CNRL boosts 2022 capex budget

Source: CNRL

Canadian Natural Resources Limited says it expects about $4.3 billion in capital spending this year, up from nearly $3.5 billion in 2021.

The company says its plan includes $3.6 billion in base capital spending and $700 million in strategic growth spending.

Production for 2022 is expected to be between 1,270,000 and 1,320,000 barrels of oil equivalent per day.

Production in 2021 was estimated at 1,235,000 boe/d.

Canadian Natural president Tim McKay said production this year is targeted to consist of about 46 per cent light and synthetic crude oil, 28 per cent heavy crude oil and 26 per cent natural gas, at the midpoint of the production range.

Canadian Natural has operations in Western Canada, the North Sea and offshore Africa.

© 2022 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.