Canadian Natural Resources Limited · TSX:CNQ
Canadian Natural Resources — Investor Presentation (September 2021)
68 slides from Canadian Natural Resources's investor presentation, September 2021
Slide 1: Canadian Natural Corporate Presentation September 2021
Canadian Natural CORPORATE PRESENTATION September 2021
Slide 2: Canadian Natural Advantages
Canadian Natural Advantages Large, Long Life Low Decline Asset Base Diversified Asset Base & Product Mix Flexible Capital Allocation / Effective & Efficient Operations Low Maintenance Capital Leading Free Cash Flow Generation CANADIAN NATURAL’S COMPETITIVE ADVANTAGES 2
Slide 3: Q2/21 Quarterly Operational Highlights
Canadian Natural Q2/21 Quarterly Operational Highlights • BOE production of ~1,142 MBOE/d • Liquids production of ~872,700 bbl/d ‒ NA E&P liquids, including thermal in situ production of ~478,300 bbl/d 16% increase over Q2/20 ‒ Record monthly Oil Sands Mining and Upgrading production of ~495,100 bbl
Slide 4: Balanced, Diverse Portfolio
Balanced, Diverse Portfolio • Balanced, diverse production mix North Sea ‒ Long Life Low Decline production ~80% of liquids North America • International Brent exposure • Vast, balanced resource base to develop • Light crude oil and SCO production ~47% of BOE • Natural gas ~23% of BOE Offshore Afric
Slide 5: Canadian Natural's Assets are Unique
Canadian Natural’s Assets are Unique Robust Through All Cycles • Long life low decline assets provide sustainable production and free cash flow even in lower • Ability to ramp up production price environment faster with improving prices • Exercising capital flexibility by reducing spend • Low capita
Slide 6: Canadian Natural's Advantage
Canadian Natural’s Advantage Low Corporate Decline Rate 2021F BOE Production Mix Oil Sands Mining Long Life & Upgrading Low Decline ~0% Decline Production ~61% Pelican & Thermal ~13% Decline ~10% Corporate Decline Rate Conventional & Unconventional Conventional & ~19% Decline Unconventional Producti
Slide 7: 1P Reserves After Royalties
1P Reserves After Royalties 2020 ~61% of reserves are high value SCO Reserve Life Index ~30 plus years* 0 5,000 10,000 15,000 20,000 (MMBOE) Global Peers Peers include: BP, COP, CVX, RDS, SU, TTE and XOM. *Reserve Life Index based upon 2020 Net Proved reserves, based on SEC constant prices and costs
Slide 8: Net Debt to Reserves
Net Debt to Reserves 2020 (US$/BOE) $10.00 $8.00 $6.00 Peer Average $4.00 $2.00 $0.00 Global Peers Source: Company reports. Peers include BP, COP, CVX, RDS, SU, TTE and XOM. TOP DECILE FINANCIAL POSITION 8
Slide 9: Free Cash Flow Yield 2021F
Free Cash Flow Yield 2021F (%) 24% World class long life low decline assets Disciplined capital low maintenance capital Top tier effective & efficient operations 20% 16% Peer Average 12% 8% Free Cash Flow $8,300 $5,500 $14,400 $24,600 $18,200 $9,000 $19,700 $23,300 ($US million) Global Peers S
Slide 10: Debt to Cash Flow 2021F
Debt to Cash Flow 2021F (x) 2.0 1.6 Peer Average 1.2 0.8 0.4 0.0 Global Peers Source: RBC Global Integrated & E&P Comparative Valuation – August 19, 2021. Peers include BP, COP, CVX, RDS, SU, TTE and XOM. STRONG FINANCIAL POSITION 10
Slide 11: Enterprise Value to Debt Adjusted Cash Flow 2021F
Enterprise Value to Debt Adjusted Cash Flow 2021F (x) 8.0 Canadian Natural is a significant 7.0 investment opportunity 6.0 Peer Average 5.0 4.0 3.0 Global Peers Source: RBC Global Integrated & E&P Comparative Valuation - August 19, 2021. Peers include BP, COP, CVX, RDS, SU, TTE and XOM. SIGNIFICANT
