Canadian Natural Resources Limited · TSX:CNQ
Canadian Natural Resources — Investor Presentation (April 2024)
78 slides from Canadian Natural Resources's investor presentation, April 2024
Slide 1: Corporate Presentation April 2024
CORPORATE PRESENTATION April 2024
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
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 remains strong with Maximizing free cash flow generation Shareholder Value Returns to Shareholders Growing, sustainable dividends & Balance Returns to Resource O
Slide 5: Leading Total Proved & Proved Developed Reserves
Leading Total Proved & Proved Developed Reserves Canadian peers ~56% 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 Proved Developed 0
Slide 6: Total Proved Reserves
Total Proved Reserves Global peers Only Canadian company with >5 billion BOE 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 A GLOB
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
Canadian Natural’s Advantage Low corporate decline rate 2024B ~58% Production Mix(1) Long Life Low Decline production Oil Sands Mining & Upgrading ~11% Pelican & ~0% Decline Thermal Corporate ~13% Decline Decline Rate Conventional E&P ~19% Decline ~42% Conventional E&P production (1) Based upon targ
Slide 11: Balanced, diverse asset portfolio
Canadian Natural Balanced, diverse asset portfolio 2024B North Sea Production Mix(1) North America 2.12 - 2.23 Bcf/d of natural gas Natural Gas ~27% 2nd largest natural gas producer in Canada Offshore Africa Heavy Oil ~28% 977 - 1,008 Mbbl/d of total liquids Light Oil & Largest crude oil • Vast, bal
Slide 12: 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 13: Conventional E&P
Conventional E&P Top tier plays throughout the asset base Clearwater Marten Hills Clearwater Nipisi Frobisher Dual Leg Montney Gas (average) Top North American plays Deep Basin Hinton Montney Dawson High Liquids SW Marcellus - Liquids Rich Canadian Natural has a significant land Deep Basin Resthaven
Slide 14: Thermal In Situ Oil Sands
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 $30 Canadian Peers Peers include: ATH, CVE, IMO, MEG and SU. Source: Peters & Co. North American Crude Oil Update;
Slide 15: World Class Oil Sands Mining Assets
World Class Oil Sands Mining Assets Top tier WTI breakeven price (US$/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 16: 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 2023 Natural Gas
Slide 17: Leading Free Cash Flow & Returns to Shareholders
Leading Free Cash Flow & Returns to Shareholders
Slide 18: Asset base drives long-term value: 2023
Canadian Natural Asset base drives long-term value: 2023 Low ~4% Increased production Leading Strong dividend twice, maintenance Share growth free cash flow balance sheet capital & totaling ~18% repurchases of generation of with year end disciplined ~7% with total ~$3.3 billion ~$6.9 billion net deb
Slide 19: Free Cash Flow Allocation Policy
Canadian Natural Free Cash Flow Allocation Policy When net debt is ~$10 billion With net debt of Adjusted Funds Flow ~$9.9 billion Less: Total Capital (1) at year end 2023, Less: Dividends target to return Free Cash Flow 100% of free cash flow to shareholders 100% in 2024 Returns to Shareholders (1)
Slide 20: 2023 Free Cash Flow Allocation
2023 Free Cash Flow Allocation Significant direct returns to shareholders ($/share) $16 Direct returns to shareholders of ~$6.60 per share in 2023 via $12 Base Capital ~$3.56 per share of dividends & ~$3.04 per share of share repurchases $8 Dividends 3 year returns to shareholders Share $4 Repurchas
Slide 21: Leading history of returns to shareholders growth
Canadian Natural Leading history of returns to shareholders growth ($ millions) 12,000 24 years of consecutive dividend increases 10,000 ~21% CAGR since inception Share Repurchases 8,000 6,000 Horizon Special Dividend 4,000 Phase 3 PSK complete distribution 2,000 Horizon Phase 1 build years 0 2008 2
Slide 22: Long-Term Dividend Growth vs. Global Peers
Long-Term Dividend Growth vs. Global Peers 10 year CAGR: 2024 (CAGR) 20% Leading long-term dividend growth Sustainable dividend; was maintained & grew in low commodity price periods while others cut 15% ~$2.84 per share of base dividends & an additional $1.50 per share special dividend paid in
