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Canadian Natural Resources Ltd. 2018 Earnings & 2019 Price Target

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Canadian Natural Resources Ltd (CNQ) is a Canadian energy company engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and NGLs. The largest area of operations is in western Canada, primarily the oil sands, followed by the North Sea and Offshore Africa. Total reserves as of Dec-31-2018 are estimated at 12B boe of which 20% was natural gas and natural gas liquids, 65% comprised of oil sands and heavy oil and 15% of light-medium crude. Substantially all of the Company's production is sold based on US dollar benchmark pricing. Specifically, crude oil is marketed based on WTI and Brent indices. Canadian natural gas pricing is primarily based on Alberta AECO reference pricing.

Canadian Natural Resources operations include conventional and unconventional natural gas, projects in light, medium and heavy crude oil, as well as in situ oil sands and oil sands mining and upgrading production. Production by grade is 37% synthetic crude, 26% heavy oil, 13% medium to light oil and natural gas 24%. Oil contributes 95% of revenues and natural gas 5%. CNQ's oil sands assets are located in two of the major oil sands deposits in Western Canada – the Athabasca and Cold Lake. Production is either mined or thermally processed. Production is sold as either heavy oil or mixed with condensate to meet synthetic blend benchmarks. Total assets as of Sept-30-2018 were $71.6B, term debt is $20.5B

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