- Canadian Natural Resources (CNQ) has released its budget for the upcoming 2022 fiscal year
- The company’s 2022 base capital is targeted at approximately $3.6 billion, with strategic growth capital of $700 million targeted for 2022
- This capital growth will build on production capacity in the company’s oil sands mining and upgrading assets
- By 2025, the company expects that its capital investments will have significantly increased production across its assets
- Canadian Natural Resources is one of the largest oil and natural gas producers in western Canada
- Shares in Canadian Natural Resources Limited (CNQ) are up 0.54 per cent, trading at $59.97 per share
Canadian Natural Resources (CNQ) has released its budget for the upcoming 2022 fiscal year.
The 2022 budget includes mid-and long-term strategic growth capital of approximately $700 million, stated the company.
This capital growth aims to build on production capacity in the company’s oil sands mining and upgrading assets.
By 2023, reduced turnaround times from strategic growth are expected to increase the capacity of zero decline, high-value production by approximately 5,000 bbl/d of SCO, increasing to approximately 14,000 bbl/d of SCO in 2025.
“Our 2022 budget is targeting base capital of approximately $3.6 billion that delivers targeted production of approximately 1,270,000 BOE/d to 1,320,000 BOE/d, with disciplined year over year near-term growth of approximately 60,000 BOE/d derived primarily from production growth in our conventional E&P operations,” said Canadian Natural president Tim McKay.
With the strategic growth capital of $700 million this year, Canadian Natural expects that thermal in situ production will add approximately 22,000 bbl/d by 2024, increasing to approximately 49,000 bbl/d by 2025.
Liquids production, including synthetic crude oil, is targeted to range from 940,000 bbl/d to 982,000 bbl/d, while conventional E&P liquids production is targeted between 250,000 bbl/d and 267,000 bbl/d.
Natural gas production is targeted between 1,980 MMcf/d to 2,030 MMcf/d, representing a significant growth of approximately 18 per cent from targeted 2021 levels.
“Our key advantages are our committed and dedicated work teams and our large, high quality asset base,” said Mr. McKay.
“Our assets have low maintenance capital requirements,” he added, “and combined with our strong operating teams and our effective and efficient operations, we drive industry leading free cash flow, making Canadian Natural unique, robust and sustainable.”
Canadian Natural Resources is one of the largest oil and natural gas producers in western Canada.
Shares in Canadian Natural Resources Limited (CNQ) are up 0.54 per cent, trading at $59.97 per share as of 11:14 am EST.