Slide 23: Free Cash Flow Sensitivity
Free Cash Flow Sensitivity Adjusted funds flow less capital Free cash flow ($/share) per share is (yield)(1) $20 18% ~40% higher at Diverse, balanced asset base underpinned US$95 WTI vs. by long life low decline production 15% US$80 WTI $15 12% Effective & efficient operations combined with executio
Slide 24: 2024 Budget
cm Canadian Natural 2024 Budget
Slide 25: 2024 Budget: Strategy
Canadian Natural 2024 Budget: Strategy Driving material free cash flow & maximizing returns to shareholders • Disciplined capital budget • Low maintenance capital • Top tier execution through flexible capital allocation • Defined growth/value enhancement plan ‒ Focused on returns on capital • Progre
Slide 26: 2024 Budget: Capital
2024 Budget Capital Capital Expenditures ($ millions)(1) 2024B Conventional E&P (excluding Thermal) $2,540 Thermal and Oil Sands Mining & Upgrading $2,880 Total $5,420 The Company’s diversified asset portfolio of short, mid and long cycle projects provides a key competitive advantage providing great
Slide 27: 2024 Budget: Production
2024 Budget Production Targeted Production(1) 2024B Natural Gas (MMcf/d) 2,120 - 2,230 Conventional E&P Crude Oil & NGLs (Mbbl/d) 253 - 265 Thermal and Oil Sands Mining & Upgrading (Mbbl/d) 724 - 743 Total Liquids (Mbbl/d) 977 - 1,008 Total (MBOE/d) 1,330 - 1,380 Our focus on returns to shareholders
Slide 28: 2024 Budget: Strategic Drilling Program
2024 Budget Strategic Drilling Program • Drilling program timed for incremental market egress • Heavy crude oil program primarily targeting Mannville/Clearwater multilaterals • Light crude oil and natural gas primarily targeting liquids-rich Montney • Flexibility to adjust second half activity depen
Slide 29: 2024 Budget: Conventional E&P Drilling Program
2024 Budget Conventional E&P Drilling Program (net producer wells) 2024B Natural Gas wells 91 Crude Oil wells ~65% of Primary Heavy 154 total net budgeted Pelican Lake 10 Conventional E&P wells are targeted to be Light 43 drilled in the International – second half of 2024 Total Crude Oil wells 207 T
Slide 30: 2024 Budget: Thermal In Situ Development Program
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 capital efficient drill to fill development program & ‒ Drilling one SAGD pad targeted to come on production in Q1/25 utilizing exi
Slide 31: 2024 Budget: Oil Sands Mining & Upgrading
2024 Budget Oil Sands Mining & Upgrading • Horizon ‒ Complete remaining components for the reliability enhancement project during turnaround in Q2/24 Increase capacity of SCO production by shifting planned turnarounds to once every two years from the current annual cycle Targets to increase annu
Slide 32: Horizon Oil Sands: Increasing long-term SCO production
Horizon Oil Sands Increasing long-term SCO production • Naphtha Recovery Unit Tailings Treatment (NRUTT) Project ‒ Increases SCO production by ~6,300 bbl/d ‒ GHG reduction of ~308,000 tCO2e/year ~6% reduction in Horizon’s total Scope 1 emissions ‒ Capital cost: ~$350 million ~$48 million in 2024
Slide 33: Production per share growth: 2019 - 2024B
Canadian Natural Production per share growth: 2019 - 2024B (BOE production/share) 0.52 0.48 ~7% CAGR per share 0.44 0.40 0.36 0.32 2019 2020 2021 2022 2023 2024B Targeting production growth of ~40 MBOE/d from 2023 exit to 2024B exit levels of ~1,455 MBOE/d, driving average targeted annual production
Slide 34: Environmental, Social & Governance
Environmental, Social & Governance
Slide 35: 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 36: 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) 2022 Social Progress Index (SPI) prepared by Social Progress Imperativ
Slide 37: Environmental Targets
Environmental Targets Strong commitment to improving performance 40% in corporate absolute scope 1 & 2 GHG emissions Reduction by 2035 from 2020 baseline 50% in North America E&P methane emissions Reduction by 2030 from 2016 baseline 40% in in situ fresh water intensity Reduction by 2026 from 2017 b
