Ladies and gentlemen, thank you for standing by, and welcome to the Canadian Natural Resources fourth quarter and 2020 earnings results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I'd now like to turn the conference call over to Mr. Corey Bieber, Executive Advisor. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining our fourth quarter and year-end 2020 conference call. With me this morning are Tim McKay, our President, Darren Fichter, Chief Operating Officer, Exploration and Production, and Mark Stainthorpe, our Chief Financial Officer. Before we begin, I would refer you to the special note regarding non-GAAP measures contained in our press release. These measures, used to evaluate the company's performance, should not be considered to be more meaningful than those determined in accordance with IFRS. I would also like to refer you to the comments regarding forward-looking statements contained in our press release and would also note that all amounts are in Canadian dollars and production and reserves are expressed as before royalties unless otherwise stated. With that, I'll now pass the call over to Tim McKay. Thank you, Corey. Good morning, everyone. The COVID-19 pandemic has impacted our lives and the way we operated our businesses in 2020, including the many precautions that we had to put in place to protect our stakeholders. Canadian Natural would like to thank our employees, contractors, suppliers, and shareholders for their support through this challenging year. Despite the challenges in 2020, Canadian Natural delivered top-tier operational and financial results, which is a result of the strength of our low decline assets and operational excellence of our people, which maximized free cash flow in a challenging year. In 2020, we were nimble, quickly lowering our capital. With our long life, low decline, and high-quality asset base, we still achieved record annual corporate BOE production of 1.16 million BOEs per day, or approximately 65,000 BOED increase over 2019 levels. With our culture of continuous improvement, we continue to drive effective and efficient operations. As a result, we had record low annual operating costs of CAD 20.46 per barrel of SCO in our oil sands mining upgrading group, a decrease of CAD 2.10 per barrel. As well, in our North American E&P liquids, we achieved significant operating cost reduction of CAD 1.20 per barrel or 10% lower than 2019 levels. We continue to apply the same drive to ESG, environmental, social, and governance, to deliver industry-leading performance across the board, a significant factor in our long-term sustainability. Canadian Natural and the entire Canadian oil and gas sector leads the world and has delivered game-changing environmental performance. In 2020, we reduced our corporate GHG intensity by 18%, methane emissions by 28% from 2016 levels. Our safety record is top-tier as our corporate total recordable injury frequency improved to 0.21 in 2020, a reduction of 58% from 2016 levels. We reached significant environmental milestones, including the 5 million tons of CO2 captured at Quest, and now have planted 2.5 million trees at our oil sands mining operations. In our oil sands operations, we can develop technologies using Canadian ingenuity to continue to move us closer to Canadian Natural's aspirational goal of reaching net zero emissions. Canadian Natural has multiple pathways to achieve net zero, with actions identified in the near, mid, and long term, and the strength of the Canadian oil sands mining asset is that with its long life, no decline, and with its manufacturing-like operation, it can have one of the clearest routes, if not the clearest route, to net zero of any global assets. I will now do a brief overview of our assets, starting with natural gas. Overall, 2020 annual North American natural gas production was 1.48 Bcf per day, which is comparable to our 2019 production of 1.49, with North American annual natural gas production of 1.45 versus 1.44 for 2019, which is up slightly as a result of the company's strategic decision to invest in low-cost natural gas opportunities and the acquisition of Painted Pony in Q4. Our annual North American natural gas operating cost was CAD 1.14, which is down 2% when compared to 2019 of CAD 1.16. For the fourth quarter, North American natural gas production was approximately 1.6 Bcf per day versus 1.45 for Q4 2019. With strong operating costs of CAD 1.07 per Mcf versus Q4 2019 of CAD 1.11, impressive year-over-year operating cost performance as we continue to focus on operational excellence. At Septimus, the company's high-value, liquids-rich Montney area, in the second half of 2020, eight wells were drilled, all came on production in Q4 2020. This project was completed with strong capital efficiencies