Slide 12: 2021F Capital & Production
Canadian Natural 2021F Capital & Production Capital Expenditures ($ million) 2020 2021F Total(1) $2,701 $3,480 2021F Maintenance Capital ~$3.0 billion Targeted Production 2020 2021F % Change(2) Natural Gas (MMcf/d) 1,477 1,680 - 1,720 ~15% Total Liquids (Mbbl/d)(3) 918 940 - 980 ~5% Total MBOE/d 1,1
Slide 13: Capital Discipline
Capital Discipline • Balance and optimize the four pillars of capital allocation ‒ Flexible capital allocation maximizes shareholder value • Further strengthen balance sheet Maximizing Shareholder Value ‒ Maintain investment grade credit ratings • Sustainable and growing dividend • Disciplined capit
Slide 14: Operational Excellence
Operational Excellence • Area knowledge, extensive infrastructure and operatorship • Top tier effectiveness and efficiency • Strong history of capturing margin growth opportunities • Process optimization and improvement • Technology and innovation • Economies of scale STRONG HISTORY OF EFFECTIVE & E
Slide 15: Near- & Mid-Term Growth Potential
Canadian Natural Near- & Mid-Term Growth Potential 70,000 bbl/d - 80,000 bbl/d of liquids* Conventional & Unconventional 300 MMcf/d - 350 MMcf/d of natural gas Thermal In Situ Pad additions 90,000 bbl/d - 100,000 bbl/d of bitumen Oil Sands Mining & Upgrading 35,000 bbl/d - 45,000 bbl/d of SCO Total
Slide 16: Financial Strength
Financial Strength
Slide 17: Q2/21 Quarterly Financial Highlights
Canadian Natural Q2/21 Quarterly Financial Highlights • Significant adjusted funds flow ~$3.0 billion ‒ Free cash flow ~$1.5 billion(1) • Increasing returns to shareholders ~$0.8 billion ‒ Quarterly dividend increased 11% to $0.47 per common share in March 2021 21st consecutive year of dividend in
Slide 18: 2021F Free Cash Flow
Canadian Natural 2021F Free Cash Flow ($ billion) $14 ~US$39 WTI ~US$66 WTI $12 $10 $8 $6 Dividend(2) $4 Dividend (1) $2 $0 (3) (3) 2020 2021F (1) Actual 2020 dividends. Capital Free Cash Flow (2) Current quarterly dividend annualized. (3) Excludes net acquisition costs. Note: See Advisory for cauti
Slide 19: Free Cash Flow Allocation Policy
Free Cash Flow Allocation Policy • Currently repurchasing ~1% of common shares outstanding ~11 million shares per quarter • Free cash flow allocation policy once $15 billion of absolute debt is reached: Adjusted Funds Flow Less: Budgeted Capital Expenditures Less: Dividends 50% Free Cash Flow 50% Ba
Slide 20: Dividend Sustainability Through the Cycle
Dividend Sustainability Through the Cycle 2020 vs. Q2 2021 Change (%) 15% CNQ increased dividend in March 2021 3 peers decreased their dividend 10% 2 peers maintained their dividend 2 peer increased their dividend 5% 0% -5% -10% (23%) (39%) Global Peers Source: Company reports. Peers include BP, COP
Slide 21: Long-Term Dividend Growth vs. Global Peers
Long-Term Dividend Growth vs. Global Peers 20 Year CAGR (% CAGR) 25% 20% 15% 10% Peer Average 5% 0% -5% Global Peers Peers include: Peers include BP, COP, CVX, FP, RDS, SU and XOM. Note: Annual 2002 to 2021. 2021 based upon latest announced quarterly dividend, annualized, as at August 4, 2021, per c
Slide 22: Returns to Shareholders – Dividends
Canadian Natural Returns to Shareholders – Dividends ($ million) 2,250 2,000 21 years of consecutive dividend increases ~20% CAGR since inception 1,750 Horizon Phase 3 1,500 complete 1,250 1,000 750 500 Horizon Phase 1 build years 250 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201
