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CNRL Cutting Spending 21% for 2019; Massive Cuts to Drilling Program
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Canadian Natural Resources Ltd. has IDed its 2019 capital budget and development plan.
The company has cut down on drilling plans substantially compared to 2018 and has cut its budget accordingly - noting that it can increase spending should commodity prices increase.
2019 Spending - Down -21% from 2018 Due to Oil Prices- 2019 Capex: $3.7 billion (this is approximately $1.0 billion (-21%) less than the 2018)
The company did note that if pricing differentials improve, it plans to add up to $700 million to the 2019 budget) for a total of $4.4 billion Approximately $3.1 billion of sustaining capital to keep production flat Approximately $600 million towards long-term growth projects- ✓ Full news archive — U.S., Canada & international coverage
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