Canadian Natural Resources Limited Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2016

 Published On: Jun, 2017 |    No of Pages: 117 |  Published By: GlobalData | Format: PDF
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Summary

Canadian Natural Resources Limited (Canadian Natural) is an independent upstream oil and gas company. The company carries out acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). Canadian Natural's products include light and medium crude oil and NGLs, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), synthetic crude oil (SCO) and natural gas. The company's operations are focused in North America, mostly in Western Canada; the UK portion of the North Sea; and South Africa in offshore Africa. The company maintains certain midstream activities within Western Canada that includes an electricity co-generation system, pipeline operations, and an equity interest in the North West Redwater Partnership. Canadian Natural is headquartered in Calgary, Alberta, Canada.

Canadian Natural Resources Limited Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Canadian Natural Resources Limited, Valuation and Financial Data 8
Canadian Natural Resources Limited, Share Price Performance 8
Share Price Performance, Q4, 2015-Q4, 2016 8
Canadian Natural Resources Limited, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Canadian Natural Resources Limited, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11
Canadian Natural Resources Limited, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Canadian Natural Resources Limited, Quarterly Production Trends 13
Canadian Natural Resources Limited, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 14
Canadian Natural Resources Limited, Crude Oil Production 15
Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 15
Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 16
Canadian Natural Resources Limited, Natural Gas Production 17
Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 17
Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 18
Canadian Natural Resources Limited, Valuation and Financial Data, 2012-2016 19
Canadian Natural Resources Limited, Share Price Performance, 2012-2016 19
Share Price Performance, 2012-2016 19
Key Valuation Metrics, 2012-2016 20
Canadian Natural Resources Limited, Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 23
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 26
Crude Oil Production and Reserves By Country/Region, 2012-2016 27
Crude Oil/Liquids Reserve Changes, 2012-2016 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2012-2016 30
Natural Gas Production and Reserves, By Country/Region, 2012-2016 31
Natural Gas Reserve Changes, 2012-2016 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 35
Canadian Natural Resources Limited, E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2012-2016 37
Acquisition Costs By Country/Region, 2012-2016 38
Exploration and Development Costs, By Country/Region, 2012-2016 40
Oil and Gas Cost Per boe, US$/boe 42
Oil and Gas Cost Per boe, US$/boe, 2012-2016 42
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 44
Canadian Natural Resources Limited, Reserve Replacement Ratio 46
Oil and Gas Production Replacement Ratio 46
Oil and Gas Production Replacement Ratio, 2012-2016 46
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 49
Canadian Natural Resources Limited, Results of Oil & Gas Operations Trend 54
Oil and Gas Revenue and Expenses 54
Oil and Gas Revenue and Expenses, 2012-2016 54
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 56
Oil and Gas Revenue and Expenses, Per boe 62
Oil and Gas Revenue and Expenses, By boe, 2012-2016 62
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 63
Oil and Gas Performance Metrics 67
Canadian Natural Resources Limited, Land Holdings and Well Data 68
Developed and Undeveloped Acreage 68
Gross and Net Developed and Undeveloped Acreage, 2012-2016 68
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 69
Well Statistics 72
Producible Oil and Gas Well, 2012-2016 72
Producible Oil and Gas Well, By Country/Region, 2012-2016 73
Exploration and Development Wells Drilled, 2012-2016 78
Recent Developments 80
Canadian Natural Resources Limited - Recent Developments 80
May 04, 2017: Canadian Natural Resources Announces 2017 First Quarter Results 80
Apr 20, 2017: Canadian Natural Resources enhances safety with McLaren's maintenance work order solution 88
Mar 03, 2017: CNR Submits Draft Of Decommissioning Plan For Ninian North Platform 88
Mar 02, 2017: Canadian Natural Resources Announces 2016 Fourth Quarter and Year End Results 88
Feb 14, 2017: CNRL Announces 2016 Year End Reserves 98
Feb 02, 2017: Canadian Natural Resources Provides Horizon Update 100
Dec 15, 2016: Canadian Natural Resources Announces 2017 Budget 101
Nov 23, 2016: Government Of Alberta: Oil Sands Emissions Cap Drives Innovation 104
Nov 03, 2016: Canadian Natural Resources Announces 2016 Third Quarter Results 106
Sep 29, 2016: AER Receives Canadian Natural Resources Application For Tailings Management Plan 113
Appendix 114
Methodology 114
Coverage 114
Secondary Research 114
Primary Research 115
Data Information Sources 115
Company Source 115
SEC/Other Regulatory Filings 115
Other Sources 115
Expert Panel Validation 115
Data Definition 116
Oil and Gas Reserves 116
Units of Measure 116
About GlobalData 117
Disclosure 117
Disclaimer 117

