquids 400 Potential debottleneck & expansion opportunities 200 Natural ~190 MBOE/d Gas ~
Slide 57: Thermal In Situ Oil Sands: Asset overview
Thermal In Situ Oil Sands Asset overview Long life low decline assets producing ~252,000 bbl/d in 2022 Second largest total proved plus probable bitumen reserves in Canada with ~5.2 billion barrels(1) Facility capacity of ~340,000 bbl/d(2) with ~95,000 bbl/d of available capacity • 100% working inte
Slide 58: Primrose / Wolf Lake overview
Thermal In Situ Oil Sands Primrose / Wolf Lake overview Total facility capacity ~140,000 bbl/d Leverage available facility capacity of ~65,000 bbl/d Primrose North Primrose East ~307 net sections of undeveloped land ~2,000 locations(1) Primrose South • Low cost, low risk and repeatable CSS pad devel
Slide 59: Primrose / Wolf Lake development plan
Thermal In Situ Oil Sands Primrose / Wolf Lake development plan • Drill to fill of available facility capacity ‒ 2 CSS pads that were drilled in 2022 are ahead of plan, ramping up to their full production capacities in Q3/23 Targeted production of ~12,000 bbl/d per pad, based upon initial 12 month
Slide 60: Kirby / Jackfish / Pike SAGD overview
Thermal In Situ Oil Sands Kirby / Jackfish / Pike SAGD overview Kirby Jackfish Total facility capacity of ~200,000 bbl/d(1) North Leverage available facility capacity of ~30,000 bbl/d Consolidated land base ~432 net sections of undeveloped land ~1,000 locations(2) Kirby South Pike • Acquired remaini
Slide 61: Jackfish & Pike SAGD development plan
Thermal In Situ Oil Sands Jackfish & Pike SAGD development plan • Drill to fill of available facility capacity ‒ Drilled 2 pads in the first half of 2023, with production from these pads targeted to ramp up to their full production capacities in Q3/24 and Q4/24 Targeted production of ~9,000 bbl/d
Slide 62: Kirby & Pike SAGD development plan
Thermal In Situ Oil Sands Kirby & Pike SAGD development plan • Drill to fill of available facility capacity ‒ Drilled 3 pads in 2022 and a fourth pad in early 2023 Production from the first pad is targeted to ramp up to full production capacity in Q3/23 The remaining 3 pads are targeted to ramp
Slide 63: Solvents: SAGD & CSS
Technology & Innovation Solvents: SAGD & CSS Co-injecting solvent with steam Results to-date • Kirby South solvent SAGD pilot was a success ̶ SOR and GHG intensity reductions of ~45% ̶ Solvent recovery of ~85% Steam Assisted Gravity Drainage (SAGD) Current • Completed engineering and design of a com
Slide 64: Thermal In Situ: Near- & mid-term potential
Thermal In Situ Oil Sands Near- & mid-term potential Strong capital (bbl/d) efficiency 400,000 ~$9,500/bbl/d 350,000 Thermal in situ production of ~252,000 bbl/d in 2022 300,000 Potential to leverage available capacity 250,000 to add ~95,000 bbl/d(1) of production 200,000 ~3,000 locations 150,000 20
Slide 65: Thermal In Situ: Long-term potential
Thermal In Situ Oil Sands Long-term potential (bbl/d) 500,000 400,000 Solvents can potentially add more than ~185,000 bbl/d(1) of 300,000 incremental capacity Project expansions(2), when combined 200,000 with solvents, can potentially add an ~300,000 bbl/d(1) of 100,000 incremental capacity 0 Full f
Slide 66: Oil Sands Mining & Upgrading: Asset overview
Oil Sands Mining & Upgrading Asset overview Industry leading oil sands operator Net capacity increases by 5,000 bbl/d in 2023 to ~480,000 bbl/d of high value SCO CNQ Operating Oil Sands Mines CNQ Lands No decline, reservoir risk or reserve replacement cost Total proved plus probable reserves of ~7.4
Slide 67: Top tier utilization
Oil Sands Mining & Upgrading Top tier utilization (Utilization) 95% 90% 85% 80% 1 Year 2 Year Peer Average Peers Include: IMO Kearl, SU Base, SU Fort Hills and Syncrude. Note: Sourced from TD research: Mine your own Business report on June 27, 2023, includes trailing data as of March 2023. SAFE, REL
