Canadian Natural's Investor Presentation & 2021 Budget December 9, 2020 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Canadian Natural Resources Limited (NYSE:CNQ) Q3 2020 Earnings Conference Call November 5, 2020 11:00 AM ET Company Participants Corey Bieber - Executive Advisor Tim McKay - President Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Neil Mehta - Goldman Sachs Asit Sen - Bank of America Menno Hulshof - TD Securities Manav Gupta - Credit Suisse Matt Murphy - Tutor, Pickering, Holt Roger Reed - Wells Fargo Operator Good morning, ladies and gentlemen, and ...

Canadian Natural Resources Ltd (NYSE:CNQ) Q2 2020 Earnings Conference Call August 6, 2020 11:00 AM ET Company Participants | --- | --- | |------------------------------------------|-------| | | | | | | | Corey Bieber - Executive Advisor | | | Timothy McKay - President & Director | | | Mark Stainthorpe - CFO & SVP, Finance | | | Conference Call Participants | | | Greg Pardy - RBC Capital Markets | | | Neil Mehta - Goldman Sachs Group | | | Asit Sen - Bank of America Merrill Lynch | | | Joseph Gemino - Mornin ...

| --- | --- | |-----------|-------| | | | | Corporate | | Delivering Value & Growth | --- | --- | --- | |----------------------------------------------------------|-------|-------------| | SNAPSHOT 2019 2020F | | | | Capital expenditures – net (C$ million)(1) $3,904 $2,680 | | | | Annualized dividend (C$/share)(2) | | $1.50 $1.70 | | Production (annual average, before royalties) | | | | Natural gas (MMcf/d) 1,491 | | | | Crude Oil (Mbbl/d) 850 | | | | BOE (MBOE/d) 1,099 | | | Company Gross Reserves, before ...

Canadian Natural Resources Limited (NYSE:CNQ) Q1 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Company Participants Corey Bieber - Executive Advisor Tim McKay - President Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Benny Wong - Morgan Stanley. Philip Gresh - JPMorgan Phi Skolnick - Eight Capital Mike Dunn - Stifel FirstEnergy Menno Hulshof - Dundee Securities Manav Gupta - Credit Suisse Neil Mehta - Goldman Sachs Harry Mateer - Barclays Ca ...

Canadian Natural Resources Limited (NYSE:CNQ) Q4 2019 Earnings Conference Call March 5, 2020 11:00 AM ET Company Participants Corey Bieber - Executive Advisor Steve Laut - Executive Vice Chairman Tim McKay - President Scott Stauth - Chief Operating Officer for Oil Sands Darren Fichter - Chief Operating Officer, Exploration and Production Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Benny Wong - Morgan Stanley Dennis Fong - Canaccord Genuity Asit Se ...

Supplemental Operating Information Comparative Production and Netback Schedule - excluding hedging Note: All amounts expressed are in Canadian Dollars unless noted and per unit amounts are based on sales volumes. 2019 netbacks reflect the adoption of IFRS 16 lease accounting effective January 1, 2019. | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-----------------------------------|--------------------------|--------------------|----------------|-------- ...

Financial Data and Key Metrics Changes - Canadian Natural reported net earnings of over CAD 1 billion and adjusted net earnings of over CAD 1.2 billion for Q3 2019, with cash flow from operations exceeding CAD 2.5 billion and adjusted funds flow around CAD 2.9 billion [32] - Free cash flow for Q3 was approximately CAD 1.5 billion after net capital expenditures of CAD 963 million and dividends of CAD 447 million [32][34] - The company reduced gross debt by over CAD 1 billion in the quarter, with a target to exit 2019 with a debt-to-adjusted EBITDA below 1.9x [33][34] Business Line Data and Key Metrics Changes - Natural gas production for Q3 was 1.469 Bcf, down from 1.532 Bcf in Q2, with operating costs decreasing to CAD 1.07 per Mcf from CAD 1.15 in Q2 [14][15] - North American light oil and NGL production decreased to approximately 96,100 barrels, down 6% from Q2, while heavy oil production increased to approximately 88,000 barrels a day, up from 77,700 barrels in Q2 [16][20] - Oil sands mining operations produced at the top end of guidance with 432,203 barrels per day and industry-leading operating costs of CAD 20.05 per barrel [26] Market Data and Key Metrics Changes - The company noted improved egress capacity with the expectation of additional 225,000 barrels a day from various pipelines and crude by rail in 2020 [29][30] - Canadian Natural's diverse natural gas sales portfolio includes 44% used within operations, 32% exported, and only 24% exposed to AECO pricing [15] Company Strategy and Development Direction - The company focuses on optimizing cash flow allocation between its four pillars and leveraging competitive advantages to drive top-tier value creation [5][6] - Canadian Natural aims to enhance margin growth on existing and future production while continuing to support government decisions to curtail production to stabilize differentials [29][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver robust and sustainable free cash flow, emphasizing the strength of the balance sheet and diverse asset base [35] - The company is currently working through the complexities of the 2020 budget, with expectations for capital spending to remain relatively flat compared to 2019 [47][48] Other Important Information - Canadian Natural has reduced overall corporate emissions intensity by 29% since 2012, with significant achievements in environmental performance [8][9] - The company has a strong commitment to ESG criteria, positioning Canada as a top-tier investment priority for institutional investors [12] Q&A Session Summary Question: Can you move all of those barrels by pipe? - Management indicated that the majority of production should be able to move by pipeline, with some production available for short periods under the curtailment optimization strategy [38] Question: What is the rationale behind the debt reduction strategy? - The company maintains a free cash flow allocation policy of 50% to buybacks and 50% to debt repayment, with no change in strategy expected [42][43] Question: What are the expectations for 2020 capital spending? - Management is currently working through the 2020 budget, indicating complexities and uncertainties that may affect capital spending [47] Question: How do you see the impact of the new greenhouse gas tax structure? - Management noted a positive step forward with the new TIER system, expecting a reduction in costs compared to the previous CCIR structure [61][62]

Canadian Natural Resources Limited (NYSE:CNQ) Q2 2018 Earnings Conference Call August 1, 2019 11:00 AM ET Company Participants Corey Bieber – Executive Advisor Steve Laut – Executive Vice Chairman Tim McKay – President Mark Stainthorpe – Chief Financial Officer Conference Call Participants Neil Mehta – Goldman Sachs Phil Gresh – JP Morgan Roger Reed – Wells Fargo Manav Gupta – Credit Suisse Greg Pardy – RBC Capital Markets Phil Skolnick – Eight Capital Gary Chapman – Guardian Capital Operator Good morning, ...

Canadian Natural Resources Limited (NYSE:CNQ) Q1 2019 Earnings Conference Call May 9, 2019 10:00 AM ET Company Participants Corey Bieber - Executive Advisor, Capital Markets Steve Laut - Executive Vice Chairman Tim McKay - President Mark Stainthorpe - Chief Financial Officer Conference Call Participants Manav Gupta - Credit Suisse Neil Mehta - Goldman Sachs Phil Gresh - JPMorgan Greg Pardy - RBC Capital Markets Phil Skolnick - Eight Capital Joe Gemino - Morningstar Asit Sen - Bank of America Merrill Lynch R ...