of approximately CAD 4,800 per BOED, with total current production rates from the new wells at approximately 46 million cubic feet per day and 2,200 bbl a day of NGLs, delivering as expected. Looking forward, on an annual strip basis, AECO prices for 2021 look very strong at CAD 2.78 per GJ, an increase of approximately 31% over 2020 levels, improving the economics of natural gas projects. In 2021, within our high-quality Montney lands at Townsend, six of seven wells were brought on production at strong rates totaling approximately 74 million cubic feet per day, compared to our target of 50, resulting in a strong capital efficiency of approximately CAD 2,200 per flowing BOE. For North American light oil and NGLs, annual production was 84,658 bbl per day, down 13% from 2019, primarily a result of natural field declines. Annual operating costs were strong at CAD 14.61 per barrel, which is 4% lower than the 2019 annual operating cost of CAD 15.21 per barrel. Q4 production was 88,161 bbl per day, down 6% when comparing to Q4 2019, with fourth quarter operating costs that were down 10% to CAD 13.88 per barrel as compared to Q4 2019 operating costs of CAD 15.41 per barrel. In 2021, the company continues to advance high-value Montney light crude oil development plan at Wembley, targeting 18 net wells and the construction of a new crude oil battery with a targeted on-stream date of October 2021. With the crude oil battery in place, new wells are targeted to be brought onstream at strong capital efficiencies of approximately CAD 9,400 per flowing barrel. This project is targeting to exit 2021 at total production rates of approximately 8,500 bbl a day of liquids and 28 million cubic feet of natural gas. Our international assets in 2020 had annual oil production of approximately 40,200 bbl per day, a decrease of 19% versus 2019 levels, primarily due to natural declines. Our international assets continue to generate strong free cash flow and value for the company. Offshore Africa annual production was approximately 17,000 versus 2019 of 21,400 bbl a day, which is down due to natural field declines. CDI operating costs for 2020 were CAD 13.29 per barrel versus 2019 of CAD 11.21 per barrel. In the North Sea, annual production averaged 23,142 bbl a day in 2020 versus 2019 of approximately 28,000 bbl a day, down primarily due to natural field declines and the cessation of production in the Banff field in 2020. Annual operating costs were strong at CAD 36.51 per barrel and were comparable to 2019 levels. The team did a great job of managing costs. Moving to heavy oil, annual production was 70,279 bbl a day in 2020 versus 82,189 bbl in 2019, reflecting natural decline, limited investment due to commodity prices, and the Alberta mandatory curtailment program. Annual operating costs were CAD 17.59 per barrel versus 2019 operating costs of CAD 16.66 per barrel. Fourth quarter 2020 production was 65,513 bbl versus Q4 2019 production of 94,262 bbl per day, while operating costs were CAD 17.61 per barrel versus Q4 2019 of CAD 15.03. We continue to focus on effective and efficient operations. A key component of our long life, low decline assets is our world-class Pelican Lake pool, where our leading-edge polymer flood continues to deliver significant value. 2020 annual production was 56,535 bbl per day versus 2019 average of 58,855 bbl a day, only a 4% decline, reflecting the very low decline of the property. The team continues to do a great job, and we had very strong annual operating costs of CAD 6.03 per barrel, a 3% reduction versus 2019 operating costs of CAD 6.22 per barrel. Fourth quarter 2020 production was approximately 56,000 bbl a day, down from the fourth quarter of 2019 of 59,000 bbl a day. Operating costs in Q4 2020 were very strong at CAD 5.85 per barrel. At Pelican, our team continues to drive for operational excellence and has been able to mitigate the impact of decline in production over the last five years, reducing the annual operating cost on a BOE basis, an excellent accomplishment by them. With our low decline and very low operating cost, Pelican Lake continues to have excellent netbacks. We had a strong year in the thermal operations in 2020 as we continued to leverage our continuous improvement culture and our expertise to deliver effective and efficient operations. In 2020, our thermal production reached a record of approximately 249,000 bbl a day as we optimized production throughout the year under our curtailment optimization strategy. The strong annual performance in thermal reflects increased volumes from pad adds at Primrose, production ramp-up of Kirby North, and additional pad tie-in at Jackfish. Thermal annual operating costs were very strong at CAD 9.44 per barrel, a decrease of 13% from 2019 levels of CAD 