Canadian Natural Resources Limited Oil & Gas Exploration and Production Operations and Cost Analysis - Q3, 2014

 Published On: Nov, 2014 |    No of Pages: 97 |  Published By: GlobalData | Format: PDF
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Summary

Canadian Natural Resources Limited (CNR) is an independent energy company. It carries out acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). The company’s operations are focused in North America, mostly in Western Canada; the UK portion of the North Sea; and Cote d’Ivoire, Gabon, and South Africa in offshore Africa. CNR’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 Horizon oil sands mining and upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations. 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 Resources 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 data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.

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 report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides annual and quarterly information on key operational and financial parameters. Annual information is for the current and the last four years while the quarterly information is for the current and the last four quarters
- The report provides detailed crude oil and natural gas reserves and production information of the company by country as disclosed in their annual report and regulatory filings.
- Contains in-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in their annual report and regulatory filings.

Note: Scope of the report mentioned above is generic and may not be applicable to all the companies. The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Quarterly information is covered only for those companies which are December ending and files quarter report. There might be cases where countries/regions data column/Charts will be blank for last five years. This is due to companies might have discontinued reporting of that countries/regions during the last five year time period.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Provides up-to-date information and in-depth analysis on operational parameters of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Rank your performance against other E&P companies 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 parameters.
- 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 8
Key Information 8
Company Overview 8
Canadian Natural Resources Limited, Valuation and Financial Data 9
Canadian Natural Resources Limited, Share Price Performance 9
Share Price Performance, Q3, 2013-Q3, 2014 9
Canadian Natural Resources Limited, Key Valuation Metrics 10
Key Valuation Metrics, Q3, 2013-Q3, 2014 10
Canadian Natural Resources Limited, Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q3, 2013-Q3, 2014 11
Results of Oil & Gas Operations Per boe Growth Rates, Q3, 2013-Q3, 2014 12
Canadian Natural Resources Limited, Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q3, 2013-Q3, 2014 13
Canadian Natural Resources Limited, Quarterly Production Trends 14
Canadian Natural Resources Limited, Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q3, 2013-Q3, 2014 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2013-Q3, 2014 15
Canadian Natural Resources Limited, Crude Oil Production 16
Total Crude Oil Production Trend, Q3, 2013-Q3, 2014 16
Crude Oil Production, By Country/Region, Q3, 2013-Q3, 2014 17
Canadian Natural Resources Limited, Natural Gas Production 18
Total Natural Gas Production Trend, Q3, 2013-Q3, 2014 18
Natural Gas Production, By Country/Region, Q3, 2013-Q3, 2014 19
Canadian Natural Resources Limited, Valuation and Financial Data, 2009-2013 20
Canadian Natural Resources Limited, Share Price Performance, 2009-2013 20
Share Price Performance, 2009-2013 20
Key Valuation Metrics, 2009-2013 21
Canadian Natural Resources Limited, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 24
Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2009-2013 27
Crude Oil Production and Reserves By Country/Region, 2009-2013 28
Crude Oil/Liquids Reserve Changes, 2009-2013 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2009-2013 31
Natural Gas Production and Reserves, By Country/Region, 2009-2013 32
Natural Gas Reserve Changes, 2009-2013 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 36
Canadian Natural Resources Limited, E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2009-2013 38
Acquisition Costs By Country/Region, 2009-2013 39
Exploration and Development Costs, By Country/Region, 2009-2013 40
Oil and Gas Cost Per boe, US$/boe 41
Oil and Gas Cost Per boe, US$/boe, 2009-2013 41
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 43
Canadian Natural Resources Limited, Reserve Replacement Ratio 45
Oil and Gas Production Replacement Ratio 45
Oil and Gas Production Replacement Ratio, 2009-2013 45
Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 47
Canadian Natural Resources Limited, Results of Oil & Gas Operations Trend 51
Oil and Gas Revenue and Expenses 51
Oil and Gas Revenue and Expenses, 2009-2013 51
Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 52
Oil and Gas Revenue and Expenses, Per boe 57
Oil and Gas Revenue and Expenses, By boe, 2009-2013 57
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 58
Oil and Gas Performance Metrics 62
Canadian Natural Resources Limited, Land Holdings and Well Data 63
Developed and Undeveloped Acreage 63
Gross and Net Developed and Undeveloped Acreage, 2009-2013 63
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 64
Well Statistics 67
Producible Oil and Gas Well, 2009-2013 67
Producible Oil and Gas Well, By Country/Region, 2009-2013 68
Exploration and Development Wells Drilled, 2009-2013 73
Exploration and Development Wells Drilled, By Country/Region, 2009-2013 74
Recent Developments 75
Canadian Natural Resources Limited - Recent Developments 75
Nov 20, 2014: AER Determines Athabasca Oil Sands Mining Operators In Compliance With Waterfowl Protection Requirements 75
Nov 06, 2014: Canadian Natural Resources Announces 2015 Budget 75
Nov 06, 2014: Canadian Natural Resources Announces Third Quarter Results 79
Sep 12, 2014: Canadian Natural Resources Limited Announces That Production Has Recommenced at Horizon Following Completion of Coker Plant Expansion 82
Aug 27, 2014: CNRL seeks regulatory approval for Grouse SAGD oil project in Canada 82
Aug 25, 2014: Syncrude prices gain due to upgrader work 82
Aug 07, 2014: Canadian Natural Resources Announces Quarterly Dividend 83
Aug 07, 2014: Canadian Natural Resources Announces 2014 Second Quarter Results 83
May 08, 2014: Canadian Natural Resources Announces Quarterly Dividend 90
May 08, 2014: Canadian Natural Resources Announces Quaterly Results 90
Appendix 95
Methodology 95
Coverage 95
Secondary Research 95
Primary Research 95
Data Information Sources 96
Company Source 96
SEC/Other Regulatory Filings 96
Other Sources 96
Expert Panel Validation 96
Data Definition 96
Oil and Gas Reserves 96
Units of Measure 97
About GlobalData 97
Disclosure 97
Disclaimer 97