Slide 23: Robust Financial Position
Canadian Natural Robust Financial Position Long-Term Ratings Outlook Short-Term Ratings DBRS BBB High Stable R-2 Standard & Poor’s BBB- Stable A-3 Moody’s Baa2 Stable P-2 • Balance Sheet strength as at June 30, 2021 • Debt to book capitalization ~35% • Debt to adjusted EBITDA ~1.7x • Significant liq
Slide 24: Balanced Credit Facility Profile
Canadian Natural Balanced Credit Facility Profile Revolving Credit Facilities (C$ million) Fully Drawn Term Credit Facilities* (C$ million) June 2022* $2,425 February 2023 $1,000 June 2023* $2,425 February 2023 $2,650 Operating demand loan $100 Total $3,650 North Sea operating line (£5 million) $9 T
Slide 25: Balance Sheet Strength
Canadian Natural Balance Sheet Strength Debt/EBITDA (x) 4.5 • Strengthening metrics through the cycle 4.0 • Prudent free cash flow allocation 3.5 3.6x 3.0 • Priority towards absolute debt repayment 2.5 2.0 Repaid over $3.1 billion of 1.5 non-revolving term loans 1.0 YTD in 2021* 0.5 ~0.8x 0.0 2020 2
Slide 26: Financial Strength Summary
Canadian Natural Financial Strength Summary • Balance Sheet Strength ‒ Maintained debt levels in 2020 Maximizing ‒ Significant further debt reduction in 2021 Shareholder Value • Returns to Shareholders ‒ Increased dividends in 2020 and 2021 Balance Resource Leading • 21st consecutive year ~20% CAGR*
Slide 27: Canadian Natural Advantages 2021 Summary
Canadian Natural Advantages 2021 Summary • World class asset base ‒ ~83% of reserves are Long Life Low Decline(1) ~80% of total liquids production(2) No decline, high value net SCO production capacity ~475,000 bbl/d Top tier corporate decline rate ~10% • Diversified across products and basins ‒
Slide 28: 2021 Summary (cont'd)
Canadian Natural Advantages 2021 Summary (cont’d) • Leading free cash flow generation $7.2 billion to $7.7 billion* ‒ Supports sustainable and growing dividend Increased quarterly dividend by 11% in March 2021 21 consecutive years of dividend increases ~20% CAGR since inception ‒ Increasing shar
Slide 29: Asset Overview
Asset Overview
Slide 30: Natural Gas, Light Crude Oil & NGLs Core Area Summary
Natural Gas, Light Crude Oil & NGLs Core Area Summary • Large, Canadian, natural gas producer ‒ Q2/21 ~1,615 MMcf/d ‒ Q2/21 operating costs $1.19/Mcf • Significant light crude oil and NGL production base in Canada ‒ Q2/12 ~98,500 bbl/d ‒ Q2/21 operating costs $14.39/bbl • High return international l
Slide 31: Montney
Natural Gas, Light Crude Oil & NGLs Montney Lean Gas (<10 bbl/MMcf) Liquids Rich Gas (10-100 bbl/MMcf) • Large inventory of defined drilling opportunities Light Oil • Large contiguous Montney land holdings BC AB ‒ ~1.3 million net acres Umbach Townsend West Nig • Top tier key liquids rich natural ga
Slide 32: BC Montney – Defined Plan
Natural Gas, Light Crude Oil & NGLs BC Montney – Defined Plan • Townsend ‒ Targeting 35 wells by the end of 2021 Targeting a 2021 exit production rate of ~340 MMcf/d Average capital efficiency of ~$5,500/BOE/d ‒ ~700 defined locations* Septimus ‒ Owned processing capacity of ~150 MMcf/d Townsend
Slide 33: BC Montney Drilling & Completion Costs
Natural Gas, Light Crude Oil & NGLs BC Montney Drilling & Completion Costs Drilling Performance Frac Performance ($/metre) ($/tonne) $500 $950 $850 $450 $750 $400 $650 $350 $550 $450 $300 $350 $250 $250 2017 2020 2017 2020 CONTINUOUS IMPROVEMENT MAXIMIZES VALUE 33
Slide 34: Greater Wembley Area – Defined Plan