10.83 as a result of cost synergies achieved as we integrated in Jackfish and Kirby field operations, as well as continued to focus on effective and efficient operations. Q4 production was approximately 266,200 bbl a day, down from Q3 as part of our curtailment optimization strategy, with operating costs of CAD 9.17 per barrel. In October, our thermal team optimized the ramp-up of additional pad add at Jackfish as we recorded a record monthly production of approximately 128,600 bbl a day, a great result by our team. In the company's world-class oil sands mining and upgrading assets, annual production averaged 417,351 bbl a day of SCO, an increase of 6% from 2019 levels, primarily as a result of high utilization rates and operational enhancements. Record low annual operating costs were achieved in 2020 and remain industry-leading, averaging CAD 20.46 per barrel of SCO, a decrease of CAD 2.10 from 2019 levels, driven by the company's continued focus on high reliability, cost control, as well as operational enhancements. In summary, the company increased annual SCO production by approximately 22,000 bbl a day over 2019 levels. We reduced the total annual operating cost by CAD 183 million, excluding energy costs. Our teams continue to do an excellent job here, and they are focused on continuous improvement and effective and efficient operations. At our oil sands mining operation, production in Q4 was approximately 417,100 bbl a day as planned maintenance was concluded at Horizon and AOSP ran well at expanded capacity. In the quarter, operating costs were strong at CAD 20.20 per barrel of SCO as our teams drive for operational excellence. As well in December, in our oil sands mining assets, we recorded a record monthly of approximately 490,800 bbl a day as we had high utilization rates combined with enhanced capacity and operational excellence. As part of our 2021 budget, a planned 30-day turnaround is scheduled for the month of April. During the shutdown, new incremental operational packages at the upgrader is coordinated to be tied in. I will now turn it over to Darren for a 2020 reserves review. Thank you, Tim, and good morning. To start, as in previous years, 100% of Canadian Natural's reserves are externally evaluated and reviewed by independent qualified reserve evaluators. Our 2020 reserves disclosure is presented in accordance with Canadian reporting requirements using forecast prices and escalated costs. The Canadian standards also require the disclosure of reserves on a company gross working interest share before royalties. In 2020, Canadian Natural had an excellent year, replacing 361% of the company's 2020 production on a total proved basis, 282% for crude oil, NGLs, bitumen, and synthetic crude oil, and 656% for natural gas. On a total proved plus probable basis, the company replaced 493% of the 2020 production. Total proved reserves increased 10% to 12.1 billion BOE, and total proved plus probable reserves increased 12% to 15.9 billion BOE. Of the 12.9 billion BOE of total proved reserves, approximately 7 billion barrels are high value, no decline SCO reserves. It's also important to note that 71% of Canadian Natural's total proved reserves are proved, developed, producing reserves at 8.6 billion BOE. Finding and development costs are key indicators of the strength of our assets and the company's ability to execute. Canadian Natural delivered top-tier results in 2020. Our strong performance is reflected in our finding and development costs. The corporate finding, development, and acquisition costs, excluding changes to future development costs, are CAD 1.91 per BOE for total proved and CAD 1.40 per BOE for total proved plus probable reserves. Canadian Natural's finding, development, and acquisition costs, including changes to future development costs, are CAD 4.46 per BOE for total proved and CAD 3.46 per BOE for total proved plus probable reserves. The strength and depth of the company's asset base is evident, as approximately 80% of the total proved reserves are long life, low decline, resulting in our top-tier proved reserve life index of 29.8 years and total proved plus probable reserve life index of 39.2 years. The net present value of future net revenue before income taxes, using a 10% discount rate and including the full company ARO, is CAD 80.7 billion for total proved reserves and CAD 98 billion for total proved plus probable reserves. In summary, these excellent results reflect the strength and depth of Canadian Natural's asset base, the value of the company's long life, low decline reserves, and our ability to execute. Now, I will hand over to Mark for the financial highlights. Thanks, Darren. The fourth quarter was strong operationally and financially as the base business delivered significant adjusted