Top Story | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capex - 2026
Canadan E&P 2026 Program Calls for 448 Net Wells, Up 24% vs. 2025 Plan
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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 annual average production (~74% liquids) and ~3% growth versus forecast 2025 levels. The plan includes ~$175 million of FEED spending tied to potential longer-dated expansions (Jackfish Brownfield, Pike 2 and Jackpine mine expansion).
Operationally, the 2026 program targets 448 net wells across Conventional E&P (light oil, liquids-rich gas and heavy oil) plus thermal activity at Primrose and Kirby. Near-term infrastructure items include the first Primrose CSS pad coming on in Q3/26, a Horizon NRUTT project targeting Q3/27 incremental SCO production (~6,300 bbl/d), and a planned 35-d…
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