Canadian Natural Resources expects to increase capital spending by 2022 | The Canadian News

Canadian Natural Resources Ltd. 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.

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Production in 2021 was estimated at 1,235,000 boepd.

Canadian Natural Chairman Tim McKay said this year’s production is targeted to consist of about 46% light and synthetic crude, 28% heavy crude and 26% natural gas, at the midpoint of the production range.

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

© 2022 The Canadian Press

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