Canadian Natural Resources expects to increase capital spending for 2022

Canadian Natural Resources Ltd. says it expects about $4.3 billion in capital spending this year, up from nearly $3.5 billion in 2021.

The company says its plan includes $3.6 billion in base capital spending and $700 million in strategic growth spending.

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Production for 2022 is expected to be between 1,270,000 and 1,320,000 barrels of oil equivalent per day.

READ MORE: CNRL to acquire Storm Resources for $6.28 per share

Production in 2021 was estimated at 1,235,000 boepd.

Canadian Natural president Tim McKay said production this year is targeted to consist of about 46 per cent light and synthetic crude oil, 28 per cent heavy crude oil and 26 per cent natural gas, at the midpoint of the production range.

Canadian Natural has operations in Western Canada, the North Sea and offshore Africa.