Slide 38: Technology & Innovation
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 39: Environment: Land management
Environment Land management • Committed to supplying safe, reliable and responsible energy, along with reducing environmental footprint >3,000 abandoned wells/year in 2021 and 2022 At this pace, 100% abandonment of current inactive well inventory in ~10 years ~4.2 million trees planted in our oil sa
Slide 40: 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 41: 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 42: Governance
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 43: 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 44: 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 45: Pathways Alliance
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 46: 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 47: 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 Water ‘B-’ Score Aligned with Task Force on Climate-Related Financial Disclosures (TCFD), Sustainability Accoun
Slide 48: Balance Sheet Strength
Balance Sheet Strength
Slide 49: 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 December 31, 2023 • Net debt → ~$9.9 billion, reduced by ~$11.3 billion since December 31, 2020 • D
Slide 50: Balanced credit facility profile
Canadian Natural Balanced credit facility profile Revolving Credit Facilities (C$ millions) June 2025(1) $2,425 Support from 14 banks diversified by location June 2027(1) $2,425 February 2025(1) $500 15+ year relationships with 12 banks Operating demand loan $100 Total $5,450 (1) Financial covenant
Slide 51: Debt maturity profile
Canadian Natural Debt maturity profile ($ billions) 3.0 Repurchased ~$400 million of 2.5 bonds outstanding 2.0 1.5 1.0 0.5 0.0 US$ Public C$ Public Repurchased STRATEGICALLY BALANCED MATURITY PROFILE 51
Slide 52: Asset Overview
cm Canadian Natural Asset Overview
Slide 53: Conventional E&P Overview
Conventional E&P Overview ~593,000 BOE/d of production(1) Largest conventional E&P reserves in Canada ~5.8 billion BOE total proved plus probable, representing ~31% of 2P reserves(2) Significant infrastructure in place for Montney Pelican Lake & drill to fill strategy Clearwater • Natural Gas Bonnyv
Slide 54: Natural Gas, NGLs & Light Crude Oil: Montney & Deep Basin
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 55: 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 ~1.1 Bcf/d net available facility capacity Septimus Gordondale Gre
Slide 56: International Light Crude Oil
International Light Crude Oil Overview ~26,100 bbl/d of light crude oil production(1) High return international light crude oil, with North Sea exposure to Brent pricing • North Sea ‒ Leveraging expertise to manage costs in a mature basin ‒ Industry leading abandonment and decommissioning results •
Slide 57: Heavy Crude Oil
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 ~60,000 BOE/d available facility capacity Pelican Lake & Clearwater • Largest primary and polymer flood he
Slide 58: Total Conventional E&P Development Potential
Total Conventional E&P Near-, mid- & long-term development potential (MBOE/d) 1,200 1,000 Production of ~2.2 Bcf/d & ~260 Mbbl/d 800 in 2023 Potential to leverage 600 available facility capacity Liquids 400 Potential debottleneck & expansion opportunities ~190 MBOE/d 200 Natural Gas ~7,500 defined l
Slide 59: Thermal In Situ Oil Sands: Asset overview
Thermal In Situ Oil Sands Asset overview Long life low decline assets producing ~262,000 bbl/d in 2023 Second largest total proved plus probable bitumen reserves in Canada with ~5.2 billion barrels, representing ~28% of 2P reserves(1) Facility capacity of ~340,000 bbl/d(2) with ~80,000 bbl/d of avai
Slide 60: 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 ~55,000 bbl/d Primrose North ~307 net sections of undeveloped land Primrose East ~2,000 locations(1) Primrose South • Low cost, low risk and repeatable CSS pad devel
Slide 61: 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 ~25,000 bbl/d Consolidated land base ~432 net sections of undeveloped land ~1,000 locations(2) Kirby • Acquired remaining 50% work
