Canadian Natural outlines C$6.3B budget for 2026, targets 3% production growth

Canadian Natural Resources (CNQ) said Tuesday it anticipates a FY 2026 operating capital budget of ~C$6.3 billion (US$.58 billion), with production targeted in the 1.59 million-1.65 million boe/day range, resulting in production growth of ~50,000 boe/day, or 3%, over forecast 2025 levels.

Canadian Natural's (CNQ) 2025 capital forecast was ~C$5.9 billion with production guidance of 1.56 million-1.58 million boe/day, after delivering record average production of more than 1.36 million boe/day in 2024.

The company said its 2026 production mix is targeted to consist of ~49% light crude oil, natural gas liquids and synthetic crude oil, 25% heavy crude oil and 26% natural gas, based on the midpoint of its guidance range.

Included in the 2026 budget is C$175 million of front-end engineering and design capital related to potential medium- and long-term opportunities, including two thermal in situ opportunities, Jackfish Brownfield expansion and Pike 2 expansion, and the long-term Jackpine mine expansion opportunity at the Albian mines; the company also is targeting C$125 million of capital related to carbon capture projects.

Canadian Natural (CNQ) also said it aiming for 448 net wells next year across its crude oil and natural gas assets, including 252 heavy crude wells at its primary heavy crude oil, Pelican Lake and Driftwood areas.