List of Tables
Table 1: Canadian Natural Resources Limited, Key Facts 7
Table 2: Canadian Natural Resources Limited, Share Price Performance, Q4, 2015-Q4, 2016 8
Table 3: Canadian Natural Resources Limited, Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Table 4: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Table 5: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11
Table 6: Canadian Natural Resources Limited, Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Table 7: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 13
Table 8: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14
Table 9: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15
Table 10: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16
Table 11: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17
Table 12: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18
Table 13: Canadian Natural Resources Limited, Share Price Performance, 2012-2016 19
Table 14: Canadian Natural Resources Limited, Key Valuation Metrics, 2012-2016 20
Table 15: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22
Table 16: Canadian Natural Resources Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 24
Table 17: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 25
Table 18: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Table 19: Canadian Natural Resources Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 28
Table 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2012-2016 29
Table 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30
Table 22: Canadian Natural Resources Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 32
Table 23: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2012-2016 33
Table 24: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2012-2016 34
Table 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 36
Table 26: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2012-2016 37
Table 27: Canadian Natural Resources Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 39
Table 28: Canadian Natural Resources Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 41
Table 29: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 43
Table 30: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 45
Table 31: Canadian Natural Resources Limited, Oil and Gas Production Replacement Ratio, %, 2012-2016 47
Table 32: Canadian Natural Resources Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 52
Table 33: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2012-2016 55
Table 34: Canadian Natural Resources Limited, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 60
Table 35: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 62
Table 36: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 66
Table 37: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2012-2016 67
Table 38: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 68
Table 39: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 71
Table 40: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2012-2016 72
Table 41: Canadian Natural Resources Limited, Producible Oil and Gas Wells, By Country/Region, 2012-2016 77
Table 42: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2012-2016 79

List of Figures
Figure 1: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, Q4, 2015-Q4, 2016 8
Figure 2: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9
Figure 3: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Figure 4: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12
Figure 5: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2015-Q4, 2016 13
Figure 6: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 14
Figure 7: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 15
Figure 8: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 16
Figure 9: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 17
Figure 10: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 18
Figure 11: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, 2012-2016 19
Figure 12: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 20
Figure 13: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 21
Figure 14: Canadian Natural Resources Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 23
Figure 15: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 23
Figure 16: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 25
Figure 17: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 26
Figure 18: Canadian Natural Resources Limited, Oil Reserves, End of Period, By Country/Region, Mmbbl, 2012-2016 27
Figure 19: Canadian Natural Resources Limited, Oil Production, By Country/Region, mmbbl, 2012-2016 27
Figure 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2016 29
Figure 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 30
Figure 22: Canadian Natural Resources Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 31
Figure 23: Canadian Natural Resources Limited, Gas Production, By Country/Region, bcf, 2012-2016 31
Figure 24: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2016 33
Figure 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2012-2016 34
Figure 26: Canadian Natural Resources Limited, Gas Reserve Life Index, By Country/Region, Years, 2012-2016 35
Figure 27: Canadian Natural Resources Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 35
Figure 28: Canadian Natural Resources Limited, Oil Reserve Life Index, By Country/Region, Years, 2012-2016 36
Figure 29: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2012-2016 37
Figure 30: Canadian Natural Resources Limited, Proved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 38
Figure 31: Canadian Natural Resources Limited, Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 38
Figure 32: Canadian Natural Resources Limited, Development Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 33: Canadian Natural Resources Limited, Exploration Costs, By Country/Region, US$ mil, 2012-2016 40
Figure 34: Canadian Natural Resources Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 42
Figure 35: Canadian Natural Resources Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2012-2016 44
Figure 36: Canadian Natural Resources Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2012-2016 44
Figure 37: Canadian Natural Resources Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2012-2016 45
Figure 38: Canadian Natural Resources Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 46
Figure 39: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 49
Figure 40: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 49
Figure 41: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 50
Figure 42: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 50
Figure 43: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 51
Figure 44: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 51
Figure 45: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2012-2016 54
Figure 46: Canadian Natural Resources Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 56
Figure 47: Canadian Natural Resources Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 56
Figure 48: Canadian Natural Resources Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 57
Figure 49: Canadian Natural Resources Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 57
Figure 50: Canadian Natural Resources Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 58
Figure 51: Canadian Natural Resources Limited, Production Costs, By Country/Region, US$ mil, 2012-2016 58
Figure 52: Canadian Natural Resources Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 59
Figure 53: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 62
Figure 54: Canadian Natural Resources Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2012-2016 63
Figure 55: Canadian Natural Resources Limited, Lifting Cost per boe, By Country/Region, $/boe, 2012-2016 63
Figure 56: Canadian Natural Resources Limited, Annual Net Income per boe, By Country/Region, $/boe, 2012-2016 64
Figure 57: Canadian Natural Resources Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2012-2016 64
Figure 58: Canadian Natural Resources Limited, Total DD&A per boe, By Country/Region, $/boe, 2012-2016 65
Figure 59: Canadian Natural Resources Limited, Total Revenue per boe, By Country/Region, $/boe, 2012-2016 65
Figure 60: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2012-2016 67
Figure 61: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 68
Figure 62: Canadian Natural Resources Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 69
Figure 63: Canadian Natural Resources Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 69
Figure 64: Canadian Natural Resources Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 70
Figure 65: Canadian Natural Resources Limited, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 70
Figure 66: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2012-2016 72
Figure 67: Canadian Natural Resources Limited, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 68: Canadian Natural Resources Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 73
Figure 69: Canadian Natural Resources Limited, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 74
Figure 70: Canadian Natural Resources Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 74
Figure 71: Canadian Natural Resources Limited, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 75
Figure 72: Canadian Natural Resources Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 75
Figure 73: Canadian Natural Resources Limited, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 76
Figure 74: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2012-2016 78


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