Capital Markets | Capital Expenditure | Capital Expenditure - 2021
CNRL Ups Budget for 2021; Increases Onshore, Unconventional Spending 36%
Print
|
Canadian Natural Resources Ltd. (CNRL) has reported its 2021 capital budget.
Highlights:2021 Capex: $3.205 billion
Conventional / Unconventional Assets: $1.345 billion Long Life Low Decline Assets: $1.860 billion2021 Production: 1,190,000 BOE/d and 1,260,000 BOE/d, an increase of approximately 5% from 2020 forecasted levels
Product Mix: 48% oil and NGLs, approximately 30% heavy crude oil and approximately 22% natural gas Liquids Production: Targeted to grow ~4% from targeted 2020 levels, ranging from 920,000 bbl/d to 980,000 bbl/d Gas Production: Targeted between 1,620 MMcf/d to 1,680 MMcf/d, representing growth of ~11% from targeted 2020 levelsCanadian Natural’s President, Tim McKay, commented “Canadian Natural is a unique, sustainable and robust company, proven by its…
- ✓ Full news archive — U.S., Canada & international coverage
- ✓ A&D transactions — asset deals, corporate M&A, assets for sale
- ✓ Permits & completions data, plus 900,000+ slides & presentations
More Capital Expenditure - 2021 News
Pine Cliff Energy Ups Spending, Production Plans by 10% for 2022
Pine Cliff Energy Ltd. reported its 2022 capital plan, 2021 year-end reserves and an operations update. 2022 Guidance - Capex: $25.5 million - up 10% vs. 2021 $9.6…
Whitecap Resources Unveils 2022 Budget; Up 12% vs. 2021
Whitecap Resources Inc. has unveiled its 2022 budget, an accelerated fourth quarter 2021 capital program and 38% increase to its dividend. The company plans to spend 12% more…
Southwestern Closes Acquisition of Indigo Natural Resources; Ups Capex
Southwestern Energy Co. has closed the $2.7B acquisition of Indigo Natural Resources. The acquisition adds 149,000 net acres and 1,000 drilling locations in the Haynesville to Southwestern's portfolio.…
Altura Energy First Quarter 2021 Results
Altura Energy Inc. reported its Q1 2021 results. First Quarter Review In the quarter, Altura completed its 102/16-14-049-26W4 Rex horizontal well (“16-14”) (89% working interest) that was drilled…
Razor Energy Corp. First Quarter 2021 Results
Razor Energy Corp. reported its Q1 2021 results. Q1 2021 Highlights: Financing: The Company renewed the Amended Term Facility with AIMCo (the “AIMCo Term Loan”) on February 16,…
Canada News
Western Canada Upstream M&A: Q1 2026 Transaction Report
Western Canadian M&A activity in Q1 2026 was characterized by a 87% decrease in total deal value compared to Q1 2025, totaling $0.8 billion C$. However, transaction volume…
Canadan E&P 2026 Program Calls for 448 Net Wells, Up 24% vs. 2025 Plan
Canadian Natural Resources outlined a 2026 operating capital budget of approximately $6.3 billion (total capital budget $6,425 million, including $125 million for carbon capture) targeting 1,590–1,650 MBOE/d of…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
Whitecap Details 2026 Duvernay & Montney Program
Whitecap Resources reported strong third quarter 2025 operating and financial results, marking its first full quarter following the strategic combination with Veren that closed on May 12, 2025.…
ARC Resources: Lower 2026 Capex, Higher Volumes
ARC Resources used its third quarter update to reinforce a familiar message to Canadian E&P executives: disciplined capital, structurally better market access, and a growing shareholder return program…
North America News
Baytex 2026 Development Plans
Baytex’s 2026 development plan reflects a post–Eagle Ford sale capital program and a sharpened focus on its core Canadian assets. The Company approved 2026 exploration and development expenditures…
Tourmaline: 2026 Capital Program Locked In at $2.9B
Tourmaline’s 2026 exploration and production (EP) program is set at $2.9 billion and targets average production of 690,000–710,000 boepd, with the company maintaining the multi-year EP Plan released…
Cenovus Outlines 2026 Development Plan Following MEG Integration
Cenovus’ 2026 plan targets capital investment of $5.0 billion to $5.3 billion (including ~$350 million of capitalized turnaround costs) and upstream production of 945,000 BOE/d to 985,000 BOE/d,…
Gran Tierra Energy To Step Down Activity in 2026
Gran Tierra Energy’s 2026 development plan reflects a step-down in spending and activity as the company transitions from fulfilling Ecuador exploration commitments in 2025 toward a free-cash-flow-focused program.…
Advantage Plans $300–$330MM 2026 Capital Program
Advantage’s 2026 development plan centers on Glacier-focused drilling and key midstream work. The company plans total capital spending of $300 million to $330 million and expects production to…