Slide 62: Technology & Innovation: 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 63: Thermal In Situ: Near- & mid-term potential
Thermal In Situ Oil Sands Near- & mid-term potential Strong capital (bbl/d) efficiency 400,000 ~$9,500/bbl/d 350,000 Thermal in situ production of ~262,000 bbl/d in 2023 300,000 Potential to leverage available capacity to add ~80,000 bbl/d(1) of production 250,000 ~3,000 locations 200,000 150,000 20
Slide 64: Thermal In Situ: Long-term potential
Thermal In Situ Oil Sands Long-term potential (bbl/d) 500,000 400,000 Solvents can potentially add more than ~185,000 bbl/d(1) of 300,000 incremental capacity Project expansions(2), when combined 200,000 with solvents, can potentially add an ~300,000 bbl/d(1) of 100,000 incremental capacity 0 Full f
Slide 65: Oil Sands Mining & Upgrading: Asset overview
Oil Sands Mining & Upgrading Asset overview Industry leading oil sands operator Net capacity increased by 5,000 bbl/d in 2023 to ~480,000 bbl/d of high value SCO CNQ Operating Oil Sands Mines No decline, reservoir risk or reserve replacement cost CNQ Lands Total proved plus probable reserves of ~7.5
Slide 66: Top tier utilization
Oil Sands Mining & Upgrading Top tier utilization (Utilization) 95% 90% 85% 80% 1 Year 2 Year Peer Average Peers Include: IMO Kearl, SU Base, SU Fort Hills and Syncrude. Source: TD research: Mine your own Business report – January 29, 2024, includes trailing data as of October 2023. SAFE, RELIABLE O
Slide 67: Operating cost reductions
Oil Sands Mining & Upgrading Operating cost reductions ($/bbl) $40 ~$13/bbl ~35% reduction $35 reduction since in SCO operating costs 2014 (including energy costs) $30 Equates to a ~$2.1 billion $25 savings in annual operating costs in 2023 $20 $15 (1) (1) 2014 2014 2023 2023 (C$) (US$) (C$) (US$) C
Slide 68: 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 69: 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 70: Combine & leverage technology: IPEP & PFT
Horizon Oil Sands Combine & leverage technology for cost effective expansion: IPEP & PFT • Reduces GHG emissions Combining PFT with IPEP technology targets to IPEP • Eliminates / reduces need for tailings ponds • Potential reclamation savings in future increase overall project returns through increm
Slide 71: 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 ~451,000 bbl/d in 2023 600,000 Near-term Reliability Project adds ~14,000 bbl/d(1)(2) of SCO production capacity 550,000 Potential mid-term opportunity of ~15,000 bbl/d(1) of pro
Slide 72: Proven Effective Strategy
PROVEN EFFECTIVE STRATEGY
Slide 73: Advisory: Forward-Looking Statements
Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the "Company") in this document or documents incorporated herein by reference constitute forward-looking statements or information (collectively referred to herein as "forwar
Slide 74: Advisory: Currency, Financial Information, Production and Reserves
Advisory Special Note Regarding Currency, Financial Information, Production and Reserves This presentation should be read in conjunction with the Company's audited consolidated financial statements (the "financial statements") and the Company's MD&A for the year ended December 31, 2023. All dollar a
Slide 75: Advisory: Non-GAAP and Other Financial Measures
Advisory Special Note Regarding Non-GAAP and Other Financial Measures (continued) Break-even WTI Price The break-even WTI price is a supplementary financial measure that represents the equivalent US dollar WTI price per barrel where the Company's adjusted funds flow is equal to the sum of maintenanc
Slide 76: 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 77: Advisory: Pricing Assumptions and Glossary
Advisory Pricing Assumptions Glossary of Terms 2024B(1) 2023 AECO – Alberta Energy Company (benchmark pricing) Strip AOSP – Athabasca Oil Sands Project US$ WTI/bbl $ 75.42 $ 77.61 BOE – barrels of oil equivalent C$ AECO/GJ $ 2.448 $ 2.77 BBL – barrels of oil SCO Diff/(Prem) US$/bbl $ 0.70 $ (2.02) B
Slide 78: 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
Canadian Natural Resources — Investor Presentation (April 2024) on 6ix