Canadian Natural sees 2026 production range 1,615-1,665 MBOE/d

Canadian Natural sees 2026 production range 1,615-1,665 MBOE/d

Canadian Natural Resources Limited has outlined a 2026 operating capital budget of approximately C$6.3 billion ($4.58 billion) to support production growth, targeting annual average output of 1.59 million to 1.65 million barrels of oil equivalent per day (MBOE/d). This represents a modest increase from its 2025 capital forecast of C$5.9 billion and production guidance of 1.56 million to 1.58 million MBOE/d. The 2026 production mix is expected to include 49% light crude oil, natural gas liquids, and synthetic crude oil; 25% heavy crude oil; and 26% natural gas, based on the midpoint of guidance.

The budget includes C$175 million allocated to front-end engineering and design for medium- and long-term projects, such as thermal in situ expansions, and C$125 million dedicated to carbon-capture initiatives. The company plans to drill 448 net wells in 2026, including 252 heavy crude oil wells, as part of its strategy to optimize production efficiency and returns on capital employed.

Chief Financial Officer Victor Darel emphasized the company's focus on maintaining strong balance sheet health while delivering shareholder returns, noting resilience in low-commodity-price environments and scalability in higher-price scenarios. The 2026 guidance reflects a 3% production increase over 2025 levels, with liquids production projected to grow by 5%.

The company's 2026 budget excludes approximately C$993 million in abandonment expenditures related to reclamation programs. With a diversified asset base spanning North America, the U.K. North Sea, and offshore Africa, Canadian Natural aims to balance short-term growth with long-term value creation.