CNRL to boost oil, gas output by 12 per cent in 2025

Jan 10, 2025

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Canadian Natural Resources Ltd. logo is shown in a handout. Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.’s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion. THE CANADIAN PRESS/HO

CALGARY — Oil and gas giant Canadian Natural Resources Ltd. says it plans to boost its overall production by 12 per cent in 2025.

The Calgary-based company says it is targeting average annual production of between 1.51 million and 1.55 million barrels of oil equivalent per day in 2025, which represents production growth of about 170,000 barrels per day compared with 2024.

CNRL says the growth is in part due to its previously announced US$6.5-billion acquisition of Chevron Canada Ltd.’s interests in the Athabasca Oil Sands Project and Duvernay shale, which was completed in 2024.

CNRL says its operating capital budget for 2025 is set at approximately $6 billion, up from its 2024 forecast of $5.42 billion.

The company says it plans to drill 361 crude oil and natural gas wells in the year ahead.

It also continues to work on increasing production at its Horizon oilsands site and at the Athabasca Oil Sands Project.

This report by The Canadian Press was first published Jan. 9, 2025.

Companies in this story: (TSX:CNQ)

The Canadian Press

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