List of Tables
Table 1: Canadian Natural Resources Limited, Key Facts 8
Table 2: Canadian Natural Resources Limited, Share Price Performance, Q3, 2013-Q3, 2014 9
Table 3: Canadian Natural Resources Limited, Key Valuation Metrics, Q3, 2013-Q3, 2014 10
Table 4: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2013-Q3, 2014 11
Table 5: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q3, 2013-Q3, 2014 12
Table 6: Canadian Natural Resources Limited, Upstream Capital Expenditure, Q3, 2013-Q3, 2014 13
Table 7: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, Q3, 2013-Q3, 2014 14
Table 8: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2013-Q3, 2014 15
Table 9: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q3, 2013-Q3, 2014 16
Table 10: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q3, 2013-Q3, 2014 17
Table 11: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q3, 2013-Q3, 2014 18
Table 12: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q3, 2013-Q3, 2014 19
Table 13: Canadian Natural Resources Limited, Share Price Performance, 2009-2013 20
Table 14: Canadian Natural Resources Limited, Key Valuation Metrics, 2009-2013 21
Table 15: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 23
Table 16: Canadian Natural Resources Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 25
Table 17: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 26
Table 18: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Table 19: Canadian Natural Resources Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 29
Table 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2009-2013 30
Table 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Table 22: Canadian Natural Resources Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 33
Table 23: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2009-2013 34
Table 24: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2009-2013 35
Table 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 37
Table 26: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2009-2013 38
Table 27: Canadian Natural Resources Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 39
Table 28: Canadian Natural Resources Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 40
Table 29: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 41
Table 30: Canadian Natural Resources Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 44
Table 31: Canadian Natural Resources Limited, Oil and Gas Production Replacement Ratio, %, 2009-2013 45
Table 32: Canadian Natural Resources Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 50
Table 33: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2009-2013 51
Table 34: Canadian Natural Resources Limited, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 55
Table 35: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 57
Table 36: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 61
Table 37: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2009-2013 62
Table 38: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 63
Table 39: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 66
Table 40: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2009-2013 67
Table 41: Canadian Natural Resources Limited, Producible Oil and Gas Wells, By Country/Region, 2009-2013 71
Table 42: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2009-2013 73
Table 43: Canadian Natural Resources Limited, Exploratory and Developed Wells, By Country/Region, 2009-2013 74

