CNRL Cutting 2018 Budget, Expecting Increase in Production

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CNRL Cutting 2018 Budget, Expecting Increase in Production

Canadian Natural Resources Limited is cutting next year’s budget despite an expected increase in production.

On Tuesday, the oil giant announced their 2018 budget, which is being targeted at $4.3 billion, which is $500 million less than 2017.

CNRL notes overall production will be between 1,090,000 and 1,170,000 BOE/d.

This production would be 17 per cent more than 2017.

As for crude oil, there anticipating a 23 per cent increase in production ranging from 815,000 bbl/d to 885,000 bbl/d. This is up roughly 160,000 bbl/d from this year.

CNRL says this is largely due to the completion of the Phase 3 expansion at Horizon Oilsands Mining & Upgrading, announced in their third quarter report.

“Canadian Natural’s transition to a long life low decline asset base is complete, as the Horizon Phase 3 expansion has been successfully executed,” said Steve Laut, President, in a release.

The company is also expecting to have around $7.9 billion to $8.3 billion in funds from their operations. They’re also looking at approximately $2.3 billion to $2.7 billion of free cash flow.

Targeted maintenance is also being budgeted for $3 million.
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