Newspaper article The Canadian Press

Canadian Natural Resources Plans to Increase Capital Spending in 2013 to $6.9B

Newspaper article The Canadian Press

Canadian Natural Resources Plans to Increase Capital Spending in 2013 to $6.9B

Article excerpt

Canadian Natural to increase capital spending

--

CALGARY - Canadian Natural Resources Ltd. is increasing it 2013 capital spending by nearly eight per cent compared to this year as it eyes more oil and natural gas liquids growth.

The Calgary-based oil and gas producer (TSX:CNQ) has set a budget of $6.9 billion for next year, a nearly $500 million increase over what it expects to spend in 2012.

"Our 2013 budget reflects the strength and breadth of our assets," said president and chief operating officer Steve Laut in a release.

"Our capital program is balanced in allocation to near term growth and longer term growth that will support and drive sustainable free cash flow in 2013 and beyond."

Canadian Natural is calling for 482,000 to 513,000 barrels per day of crude oil and natural gas liquids output in 2013, a nine per cent increase from the midpoint of its 2012 expectations.

Production of dry natural gas, which has been fetching low prices lately, is expected to drop nine per cent as Canadian Natural continues to invest in higher-return oil and NGL projects.

"When gas prices strengthen, Canadian Natural is in great shape," Laut told analysts on a conference call to discuss the company's 2013 plans.

The company is the second-largest natural gas producer in Canada, has a vast land base and controls much of the infrastructure near its assets.

Canadian Natural forecasts total 2013 production of 663,000 to 704,000 barrels per day, a three-per cent midpoint increase from this year's guidance.

The biggest increase in the company's capital budget is at its Horizon oilsands mining project, which will see its spending rise to $2. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.