Natural Gas, Light Crude Oil & NGLs Greater Wembley Area – Defined Plan • Strategically owned plant capacity of ~205 MMcf/d Sexsmith Gas Plant • ~153 sections undeveloped land in Greater Wembley ‒ De-risked by proven production ‒ ~495 defined locations* Wembley ‒ ~190 additional locations* in emergi
Slide 35: Infrastructure Advantage
Natural Gas, Light Crude Oil & NGLs Infrastructure Advantage • Extensive owned and controlled infrastructure Umbach ‒ Drives costs lower West Nig Townsend ‒ Strategic infrastructure proximal to liquids rich land base Graham • Low capital exposure drill to fill strategy Stoddart Septimus ‒ Flexible t
Slide 36: Natural Gas, Light Crude Oil & NGLs Summary
Natural Gas, Light Crude Oil & NGLs Summary • Leveraging Canadian Natural’s competitive advantages ‒ Large, diverse, balanced asset base ‒ Owned and controlled infrastructure ‒ Flexible capital allocation ~2,500 defined locations* ‒ Effective and efficient operations ‒ Technology and innovation *Ass
Slide 37: Heavy Crude Oil Core Area Summary
Heavy Crude Oil Core Area Summary ~500 km • Largest primary heavy crude oil producer Cliffdale in Canada Pelican Lake ‒ Q2/21 ~66,000 bbl/d ‒ Q2/21 operating costs $19.32/bbl AB SK • Industry leading polymer flood at Smith Pelican Lake ‒ Q2/21 ~55,200 bbl/d ‒ Q2/21 operating costs $6.90/bbl Targetin
Slide 38: Heavy Crude Oil Horizontal Multilateral & Fishbone Wells
Technology & Innovation Heavy Crude Oil Horizontal Multilateral & Fishbone Wells Multilateral & Fishbone • Multilateral technology unlocks multi-year low-risk development opportunities ‒ Benefits: Increased recovery up to 30x over vertical wells Higher initial crude oil rates Lower per barrel
Slide 39: Pelican Lake Operating Costs
Pelican Lake Operating Costs • Leveraging area and technological ($/bbl) $9.00 expertise, economies of scale to drive value growth ‒ Facility consolidations $8.00 ‒ Improved polymer quality and price ‒ Consolidation of power contracts Q4/17 $7.00 Acquisition ‒ Elimination of underutilized camps ‒ Re
Slide 40: Heavy Crude Oil Summary
Heavy Crude Oil Summary • Leveraging Canadian Natural’s competitive advantages ‒ Large, diverse, balanced asset base ‒ Owned and controlled infrastructure ‒ Flexible capital allocation ~3,000 defined locations* ‒ Effective and efficient operations ‒ Technology and innovation *Assumes US$45/bbl WTI,
Slide 41: Thermal In Situ Oil Sands Asset Overview
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 • Facility capacity of ~340,000 bbl/d(2) Liege ‒ Q2/21 ~258,600 bbl/d Gregoire ‒ Q2/21 operating costs $11
Slide 42: Primrose / Wolf Lake Overview
Thermal In Situ Oil Sands Primrose / Wolf Lake Overview • Total facility capacity ~140,000 bbl/d • Leverage annual unutilized facility capacity of ~60,000 bbl/d Primrose North ‒ Future pad adds capital efficiency ~$10,000/bbl/d(1) Primrose East ‒ Average CSS production of ~400 bbl/d per well(2) ‒ Co
Slide 43: Kirby / Jackfish SAGD Overview
Thermal In Situ Oil Sands Kirby / Jackfish SAGD Overview • Total facility capacity of ~200,000 bbl/d(1) Kirby Jackfish • Leverage annual unutilized facility capacity North of ~35,000 bbl/d ‒ Future pad adds capital efficiency ~$8,000/bbl/d(2) ~6% reduction from 2020F ‒ Construction of 4 new pads t
Slide 44: Solvents – Reducing GHG Emissions Through Steam Efficiencies
Technology & Innovation Solvents – Reducing GHG Emissions Through Steam Efficiencies • Co-injecting solvent with steam ‒ Kirby South is currently piloting solvent SAGD Steam Assisted Gravity Drainage SOR and GHG intensity reduction of ~45% achieved (SAGD) • Next steps: ‒ Primrose solvent pilot Ste
