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Canadian Natural Resources plans $5.2 billion in capital spending in 2023

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

CALGARY — Canadian Natural Resources Ltd. says it expects to spend $5.2 billion on its capital budget next year as it looks to grow production.

The company says the plan includes about $4.2 billion in base capital spending and $1.0 billion in strategic growth capital.

In its guidance, the company says it expects production between 1,330,000 and 1,374,000 barrels of oil equivalent per day in 2023.

The target implies an increase of four per cent over targeted 2022 levels, based on the midpoint of the range.

Canadian Natural says its 2023 targeted production mix consists of about 44 per cent high value light and synthetic crude oil, 29 per cent bitumen and heavy crude oil and 27 per cent natural gas, based on the midpoint of its guidance range.

The company also set a new target for a 40 per cent reduction in total corporate absolute Scope 1 and Scope 2 greenhouse gas emissions by 2035, from a 2020 baseline.

This report by The Canadian Press was first published Nov. 30, 2022.

Companies in this story: (TSX:CNQ)

The Canadian Press