Business
Canadian Natural Resources Limited Announces 2025 Budget
Calgary, Alberta--(Newsfile Corp. - January 9, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) ...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2025 BudgetCalgary, Alberta--(Newsfile Corp. - January 9, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's 2025 budget \"Our high quality, diversified asset base combined with our flexible capital allocation strategy is a significant competitive advantage. Our disciplined and focused approach allocates capital and optimizes the product mix based on the highest return projects, maximizing value for our shareholders.Our 2025 operating capital budget of approximately $6 billion targets to deliver value growth and strong returns on capital. Annual average production in 2025 is targeted to be between 1,510 MBOE/d and 1,555 MBOE/d, resulting in production growth of approximately 170 MBOE/‌d or 12% over 2024 levels based on the mid-point of corporate guidance. This significant corporate growth includes the previously disclosed strategic acquisition of the AOSP and Duvernay assets completed in 2024. With our current shareholder returns framework, this growth is targeted to deliver production per share growth of 12% to 16%, based upon recent strip pricing.Our diversified production mix remains balanced and is targeted to consist of approximately 47% light crude oil, NGLs and Synthetic Crude Oil (\"SCO\"), 26% heavy crude oil and 27% natural gas, based on the mid-point of our corporate production guidance range.\"Canadian Natural's Chief Financial Officer, Mark Stainthorpe, continued \"Our commitment to shareholder returns and a strong financial position is supported by our effective and efficient operations which drive significant free cash flow generation. Our financial strength gives us the flexibility to deliver on our plan and continue to drive long-term shareholder value.In 2024, we delivered significant returns to shareholders through share repurchases and two dividend increases, with the most recent quarterly dividend increase to $0.5625 per common share announced in October 2024. Canadian Natural has increased its dividend for 25 consecutive years with a compound annual growth rate (\"CAGR\") of 21% over that time frame.With our disciplined 2025 capital budget, low maintenance capital requirements and a long life low decline asset base, we target to generate strong returns on capital and continue to deliver returns to our shar...