funds flow of CAD 1.85 billion and free cash flow of approximately CAD 700 million after capital and dividends in the quarter, excluding both the Painted Pony acquisition and the transportation provision taken in the quarter related to the Keystone XL pipeline project. This was a very strong result and contributed to us exiting 2020 in a robust financial position. Our net debt balance at the end of 2020 would've been down approximately CAD 80 million from ending 2019 levels, excluding costs related to the acquisition completed in Q4. This includes over CAD 2.2 billion returned to shareholders in 2020 through an increased dividend and share repurchases in the year. Focusing on the second half of 2020, we reduced absolute net debt by over CAD 1.5 billion as free cash flow was allocated to debt reduction. To date in 2021, we continue to generate significant and growing free cash flow, which has already been allocated to debt repayment, including retiring CAD 362.5 million of non-revolving term loans. The robust free cash flow generation from our assets will continue to facilitate further balance allocation to our four pillars over the long term. This clearly demonstrates the sustainability of our business model, the ability of our unique long-life, low-decline asset base with low maintenance capital requirements, and effective and efficient operations to generate significant free cash flow. We continue to maintain significant liquidity, including revolving bank facilities, cash, and short-term investments. Liquidity at year-end 2020 was approximately CAD 5.4 billion, and we had approximately 500 m illion in commercial paper for which we reserved capacity under these revolving facilities. Given the confidence in our long-life, low-decline assets and sustainability of our free cash flow, the board of directors have increased the dividend by 11% to CAD 1.88 per share annually, with the first quarterly payment of CAD 0.47 per share payable on April 5th, 2021. This represents the 21st consecutive year of dividend increases, represents a 20% CAGR since inception, and further demonstrates the commitment to returning value to shareholders. In addition, subsequent to year-end, the board of directors authorized management, subject to acceptance by the TSX, to repurchase shares under a normal course issuer bid targeted to equal options exercised throughout the coming year in order to eliminate dilution to shareholders. Given the increase in commodity prices since our budget release in December, the forecast for free cash flow generation in 2021 is significantly higher. At an average price of approximately $57 WTI, we now target to generate between CAD 10.3 billion and CAD 10.8 billion of adjusted funds flow, which equates to CAD 4.9 billion- CAD 5.4 billion of free cash flow after capital and the increased dividend. This provides significant opportunity to optimize allocation to our four pillars, including further debt reductions and continued returns to shareholders. With that, I'll turn it back to you, Tim. Thanks, Mark. Canadian Natural's advantage is our ability to effectively allocate cash flow to our four pillars. We have a well-balanced, diverse, and large asset base, which a significant portion is long life, low decline assets, which requires less capital to maintain volumes. We balanced our commodities in 2020 with approximately 47% of our BOEs, light crude oil and SCO, 32% heavy, and 21% natural gas, which lessens our exposure to the volatility in any one commodity as we move through 2021. We will continue to allocate cash flow to our four pillars in a disciplined manner to maximize value for our shareholders, which is all driven by effective capital allocation, effective and efficient operations, and by our teams who delivered top-tier results. We have robust, sustainable free cash flow. Even in a challenging year as 2020, returns to shareholders were significant at approximately CAD 2 billion in dividends, CAD 0.3 billion in share purchases for a total of CAD 2.3 billion. Today, our dividend was increased by 11% for the 21st consecutive year. In summary, we continue to focus on safe, reliable operations and enhancing our top-tier operations. We will continue to drive our environmental performance. We are in a very strong position. Being nimble enhances our capacity to create value for our shareholders. Canadian Natural is delivering top-tier free cash flow generation, which is unique, sustainable and robust. Clearly demonstrates our ability to both grow economically the business and deliver returns to shareholders by balancing our four pillars. With that, we will now open the call to questions. Thank you. If you would like to ask a question at this time, please press star then number one on your telephone keypad. If