Slide 45: Thermal In Situ Oil Sands Summary
Thermal In Situ Oil Sands Summary • Large, Long Life Low Decline asset base • Capture low cost opportunities with annual unutilized capacity of ~95,000 bbl/d • Leveraging technology and innovation Solvents ‒ Significant GHG emission improvements Targeting ‒ Operating cost, energy and water use reduc
Slide 46: Oil Sands Mining & Upgrading
Oil Sands Mining & Upgrading • Industry leading oil sands mine operator ‒ Net capacity ~475,000 bbl/d of SCO CNQ Operating Oil Sands Mines CNQ Lands • No decline, reservoir risk or reserve replacement cost ‒ 50+ year reserve life(1) • Significant resource in place Horizon ‒ ~17.5 billion barrels BII
Slide 47: Plant Capacity Utilization
Oil Sands Mining & Upgrading Plant Capacity Utilization (%) 90% 80% 70% 1 year 2 year CNQ Peer Average Note: Sourced from TD research: Mine your own Business reports, includes trailing data as of April 2021. Peers Include: IMO Kearl, SU Base, SU Fort Hills and Syncrude. CONTINUOUS IMPROVEMENT DRIVES
Slide 48: Oil Sands Mining & Upgrading Operating Costs
Oil Sands Mining & Upgrading Operating Costs ($/bbl) $45.00 $40.00 Over a 50% reduction in operating costs $35.00 Equates to a $30.00 ~$3.5 billion reduction in annual $25.00 operating costs in 2020* $20.00 $15.00 $10.00 2013 * 2013 * 2020 2020 (C$) (US$) (C$) (US$) Cash Costs Fuel Costs *2013 opera
Slide 49: Horizon Oil Sands Mid-Term Opportunities
Horizon Oil Sands Mid-Term Opportunities • Opportunities provide incremental economic production ‒ Incremental 35,000 bbl/d - 45,000 bbl/d of SCO • Reliability improvements ‒ Diluent Recovery and Vacuum Distillate Units Potential operating cost • Potential future production reliability savings of an
Slide 50: In-Pit Extraction Process (IPEP)
Technology & Innovation In-Pit Extraction Process (IPEP) • IPEP is a modular extraction plant that separates bitumen in the mine pit • Benefits ‒ Reduces GHG emissions by ~40% ‒ Eliminates tailings ponds, as it produces dry stackable tailings IPEP Field Pilot at Horizon ‒ Significant potential recla
Slide 51: Oil Sands Mining & Upgrading Summary
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 Extraction Process Targeting • Effective and efficient operations ~$6.3 billion ‒ Continuous improve
Slide 52: Environmental, Social & Governance
Environmental, Social & Governance
Slide 53: 2020 Environmental Achievements
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 owners of Carbon Capture and Storage and sequestration capacity globally ‒ Quest CCS facility marked
Slide 54: Environmental Targets
Envionmental Targets • Canadian Natural has committed to new environmental targets 50% Methane Emissions North America E&P* by 2030, from 2016 baseline 40% Fresh Water Usage Intensity Thermal in situ by 2026, from 2017 baseline 40% Fresh River Water Usage Intensity Oil Sands Mining by 2026, from 201
Slide 55: The World Needs More Canadian Energy
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 (EPI). (2) 2020 Social Progress Index (SPI) prepared by Social Progress Imperative. (3) 2019 World Governance Indicators (WGI)
Slide 56: Canadian Natural Has Delivered Advancing Innovation
Canadian Natural Has Delivered Advancing Innovation • Recognize the need to reduce GHG emissions ~$3.9 Billion • Leverage technology and Canadian ingenuity Invested in Research & Development* • Opportunities to reduce emissions further ~$48 Million Invested in GHG research & technologies in 2020 R
