Jan 12, 2015 - Note: Interest rates are subject to change depending upon short term rate changes. Current income ... Cur
Corporate Guidance
January 12, 2015
2015 Original Budget
2015 Revised Budget
1,790 - 1,830
1,730 - 1,770
292 - 302 126 - 140 111 - 121 42 - 48 571 - 611 869 - 916
274 - 284 126 - 140 111 - 121 41 - 47 552 - 592 840 - 887
Daily Production Volumes (before royalties) Natural gas (MMcf/d) Crude oil and NGLs (Mbbl/d) North America North America – Thermal In Situ North America – Oil Sands Mining* International Total BOE/d *Oil Sands Mining 2015 annual production guidance reflects production downtime for planned turnarounds.
Capital Expenditures (C$ million) North America natural gas and NGLs North America crude oil International crude oil Total Exploration and Production
$
Thermal In Situ Oil Sands Primrose and future Kirby South Kirby North Phase 1 Total Thermal In Situ Oil Sands
$
490 980 1,165 2,635
495 65 575 1,135
300 55 105 460
90
70
130 45 1,370 565 340 2,450 20 355 165 370 3,360
55 45 1,210 550 340 2,200 20 300 160 345 3,025
$ 8,600
$ 6,190
Operating Costs $1.30 - 1.40
Operating Costs $1.30 - 1.40
$13.50 - 15.50 $35.00 - 38.00 $48.00 - 52.00 $30.00 - 34.00
$12.50 - 14.50 $34.00 - 37.00 $48.00 - 52.00 $30.00 - 34.00
25 - 27% $95 - 105 4.00 - 4.20%
25 - 27% $95 - 105 3.85 - 4.05%
Net acquisitions, midstream and other Horizon Oil Sands Project Project capital Directive 74 Phase 2A Phase 2B Phase 3 Owner’s costs and other Total capital projects Technology and Phase 4 Sustaining capital Turnarounds and reclamation Capitalized interest and other Total Horizon Project Total Capital Expenditures Average Annual Cost Data Natural Gas – North America (Mcf) Crude oil and NGLs (bbl) North America (excluding Oil Sands Mining) North America – Oil Sands Mining* North Sea Offshore Africa
920 1,850 1,245 4,015
*Oil Sands Mining operating costs include energy costs and reflect production downtime in 2015 as noted above.
Other Information Effective income tax rate on adjusted earnings Midstream cash flow (C$ million) Average corporate interest rate
Royalties and Cash Taxes Based on commodity prices of AECO C$2.50/GJ – C$ 3.45/GJ and WTI US$50.00/bbl – US$81.00/bbl for 2015, royalty rates (%) and cash tax costs (C$ million) are targeted to be within the following ranges: Natural Gas - North America 3 - 10% Saskatchewan Resources Surcharge/Capital Tax $25 - 45 North America crude oil & NGL 10 - 21% Current Income Tax – North America $25 - 850 Oil Sands Mining 1 - 6% International Current and PRT Recovery, net $(210) - (110) Offshore Africa 2.5 - 6.5% Note: Interest rates are subject to change depending upon short term rate changes. Current income taxes are subject to variation with commodity prices and the level and classification of capital expenditures. Current PRT is subject to variation due to commodity price and capital spending. 2015 Original Budget Guidance based on an average annual WTI of US$81.00bbl, AECO of C$3.45/GJ and an exchange rate of US$1.00 to C$1.13 and £1.00 to C$1.80. This document contains forward-looking statements under applicable securities laws, including, in particular, statements about Canadian Naturals’ plans, strategies and prospects. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. Please refer to the Company’s Interim Report or Annual Information Form for a full description of these risks and impacts.
