Business
Canadian Natural Resources Limited Announces 2022 Budget
Calgary, Alberta--(Newsfile Corp. - January 11, 2022) - Canadian Natural's (TSX: CNQ) (NYSE: C...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2022 BudgetCalgary, Alberta--(Newsfile Corp. - January 11, 2022) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented \"Our key advantages are our committed and dedicated work teams and our large, high quality asset base including long life low decline assets which provides us optionality and flexibility to allocate capital to our highest return projects. In 2022 our diversified production mix is targeted to consist of approximately 46% light and synthetic crude oil, 28% heavy crude oil and 26% natural gas, at the mid-point of our targeted production range. Our assets have low maintenance capital requirements, and combined with our strong operating teams and our effective and efficient operations, we drive industry leading free cash flow, making Canadian Natural unique, robust and sustainable. Our 2022 budget is targeting base capital of approximately $3.6 billion that delivers targeted production of approximately 1,270,000 BOE/d to 1,320,000 BOE/d, with disciplined year over year near-term growth of approximately 60,000 BOE/d derived primarily from production growth in our conventional E&P operations. Also in 2022, strategic growth capital of approximately $0.7 billion will be allocated to our long life low decline assets which targets to add incremental annual production in 2023 and beyond, resulting in approximate total increases in production of 63,000 bbl/d by 2025. Safe, reliable, low cost operations continue to be a focus for the Company, as we maximize value for our shareholders in 2022 and beyond.\"Canadian Natural's Chief Financial Officer, Mark Stainthorpe, continued \"In 2021 the Company executed on a disciplined capital program and delivered robust free cash flow resulting in significant debt reduction of approximately $7.3 billion, with year end 2021 net debt levels of approximately $14 billion. We also continued to deliver value to our shareholders in 2021 through approximately $1.6 billion in share repurchases and our two quarterly dividend increases for a combined 38%, which marked the 22nd consecutive year of dividend increases. Beyond our base capital budget of approximately $3.6 billion, Canadian Natural is targeting incremental strategic growth capital expenditures of approximately $0.7 billion in 2022, all in Alberta, as a result of the...