Slide 57: Continuous Improvement in GHG Emissions
Continuous Improvement in GHG Emissions Corporate GHG Emissions Intensity (tonnes CO2e/BOE) 0.075 0.070 ~32% 0.065 Reduction in GHG intensity since 2012 0.060 Equivalent to removing 0.055 ~1.9 million Cars off the road annually* 0.050 0.045 2012 2013 2014 2015 2016 2017 2018 2019 2020 *Go forward es
Slide 58: Leading Canadian Oil Sands Intensity
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 Total peer average includes all Canadian thermal in situ and oil sands mining peer assets. Source: Facility Greenhouse Gas Repor
Slide 59: Journey to Net Zero
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, plastics) • Solvent EOR pilots • Solvent EOR commercialization • Molten carbonate fuel cells • Enhanced
Slide 60: Oil Sands Pathways to Net Zero Initiative
Oil Sands Pathways to Net Zero Initiative • Canada’s largest oil sands producers form an alliance to achieve net zero GHG emissions ‒ Members includes Canadian Natural, Cenovus, Imperial, MEG and Suncor ‒ Progressing towards Canada’s climate goals ‒ The initiative targets a number of pathways: CO2
Slide 61: Carbon Capture & Sequestration / Storage Technology
Carbon Capture & Sequestration / Storage Technology Quest TOP TIER CO2 capturer & sequesterer in the world(1) • Reduced CO2 footprint • Reduced CO2 charges Tonnes/Year Equivalent to Horizon Quest(2) ~1.1 million removing Horizon ~0.4 million ~576,000 NWR(3) ~1.2 million Cars off the Total ~2.7 milli
Slide 62: Carbon Capture, Utilization, and Storage (CCUS) Federal Budget 2021
Carbon Capture, Utilization, and Storage (CCUS) Federal Budget 2021 • Federal budget includes support for CCUS and low-carbon fuels (e.g. hydrogen) as important pathways to achieve climate objectives ‒ Proposed CCUS tax credit ‒ $319 million of technology funding for CCUS ‒ An additional $5 billion
Slide 63: Industry Leading Safety Performance
Industry Leading Safety Performance (Per 200,000 Hours) 0.75 ~25% 0.50 TRIF reduction vs 2019 ~58% 0.25 TRIF reduction vs 2016 0.00 2016 2017 2018 2019 2020 Total Recordable Injury Frequency TARGET: NO SAFETY INCIDENTS, NO HARM TO PEOPLE 63
Slide 64: Investing in Indigenous Communities
Investing in Indigenous Communities ~$490 Million In contracts with local indigenous businesses in 2020 >$1.0 Billion In last 2 years Canadian Natural works with ~160 Indigenous businesses Fort McKay Métis Elder and Fort McKay First Nation Cultural & Special Events Lead with Canadian Natural staff d
Slide 65: 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 to pla
Slide 66: Management Aligned With Shareholders
Management Aligned With Shareholders Management Ownership (% of Outstanding Shares) 2.5% ~2.3% 2.0% Substantial Management & Director invested wealth delivers clear alignment with shareholder interests 1.5% 1.0% 0.5% 0.0% Peers Integrated Peers Peers include APA, COP, CVE, DVN, EOG, IMO, OVV, PXD an
Slide 67: The Strength of Canadian Natural's Business Model
The Strength of Canadian Natural’s Business Model • Leaders in ESG performance • Advantaged assets ‒ Long life low decline assets ‒ Effective and efficient operations • Leverage technology, innovation and continuous improvement ‒ Delivered game changing environmental performance ‒ Track record of co
Slide 68: Canadian Natural – Proven Effective Strategy
Canadian Natural PROVEN EFFECTIVE STRATEGY
Canadian Natural Resources — Investor Presentation (September 2021) on 6ix