CALGARY – Canadian Natural Resources Ltd., one of the leading companies in the oil and gas sector, has revised its production forecast upwards for the year following its complete acquisition of a significant oilsands mine. This transition was made possible through an asset-swap arrangement with Shell Canada Ltd., a deal that was disclosed in January.
The agreement involved Canadian Natural exchanging 10 percent of its working interest in the Scotford Upgrader and the Quest Carbon Capture project in return for Shell’s remaining 10 percent interest in the Albian mine, located north of Fort McMurray, Alberta. With the conclusion of this transaction, Canadian Natural anticipates a substantial increase in its production capabilities.
With the newly acquired assets, Canadian Natural is now projecting an output of approximately 1.56 million to 1.58 million barrels of oil equivalent per day for the year 2025. This enhancement in production translates to a growth rate of around 15 percent compared to the anticipated production levels for 2024.
The company maintained its operating budget for 2025 at approximately $5.9 billion, which reflects its strategic approach to capital management. Scott Stauth, the president of Canadian Natural, highlighted the company’s achievements in execution and capital discipline, noting that the firm has successfully maintained targeted capital levels even as its asset base expanded following strategic acquisitions throughout the year.
As part of its ongoing plans, Canadian Natural is set to report its third-quarter financial results on Thursday, which will provide further insights into the company’s performance and operational effectiveness.
This article underscores the Fort McMurray area as a significant hub for oil sands extraction in Canada, reflecting the broader trends in the energy sector and the strategic maneuvers taken by companies like Canadian Natural to enhance their market position and production capabilities.
Companies in this story: (TSX:CNQ)
For further information: Lauren Krugel, The Canadian Press
