Canadian Natural Resources Sets $4.2 Billion Budget For 2025, Targets 12% Production Growth
Published by Todd Bush on January 10, 2025
Canadian Natural Resources has set its 2025 budget, expecting an operating capital budget of about C$6 billion (~$4.2 billion).This includes funding for several acquisitions slated for closure in the first quarter of 2025, pending regulatory approvals. This budget aims to support both production growth in 2025 and long-term capacity expansion.
>> In Other News: Susteon Inc. Tackles Complexities of Direct Air Capture Development With NETL Support
Additionally, the company has approved C$135 million in capital, including C$90 million for carbon capture projects and C$45 million for a one-time office relocation. The company targets annual production of 1,510 MBOE/d and 1,555 MBOE/d, representing a 12% growth over 2024 levels.
This strong corporate growth comprises the previously disclosed strategic acquisition of the AOSP and Duvernay assets completed in 2024.
Canadian Natural Resources projects its production mix for 2025 to be about 47% light crude oil, NGLs, and Synthetic Crude Oil, 26% heavy crude oil, and 27% natural gas, based on the mid-point of its corporate production guidance.
Canadian Natural Resources expects growth to deliver production per share growth of 12% to 16%, based upon recent strip pricing.
Canadian Natural Resources sees natural gas production of 2,425 MMcf/d to 2,480 MMcf/d in 2025, reflecting growth of 14% compared to 2024 levels, based on the mid-point of the forecasted range.
Last month, Canadian Natural Resources finalized the acquisition of Chevron Canada‘s Alberta assets, which include a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in Duvernay’s light crude oil and liquids-rich assets.The acquisition is expected to add approximately 122,500 BOE/d to production in 2025, with 62,500 bbl/d of Synthetic Crude Oil from AOSP and 60,000 BOE/d from Duvernay, which includes natural gas and liquids.
Price Action: CNQ shares closed lower by 0.21% at $32.63 on Wednesday.
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Companies
Latest issues
-
The New Driver of Decarbonization Nobody Expected
Inside This Issue 🌍 Energy Security Now Drives Decarbonization Faster Than Climate Policy 🐄 Utility Global and Maas Energy Works Announce Agreement to Develop Dairy Digester-to-Hydrogen Mobility P...
-
DOE Floats New Cuts To Hundreds Of Clean Energy Grants
Inside This Issue ⚡ DOE Floats New Cuts To Hundreds Of Clean Energy Grants ⛏️ HyTerra Limited Announces Positive Results From McCoy 1 Well 🍁 As Policy Changed, CarbonCapture Moved Its Pilot Projec...
-
From Louisiana to Europe: Certified Low-Carbon Ammonia on the Move
Inside This Issue 🚢 CF Industries, Trafigura, and Envalior Announce Shipment of Certified Low-Carbon Ammonia 🥤 Skytree Validates DAC System to Generate Pure, Beverage-Grade Liquid CO₂ On-Site 💻 Su...
Company Announcements
-
Drax, the renewable energy business, is partnering with NGIS, a global leader in Geospatial technology, to model and monitor the carbon stocks of the US and Canadian forests that Drax sources its s...
-
Brings world class validation, technical scientific research and development expertise to establish Canada’s first deep subsurface Natural Hydrogen program. Strategic technical collaboration with ...
-
Facility will bring an estimated $500 million investment to the region WINNIPEG, MB, Oct. 9, 2025 /PRNewswire/ -- Deep Sky, the world's first tech-agnostic carbon removal project developer, has se...
-
Policy Reversals In The US Will Only Have A Marginal Impact On The Global Energy Transition – Report
08 October 2025, Høvik, Norway – The global shift towards cleaner energy remains robust even though the pace of the energy transition in the United States has slowed sharply due to recent policy re...