A Canadian Natural Resources Ltd. logo is shown at the company’s annual meeting in Calgary, Thursday, May 3, 2012. THE CANADIAN PRESS/Jeff McIntosh

A Canadian Natural Resources Ltd. logo is shown at the company’s annual meeting in Calgary, Thursday, May 3, 2012. THE CANADIAN PRESS/Jeff McIntosh

Canadian Natural Resources boosts capex budget to $4.3 billion for 2022

Plan includes $3.6 billion in base capital spending

CALGARY — 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.

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

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.

This report by The Canadian Press was first published Jan. 11, 2022.

oil and gas