Canadian Natural Resources Limited (CNRL) has announced its 2025 budget, outlining a disciplined and targeted operating capital budget of approximately $6 billion. This budget reflects the company's strategic priorities, focusing on maintaining a large, diverse portfolio of high-quality assets and driving long-term shareholder value. The budget includes capital related to acquisitions, with closings targeted in Q1/25, subject to regulatory approvals and other customary closing conditions. Additionally, the company has approved approximately $135 million of capital, consisting of $90 million related to carbon capture and $45 million related to a one-time office move.

CNRL's 2025 budget targets a level-loaded drilling program throughout the year, maintaining flexibility to manage effective capital allocation. The company is progressing with its highly capital-efficient drill to fill development strategy across its Conventional E&P assets, targeting to drill 361 net wells across its extensive crude oil and liquids-rich natural gas assets. This includes 97 net light crude oil wells, primarily in the Montney, Dunvegan, and Mannville, as well as 82 net liquids-rich natural gas wells, primarily in the recently acquired Duvernay assets and in its Montney assets. The company is also targeting to drill 174 heavy crude oil wells, of which 156 are multilateral wells primarily in the Mannville.

CNRL is continuing with its highly capital-efficient thermal in situ drilling program, including the following:
- At Kirby, the company is targeting to drill a Steam Assisted Gravity Drainage (SAGD) pad in Q1/25 and a second SAGD pad in Q4/25, which are targeted to come on production in Q4/25 and Q4/26 respectively.
- At Pike, the company is targeting to drill two SAGD pads in the first half of 2025, which will be tied into the existing Jackfish SAGD facility.

CNRL's 2025 budget also includes capital related to the acquisition of Chevron Canada Limited's Alberta assets, which include a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in light crude oil and liquids-rich Duvernay assets. The acquisition of these assets is expected to contribute approximately 122,500 barrels of oil equivalent per day (BOE/d) to CNRL's 2025 production, including 62,500 barrels per day (bbl/d) of long-life, no-decline Synthetic Crude Oil (SCO) from AOSP and approximately 60,000 BOE/d from the Duvernay, comprising 179 million cubic feet per day (MMcf/d) of natural gas and 30,000 bbl/d of liquids.

CNRL's 2025 budget allocation reflects its strategic priorities by focusing on maintaining a large, diverse portfolio of high-quality assets, supported by long-life, low-decline production. The company's disciplined and targeted operating capital budget aims to deliver value growth and strong returns on capital. The budget includes capital related to acquisitions, with closings targeted in Q1/25, subject to regulatory approvals and other customary closing conditions. The company is targeting production growth in 2025, as well as mid to long-term production and capacity growth. Additionally, the company has approved approximately $135 million of capital, consisting of $90 million related to carbon capture and $45 million related to a one-time office move. This allocation demonstrates CNRL's commitment to effective and efficient operations, driving high return on capital projects, and delivering industry-leading free cash flow, which will strengthen the balance sheet and be returned to shareholders.



In conclusion, CNRL's 2025 budget allocation reflects its strategic priorities, focusing on maintaining a large, diverse portfolio of high-quality assets and driving long-term shareholder value. The budget includes capital related to acquisitions, with closings targeted in Q1/25, subject to regulatory approvals and other customary closing conditions. The company is targeting production growth in 2025, as well as mid to long-term production and capacity growth. Additionally, the company has approved approximately $135 million of capital, consisting of $90 million related to carbon capture and $45 million related to a one-time office move. This allocation demonstrates CNRL's commitment to effective and efficient operations, driving high return on capital projects, and delivering industry-leading free cash flow, which will strengthen the balance sheet and be returned to shareholders.