Thursday, March 5, 2020
CALGARY, Alberta, March 05, 2020 (GLOBE NEWSWIRE) — Commenting on the Company’s 2019 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “2019 marked the 30th anniversary of Canadian Natural as an Exploration and Production (“E&P”) company. Over the past 3 decades, our unwavering focus on returns and free cash flow generating assets has driven significant growth and high returns for our shareholders. Today, we are set up better than ever with a large, diversified portfolio underpinned by long life low decline assets that generate significant and sustainable free cash flow throughout the business cycles.”
2019 YEAR-END RESERVES
Determination of Reserves
For the year ended December 31, 2019, the Company retained Independent Qualified Reserves Evaluators (IQREs), Sproule, and GLJ Petroleum Consultants Limited, to evaluate and review all of the Company’s proved and proved plus probable reserves. The evaluation and review was conducted and prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook. The reserves disclosure is presented in accordance with NI 51-101 requirements using forecast prices and escalated costs.
The Reserves Committee of the Company’s Board of Directors has met with and carried out independent due diligence procedures with the IQREs as to the Company’s reserves. All reserves values are Company Gross unless stated otherwise.
Summary of Company Gross Reserves
As of December 31, 2019
Forecast Prices and Costs
| Light and Medium Crude Oil (MMbbl) |
Primary Heavy Crude Oil (MMbbl) |
Pelican Lake Heavy Crude Oil (MMbbl) |
Bitumen (Thermal Oil) (MMbbl) |
Synthetic Crude Oil (MMbbl) |
Natural Gas (Bcf) |
Natural Gas Liquids (MMbbl) |
Barrels of Oil Equivalent (MMBOE) |
|||||||||||||||||
| North America | ||||||||||||||||||||||||
| Proved | ||||||||||||||||||||||||
| Developed Producing | 97 | 103 | 235 | 653 | 6,219 | 3,150 | 92 | 7,925 | ||||||||||||||||
| Developed Non-Producing | 12 | 14 | — | 14 | — | 162 | 6 | 72 | ||||||||||||||||
| Undeveloped | 56 | 85 | 58 | 1,771 | 133 | 3,083 | 177 | 2,794 | ||||||||||||||||
| Total Proved | 165 | 202 | 293 | 2,438 | 6,352 | 6,395 | 275 | 10,791 | ||||||||||||||||
| Probable | 64 | 91 | 132 | 1,670 | 545 | 3,118 | 133 | 3,156 | ||||||||||||||||
| Total Proved plus Probable | 229 | 293 | 425 | 4,108 | 6,897 | 9,513 | 408 | 13,947 | ||||||||||||||||
| North Sea | ||||||||||||||||||||||||
| Proved | ||||||||||||||||||||||||
| Developed Producing | 37 | 10 | 39 | |||||||||||||||||||||
| Developed Non-Producing | 4 | 1 | 4 | |||||||||||||||||||||
| Undeveloped | 68 | 5 | 69 | |||||||||||||||||||||
| Total Proved | 109 | 16 | 112 | |||||||||||||||||||||
| Probable | 67 | 5 | 68 | |||||||||||||||||||||
| Total Proved plus Probable | 176 | 21 | 179 | |||||||||||||||||||||
| Offshore Africa | ||||||||||||||||||||||||
| Proved | ||||||||||||||||||||||||
| Developed Producing | 32 | 29 | 37 | |||||||||||||||||||||
| Developed Non-Producing | 12 | 6 | 13 | |||||||||||||||||||||
| Undeveloped | 39 | 13 | 41 | |||||||||||||||||||||
| Total Proved | 83 | 48 | 91 | |||||||||||||||||||||
| Probable | 31 | 24 | 35 | |||||||||||||||||||||
| Total Proved plus Probable | 114 | 72 | 126 | |||||||||||||||||||||
| Total Company | ||||||||||||||||||||||||
| Proved | ||||||||||||||||||||||||
| Developed Producing | 166 | 103 | 235 | 653 | 6,219 | 3,189 | 92 | 8,001 | ||||||||||||||||
| Developed Non-Producing | 28 | 14 | — | 14 | — | 169 | 6 | 90 | ||||||||||||||||
| Undeveloped | 163 | 85 | 58 | 1,771 | 133 | 3,101 | 177 | 2,903 | ||||||||||||||||
| Total Proved | 357 | 202 | 293 | 2,438 | 6,352 | 6,460 | 275 | 10,993 | ||||||||||||||||
| Probable | 162 | 91 | 132 | 1,670 | 545 | 3,147 | 133 | 3,258 | ||||||||||||||||
| Total Proved plus Probable | 519 | 293 | 425 | 4,108 | 6,897 | 9,607 | 408 | 14,252 | ||||||||||||||||
Reconciliation of Company Gross Reserves
As of December 31, 2019
Forecast Prices and Costs
