Slide 1: Athabasca Oil Sands Project / Duvernay Acquisitions
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions ATHABASCA OIL SANDS PROJECT / DUVERNAY ACQUISITIONS October 7, 2024 Advisory Special Note Regarding Forward-Looking Statements Certain statements relating to Canadian Natural Resources Limited (the
Slide 2: Advisory (Cont'd)
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Advisory (Cont’d) Special Note Regarding Currency, Financial Information and Production All dollar amounts are referenced in millions of Canadian dollars, except where noted otherwise. Production v
Slide 3: Key Messages
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Athabasca Oil Sands Project / Duvernay Acquisitions Key Messages • A unique-to-Canadian Natural opportunity to combine high value SCO production and Liquids Rich resource production • AOSP ‒ Increa
Slide 4: Transaction Overview
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Athabasca Oil Sands Project / Duvernay Acquisitions Transaction Benefits • Increases robustness of Canadian Natural’s assets ‒ Adds 2025 Forecast production ~ 122,500 BOE/d (~9% increase vs. 2024 B
Slide 5: AOSP Transaction Summary
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions AOSP Transaction Summary • Canadian Natural purchases Chevron’s 20% working interest in AOSP as well as Chevron’s interest in additional Oil Sands leases including Pierre River Mine, Ells River, Na
Slide 6: AOSP Transaction Summary (cont'd)
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions AOSP Transaction Summary (cont’d) North • Increases robustness of Canadian Natural’s Block Long Life, Zero Decline Assets Namur • Builds on developed synergies with Horizon Pierre River CNQ Operati
Slide 7: Duvernay Transaction Summary
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Duvernay Transaction Summary • Canadian Natural acquires Chevron Duvernay assets ‒ Light crude oil and liquids rich assets ‒ 70% Operated WI in the Duvernay Joint Venture • Production ‒ Targeted 20
Slide 8: Duvernay Transaction Summary (cont'd)
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Duvernay Transaction Summary (cont’d) • De-risked drill-to-fill inventory ‒ Greater than 340 net locations identified ‒ Majority of upside in liquids rich and light crude oil windows, average ~46%
Slide 9: Financing Plan
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Financing Plan • Availability at end of Q3/24 is ~$6.2 billion, including cash on hand ‒ Committed facilities total $5.35 billion, excluding $100 million of demand facility • Obtained a $4.0 billio
Slide 10: Free Cash Flow Allocation
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Free Cash Flow Allocation Free Cash Flow Allocation Update • Free Cash Flow (FCF) is defined as Adjusted Funds Flow less all Capital and Dividends ‒ We manage the allocation of FCF on a forward-loo
Slide 11: Summary
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions Summary Summary • Unique-to-Canadian Natural opportunity to combine high value transactions for SCO and light crude oil and liquids assets • Immediate, significant and sustainable free cash flow ge
Slide 12: Proven Effective Strategy
Canadian Natural Resources Limited October 7, 2024 Athabasca Oil Sands Project / Duvernay Acquisitions PROVEN EFFECTIVE STRATEGY 12