List of Figures
Figure 1: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, Q3, 2013-Q3, 2014 9
Figure 2: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q3, 2013-Q3, 2014 10
Figure 3: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2013-Q3, 2014 11
Figure 4: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, Q3, 2013-Q3, 2014 13
Figure 5: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production, mmboe, Q3, 2013-Q3, 2014 14
Figure 6: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2013-Q3, 2014 15
Figure 7: Canadian Natural Resources Limited, Total Crude Oil Production, mmbbl, Q3, 2013-Q3, 2014 16
Figure 8: Canadian Natural Resources Limited, Crude Oil Production, By Country/Region, mmbbl, Q3, 2013-Q3, 2014 17
Figure 9: Canadian Natural Resources Limited, Total Natural Gas Production, bcf, Q3, 2013-Q3, 2014 18
Figure 10: Canadian Natural Resources Limited, Natural Gas Production, By Country/Region, bcf, Q3, 2013-Q3, 2014 19
Figure 11: Canadian Natural Resources Limited, Share Price Performance, CAD/Share, 2009-2013 20
Figure 12: Canadian Natural Resources Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2009-2013 21
Figure 13: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 22
Figure 14: Canadian Natural Resources Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 24
Figure 15: Canadian Natural Resources Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 24
Figure 16: Canadian Natural Resources Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 26
Figure 17: Canadian Natural Resources Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Figure 18: Canadian Natural Resources Limited, Oil Reserves, End of Period, By Country/Region, Mmbbl, 2009-2013 28
Figure 19: Canadian Natural Resources Limited, Oil Production, By Country/Region, mmbbl, 2009-2013 28
Figure 20: Canadian Natural Resources Limited, Crude Oil Reserve Changes, mmbbl, 2013 30
Figure 21: Canadian Natural Resources Limited, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Figure 22: Canadian Natural Resources Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 32
Figure 23: Canadian Natural Resources Limited, Gas Production, By Country/Region, bcf, 2009-2013 32
Figure 24: Canadian Natural Resources Limited, Natural Gas Reserve Changes, bcf, 2013 34
Figure 25: Canadian Natural Resources Limited, Oil and Gas Reserves Life Index, Years, 2009-2013 35
Figure 26: Canadian Natural Resources Limited, Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013 36
Figure 27: Canadian Natural Resources Limited, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013 36
Figure 28: Canadian Natural Resources Limited, Oil Reserve Life Index, By Country/Region, Ratio, 2009-2013 37
Figure 29: Canadian Natural Resources Limited, Upstream Capital Expenditure, US$ mil, 2009-2013 38
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, 2009-2013 41
Figure 35: Canadian Natural Resources Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2009-2013 43
Figure 37: Canadian Natural Resources Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2009-2013 43
Figure 39: Canadian Natural Resources Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 45
Figure 40: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 47
Figure 41: Canadian Natural Resources Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 47
Figure 42: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 48
Figure 43: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 48
Figure 44: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 49
Figure 45: Canadian Natural Resources Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 49
Figure 46: Canadian Natural Resources Limited, Revenue and Expenses, US$ mil, 2009-2013 51
Figure 47: Canadian Natural Resources Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 52
Figure 48: Canadian Natural Resources Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 52
Figure 49: Canadian Natural Resources Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 53
Figure 50: Canadian Natural Resources Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 53
Figure 51: Canadian Natural Resources Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 54
Figure 52: Canadian Natural Resources Limited, Production Costs, By Country/Region, US$ mil, 2009-2013 54
Figure 53: Canadian Natural Resources Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 55
Figure 54: Canadian Natural Resources Limited, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 57
Figure 55: Canadian Natural Resources Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2009-2013 58
Figure 56: Canadian Natural Resources Limited, Lifting Cost per boe, By Country/Region, $/boe, 2009-2013 58
Figure 57: Canadian Natural Resources Limited, Annual Net Income per boe, By Country/Region, $/boe, 2009-2013 59
Figure 58: Canadian Natural Resources Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2009-2013 59
Figure 59: Canadian Natural Resources Limited, Total DD&A per boe, By Country/Region, $/boe, 2009-2013 60
Figure 60: Canadian Natural Resources Limited, Total Revenue per boe, By Country/Region, $/boe, 2009-2013 60
Figure 61: Canadian Natural Resources Limited, Oil and Gas Performance Metrics, 2009-2013 62
Figure 62: Canadian Natural Resources Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 63
Figure 63: Canadian Natural Resources Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 64
Figure 64: Canadian Natural Resources Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 64
Figure 65: Canadian Natural Resources Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 65
Figure 66: Canadian Natural Resources Limited, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 65
Figure 67: Canadian Natural Resources Limited, Producible Oil and Gas Wells, 2009-2013 67
Figure 68: Canadian Natural Resources Limited, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 68
Figure 69: Canadian Natural Resources Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 68
Figure 70: Canadian Natural Resources Limited, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 69
Figure 71: Canadian Natural Resources Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 69
Figure 72: Canadian Natural Resources Limited, Net Productive Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 73: Canadian Natural Resources Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 74: Canadian Natural Resources Limited, Net Productive Oil Wells, By Country/Region, Number, 2009-2013 71
Figure 75: Canadian Natural Resources Limited, Exploratory and Developed Wells, 2009-2013 73


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