you'd like to withdraw your question, press the pound key. First question comes from Menno Hulshof with TD Securities. Good morning, everyone. Thanks for taking my questions. I'll just start with one on your ongoing two-year solvent EOR pilot at Kirby South. I believe you have a second pilot plan for Primrose. Maybe you could just give us an update on how that's going, and what is your best guess on when you'll have the confidence to roll out that process commercially? Sure. Tim here. At Kirby South, we've got one more year in which we need to see how much of our solvent we recover to get that piece comfortable with where our recoveries would be. At Primrose, we're just initiating that pilot. Again, it's kind of a two to three-year period. Based on Kirby South, we feel very confident, obviously, to try it down at Primrose. In general, it's about a two to three-year period to get kind of a full cycle of results. Do you think you would have to complete the Primrose pilot first before you would consider a commercial rollout? For the Primrose area, absolutely. Okay. For Kirby South, to do that piece, we just need one more year. Okay. My Sorry, go ahead. Yeah. They're different processes. Obviously, Kirby South is SAGD, and then Primrose, where we're leveraging that technology, is on the steam flood area. Okay. Thanks for that, Tim. I'll follow up with a question on CCS, given all of the news flow that we've had on that front, including Exxon yesterday. Obviously, you're a dominant CCS player already, but is there any low-hanging fruit in terms of brownfield expansions on either the capture or storage side of things that could boost existing capacity over the midterm? I'm not quite sure on your question, but at Primrose, obviously, we have extra steam capacity, really, all we'd have to do is just get the okay to do more pad adds, and we can add approximately 80,000 bbl a day right at Primrose itself. Obviously, that's not in our plan today. We're taking a conservative approach here this year, waiting on some Enbridge to get Line 3 approved and on stream. We have that in our back pocket for future development. Hey, Menno. It's Mark. Was your question on CCS or CCS? Oh, sorry. CCS. I might have misspoken. Yeah, I was referring to CCS. more on the carbon capture front. Yeah. That's right. My specific question was, is there any low-hanging fruit in terms of expansions on the capture or storage side of things that could take your existing capacity up within the next, call it, three to five years? Well, we're just working through those details right now. Obviously, our advantage is having the infrastructure in place. Obviously, to do that, it's quite easily done. The biggest issue is just trying to walk through the technical changes. If you look at something like in the thermal side, if we go towards solvents, we're going to cut our GHG emissions in half. In certain areas, there is areas where you can do CO2 disposal quite cheaply without tying into the infrastructure. There's lots of options. Our teams are very focused on going through those details and coming up with the best solution to reduce our greenhouse gases. Excellent. Thanks for that, Tim and Mark. Next question comes from Phil Gresh with JPMorgan. Hey, good morning. First question. Very helpful color on the free cash flow generation potential here. Mark, I guess is the goal here for 2021 just to ratchet the debt down towards that CAD 15 billion net debt target that you've talked about in the past, is get there as quickly as you can? I guess what other considerations do you have in terms of areas of potential uses of cash, whether it's capital or buybacks? What are scenarios where you might consider other options? Thank you. Yeah, thanks, Phil. As you mentioned, we put some clarity around the free cash flow profile for 2021. As we mentioned, the dividend has been increased by the board, that's been set here at CAD 1.88 a share. We've instituted, or we've been given the direction by the board that we can buy back shares equal to the amount that is exercised from our option program. Basically, just to eliminate the dilution to shareholders. Those are kind of the two free cash flow profiles right now for shareholder return, it goes to debt repayment. You'll see, in my view, significant reductions in debt as we go forward, given that significant free cash flow profile. Right. Okay. As you having gone through the COVID environment, is CAD 15 billion still roughly the right target you're thinking about, or has anything changed in that regard, in your view? Yeah, right now we generate significant free cash flow. That CAD 15 billion was part of a free cash flow allocation profile. I think if you look at where we exited 2020, able to keep debt basically flat from 2019 levels shows