CNRL Raising 2020 Budget by $250M, Production Expected To Increase

Canadian Natural Resources is increasing their 2020 budget by $250 million.

The oil company announced last week they’re increasing their capital spending after the province announced new conventional oil wells won’t be restricted by production limits.

“In 2020, our commitment to maintain a strong financial position is supported by a disciplined capital program, ample liquidity, and effective and efficient operations,” said Mark Stainthorpe, Canadian Natural’s Chief Financial Officer, in a release.

“Our financial strength gives us the flexibility to deliver on our plan and continue to drive long-term shareholder value.”

Their overall budget for 2020 is being set at $4.05 billion.

Meanwhile, CNRL is also anticipating a modest growth in production for next year.

They’re projecting to produce between 910,000 – 970,000 barrels per day. This represents a nine per cent increase from their 2019 forecast.

CNRL says they expect to ramp up operations at their Kirby and Jackfish sites, both in Wood Buffalo, next year as well.

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