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Canadian Natural Resources Ltd, Q2-2021 Earnings, Price Target Update

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Canadian Natural Resources Ltd (CNQ) is a Canadian energy company engaged in the acquisition, exploration, development, production, 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-31-2020 were 15.9B compared to Dec-31-2019 of 14.3B boe (Dec-31-2018,13.4B) of which 15% is natural gas and natural gas liquids, 80% comprised of oil sands heavy and synthetic oil, and 5% of light-medium crude. Substantially all oil production is sold based on US dollar benchmark pricing for WTI and Brent indices. Canadian natural gas pricing is primarily based on Alberta AECO reference pricing. Canadian Natural is a leader in the crude oil and natural gas industry in Carbon Capture and Storage (CCS) and sequestration initiatives and is one of the largest owners of carbon capture capacity in the oil and natural gas sector globally. As part of the comprehensive GHG emissions reduction strategy, CCS projects include carbon dioxide (CO2) storage in geological formations, the use of CO2 in enhanced oil recovery techniques and injection of CO2 into tailings. Gross carbon capture capacity through these projects combined is estimated at 2.7M tons of CO2 annually, equivalent to taking approximately 576,000 vehicles off the road per year.

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 36% synthetic crude, 30% heavy oil, 11% medium to light oil and natural gas 23%. 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. Oil production is sold as either heavy oil or mixed with condensate to meet synthetic blend benchmarks.

CNQ has a 50% investment in North West Refining Inc. NWRP operates a 50,000 barrels per day bitumen upgrader and refinery that processes 12,500 barrels per day of bitumen feedstock for CNQ and 37,500 barrels per day (75% toll payer) of bitumen feedstock for the Alberta Petroleum Marketing Commission, an agent of the Government of Alberta. Sales of diesel and refined products and associated refining tolls are recognized in the Midstream and Refining segment.

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