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Canadian Natural Resources Lowers Spending, Updates Guidance
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Canadian Natural Resources Limited has announced that it will exercise previously discussed capital flexibility in its 2015 budget, as a result of changes in commodity prices since its original 2015 budget was released in November 2014.
The original 2015 budget targeted $8.6 billion in capital expenditures resulting in a targeted 11% production growth from the midpoint of 2014 production guidance levels. The Company will utilize readily available capital flexibility of $2.4 billion resulting in a reduced targeted capital budget for 2015 of approximately $6.2 billion resulting in a targeted 7% production growth from the midpoint of 2014 production guidance levels. The capital reductions primarily relate to reduced drilling activity and related facility capital for North America and…- ✓ Full news archive — U.S., Canada & international coverage
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