Canadian Natural Resources Sets $4.2 Billion Budget For 2025, Targets 12% Production Growth

Canadian Natural Resources CNQ has set its 2025 budget, expecting an operating capital budget of about C$6 billion (~$4.2 billion).

This includes funding for several acquisitions slated for closure in the first quarter of 2025, pending regulatory approvals.

This budget aims to support both production growth in 2025 and long-term capacity expansion.

Additionally, the company has approved C$135 million in capital, including C$90 million for carbon capture projects and C$45 million for a one-time office relocation.

The company targets annual production of 1,510 MBOE/d and 1,555 MBOE/d, representing a 12% growth over 2024 levels.

This strong corporate growth comprises the previously disclosed strategic acquisition of the AOSP and Duvernay assets completed in 2024.

Canadian Naturals projects its production mix for 2025 to be about 47% light crude oil, NGLs, and Synthetic Crude Oil, 26% heavy crude oil, and 27% natural gas, based on the mid-point of its corporate production guidance.

Canadian Natural Resources expects growth to deliver production per share growth of 12% to 16%, based upon recent strip pricing.

Canadian Natural Resources sees natural gas production of 2,425 MMcf/d to 2,480 MMcf/d in 2025, reflecting growth of 14% compared to 2024 levels, based on the mid-point of the forecasted range.

Last month, Canadian Natural Resources finalized the acquisition of Chevron Canada‘s Alberta assets, which include a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in Duvernay’s light crude oil and liquids-rich assets.

The acquisition is expected to add approximately 122,500 BOE/d to production in 2025, with 62,500 bbl/d of Synthetic Crude Oil from AOSP and 60,000 BOE/d from Duvernay, which includes natural gas and liquids.

Price Action: CNQ shares closed lower by 0.21% at $32.63 on Wednesday.

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