Slide 68: Operating costs reductions over 10 years
Oil Sands Mining & Upgrading Operating costs reductions over 10 years ($/bbl) $45 ~$17/bbl ~40% reduction $40 reduction over in SCO operating costs 10 years $35 (including energy costs) Equates to a $30 ~$2.7 billion $25 savings in annual operating costs in 2022 $20 $15 (1) (1) 2013 2013 2022 2022 (
Slide 69: Reliability Enhancement Project
Horizon Oil Sands Reliability Enhancement Project • Project is progressing as planned and targets to extend major maintenance cycle from once per year to once every second year, increasing overall reliability ‒ Targets to increase SCO production capacity by ~5,000 bbl/d in 2023 Planned turnarounds
Slide 70: Long-term opportunity: In-Pit Extraction Process (IPEP)
Horizon Oil Sands Long-term opportunity: In-Pit Extraction Process (IPEP) IPEP is a relocatable, modular extraction plant that processes ore and separates bitumen in the mine pit. Results & • IPEP pilot was a success Progress • Front end engineering and design (FEED) of to-date demonstration plant i
Slide 71: Long-term opportunity: Paraffinic Froth Treatment (PFT)
Horizon Oil Sands Long-term opportunity: Paraffinic Froth Treatment (PFT) • Potential project adds incremental production of ~75,000 bbl/d of bitumen • Engineering and design specification work underway ‒ IPEP opportunities combined with PFT to create additional capacity potential ‒ Utilize excess n
Slide 72: Combine & leverage technology: IPEP & PFT
Horizon Oil Sands Combine & leverage technology for cost effective expansion: IPEP & PFT • Reduces GHG emissions IPEP • Eliminates / reduces need for tailings ponds • Potential reclamation savings in future Combining PFT with IPEP technology targets to increase overall project returns through increm
Slide 73: Near-, mid- & long-term development potential
Oil Sands Mining & Upgrading Near-, mid- & long-term development potential (bbl/d) ~1,150,000 bbl/d 650,000 Production of ~426,000 bbl/d in 2022 600,000 Near-term Reliability Project adds ~14,000 bbl/d(1) of SCO production capacity 550,000 Potential mid-term opportunity of 500,000 ~15,000 bbl/d(1) o
Slide 74: Proven Effective Strategy
Canadian Natural PROVEN « EFFECTIVE # STRATEGY
Slide 75: Advisory: Forward-Looking Statements
Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (“Canadian Natural” or the "Company") in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referre
Slide 76: Advisory: Currency, Financial Information and Production
Advisory Special Note Regarding Currency, Financial Information and Production This presentation should be read in conjunction with the Company's unaudited interim consolidated financial statements (the "financial statements") and the Company's MD&A for the three and six months ended June 30, 2023 a
Slide 77: Advisory: Non-GAAP and Other Financial Measures
Advisory Special Note Regarding Non-GAAP and Other Financial Measures (continued) Capital Budget Capital budget is a forward looking non-GAAP financial measure. The capital budget is based on net capital expenditures (Non-GAAP Financial Measure) and excludes net acquisition costs. Refer to the "Non-
Slide 78: Advisory: Cautionary Statement
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 Overview – Clearwater, McMurray, Bluesky, Grand Rapids and Grosmon
Slide 79: Advisory: Pricing Assumptions and Glossary
Advisory Pricing Assumptions Glossary of Terms 2023E 2022 AECO – Alberta Energy Company (benchmark pricing) Strip AOSP – Athabasca Oil Sands Project US$ WTI/bbl $ 81.45 $ 94.23 BOE – barrels of oil equivalent C$ AECO/GJ $ 4.23 $ 5.28 BBL – barrels of oil SCO Diff/(Prem) US$/bbl $ (2.76) $ (4.43) Bcf
Slide 80: Advisory: Reserves Notes
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 and gas metrics may not calculate exactly due to rounding. 3. Fo
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