that we're going to decrease that debt level likely quite quickly here, given the strip pricing. I think you will see that level get achieved very quickly. Okay. That would still be generally where your long-term target would be? That's where you're comfortable in, say, a mid-cycle or however you want to look at it in a volatile oil price environment? Phil, I think when the free cash flow allocation policy was out there, that was a target, but that was when we would revisit looking at different allocation profiles. We'll just continue here to manage the four pillars as we have in the past. Sure. Last one for me, just on the CapEx side of things. It seems pretty clear that you would prefer not to raise capital in this environment. I'm guessing inflation's probably pretty tame as well. Is there just essentially no real scenario here in 2021 where you'd think about allocating more to growth capital? Is it more of a 2022 and beyond type of event? Or just any last thoughts there? Thanks a lot. Tim here again. I think if you look at, let's say, 2020, that year started off very robust and it changed very quickly. If we look into 2021, the volatility can still be quite extreme. Obviously, there's still spare capacity at OPEC. I think we're very happy where we are today with our CapEx and we'll just look to manage our balance sheet here to the end of the year. Okay. Very clear. Thank you. Next question comes from Greg Pardy with RBC Capital Markets. Yeah, thanks. Good morning. I'm going to come back to Phil's question. Maybe just ask it in a slightly different way. When you go back to the minor downgrade from S&P, right? Which was sort of placing a greater industry risk or what have you around the oil sands business generally or energy generally, I guess. Mark, does that cause you to think differently about what the appropriate level of debt cash flow or debt to cap is? Maybe in a context of how the rating agencies are going to work with you guys versus in the past. Hey, thanks, Greg. We always monitor and look at these things over the long term. 2020, obviously an aberration in pricing given a global pandemic. We have our four pillars of capital allocation that we've always been focused on being relatively balanced. You have to also look, Greg, at the source of the cash flow. It's certainly different compared to different E&P companies because of the sustainability of that cash flow, because of the assets and reserves, as Darren went over, that underlie that free cash flow. It's much more sustainable in different pricing environments, and I think we saw that through 2020. Okay, terrific. Yep, that's it for me. Thank you. Next question comes from Manav Gupta with Credit Suisse. First of all, I want to congratulate you. I think it was only two quarters ago that many were questioning the sustainability of your dividend. You have proven that you were always right, and you knew your assets better than everybody else by raising the dividend. I wanted to congratulate you on that. Thanks, Manav. My quick question here is, I think I heard that in December you hit 490 at Oil Sands. I wanted to confirm if that was the right number. It wasn't 419, it was 490. I just want to understand, have you ever hit that level before? I think you did very well in 2Q of 2020 when you hit for a quarter about 465, but I don't think you hit 490 even back then. If you could just help us understand how you got to 490 in the month of December. Sure. That was me with my words getting lost there, but it was 490,800 bbl a day for the month of December. Obviously December 1st, the curtailment came off. We had the extra capacity at AOSP, a gross capacity of 320,000 bbl a day. As well at Horizon, they had an excellent month at around 260,000bbl a day. In both areas, you really have to look at how well our teams have done there in terms of enhancing our production. It's been small increments, but every year they've been able to find a little more capacity and lower our costs. They've really done an excellent job. They really look at what are sustainable changes that we can enhance our operating cost, increase our reliability, and enhance our production volume. Yeah, it was 490,800 bbl a day. It was a tremendous job by our team there. Congratulations. Great result. I have a quick follow-up. You always have a very informed view on apportionments, pipelines. We have had a little bit of a setback here with Keystone, but do you think Enbridge Line 3 and TMX can still make sure that this don't blow out and any comments you have on the apportionment at current times? Sure. That's very positive for the light oil side. On the heavy side, we're still seeing, I would say, elevated apportionment, 47% for March. This will change. It'll go down again as we start into our