Canadian Natural’s President, Scott Stauth, commented on the Company's 2026 budget, 'Our 2026 budget is anchored around our unparalleled assets, execution, and resilience, which positions Canadian Natural as one of the most reliable and value-driven independents in our industry.
Our low cost, long life low decline asset base allows Canadian Natural to maintain a strong balance sheet through commodity price cycles while providing significant and sustainable returns to our shareholders. Our assets are diverse and balanced, providing stability while maintaining the flexibility to grow significantly when and if it makes sense to do so. In addition to short-term production growth in 2026, we will be commencing front-end engineering work in 2026 to provide the Company with the opportunity to execute on medium and long-term value growth opportunities which maximize shareholder value.
Our 2026 operating capital budget of approximately $6.3 billion targets to deliver value growth and strong returns on capital. Annual average production in 2026 is targeted to be between 1,590 MBOE/d and 1,650 MBOE/d, of which 74% is liquids production and results in production growth at the mid-point of such range of approximately 50,000 BOE/d or 3% over forecast 2025 levels.
Our diversified production mix remains balanced and is targeted to consist of approximately 49% light crude oil, NGLs and Synthetic Crude Oil ("SCO"), 25% heavy crude oil and 26% natural gas, based on the mid-point of our corporate production guidance range.'
Canadian Natural’s Chief Financial Officer, Victor Darel, continued 'Canadian Natural's resilience is as a result of our strong balance sheet and our disciplined and consistent capital allocation strategy. In 2026, we remain focused on strong returns on capital employed and returns to shareholders, while we continue to strengthen the balance sheet. Our financial strength gives us the flexibility to deliver on our plan and continue to drive long-term shareholder value, as we are resilient in lower commodity price environments while having significant torque to higher commodity prices.
With our disciplined 2026 operating capital budget, low maintenance capital requirements and a long life low decline asset base, we target to generate significant free cash flow and continue to deliver returns to our shareholders, through dividends, share repurchases and debt reduction, as per the Company's free cash flow allocation policy.'
Click here for full announcement link
Source: Canadian Natural Resources