turnaround seasons. Ourselves and many others will be doing maintenance activities. I guess, on the heavy side, the interesting part, even though it's a 47% apportionment, the differentials are quite low at about CAD 11. It's a kind of an interesting phenomenon now. Obviously, we feel very comfortable that line three will progress onward, and we're going to sit here this year, work through that, and you'll see that Enbridge will get that on stream here in Q3. Thank you for taking my questions and congrats on the dividend hike. Thanks. Thanks, Manav. Once again, to ask a question, please press star one on your telephone keypad. We have a question from Neil Mehta with Goldman Sachs. Good morning, team. Congrats again on this free cash flow guidance. I guess the first question is just really around the cash flow number. The CAD 10.3 billion-CAD 10.8 billion is predicated on $57 WTI. Obviously, post-OPEC today, we are significantly above that. The question is sort of the assumptions that go into that CAD 10.3 billion-CAD 10.8 billion. What are you assuming for crude differentials? Then can you remind us what you're using for FX as well as what the sensitivity is to every dollar change in WTI? Hey, Neil, it's Mark. Thanks for the update. Just so everybody knows, in the advisory at the back of the press release, you will find these numbers as far as the forecasts that went into those numbers. The WCS discount was $11.77 per barrel. AECO was at CAD 2.88 at GJ, and FX about CAD 1.27. Those were all just strip prices at the time that we ran the forecast. The sensitivity to every Canadian dollar change? The sensitivity to every dollar change obviously changes as the cash flow goes up, because you generate more U.S. dollar revenue. At budget time, it was probably in the neighborhood of CAD 82 million. It's probably above CAD 100 million-CAD 125 million now at a CAD 0.01 change. Sorry, that's cash flow after tax for a yearly average. I'm sorry, that's for FX, right? For every dollar change in WTI? Every $1 change in WTI is about CAD 330 million cash flow after tax. Okay, that's perfect. Just the follow-up is your thoughts around M&A. You've been opportunistic or able to tuck in Painted Pony last year. What do you think the market environment is for bolt-on acquisitions in Canada? Do you view this as a time that you really want to just organically de-lever and return capital to shareholders with the strong recovery in valuations and the commodity pricing? Well, I think our real key focus is de-lever, work on our operations here. You never can say never. We've always been opportunistic in our acquisitions, and we look at a lot of opportunities that we have synergies that we feel we can add a lot of value for our shareholders. To me, today we're looking to de-lever very quickly. We always look in terms of opportunistic opportunities. Thanks, guys. Thanks, Neil. Our last question comes from William Lacey with ATB Capital Markets. ust a real quick question, and I apologize if you've got this outlined somewhere. Just your thoughts on taxes other than the fact that you hate them and on royalties, especially in terms of sort of post-payout timing for projects. Do you have any insights on that? Sure, William. It's Mark. I'll leave some of the detail maybe to IR to go through with you after. If you look at cash taxes, when we ran the budget for 2021, December when we had our budget press release, we were running at CAD 45 WTI. Just to give you some perspective, at that time, cash taxes were in the CAD 250 million-CAD 300 million range. I would suggest that strip here in the USD 57 WTI range, we'd be north of CAD 1 billion. Again, I'll let you take that off with IR and kind of go through the detailed modeling on it. Same goes for royalties. You're right, we have oil sands royalty projects that of course have a royalty regime that has a pre and post payout. As we generate more cash flow from those properties, we can get into payout. another thing that I'll let IR take off with you. All right, thanks. At this time, I will turn the call over to Mr. Bieber. Thank you, operator, and thank you everyone for attending this conference call this morning. Canadian Natural's large, well-diverse asset base continues to drive significant shareholder value, even through years as turbulent as 2020. The ability of our teams to deliver effective and efficient operations with top-tier performance is contributing to proven resilience as well as substantial and sustainable free cash flow. This, together with effective capital allocation, contributes to achieving our goal of maximizing shareholder value. If you do have any further questions, please don't hesitate to give us a shout. Thank you and goodbye. This concludes today's conference call. You may now disconnect.