CNRL Announces Major Production and Spending Increase for 2025

Canadian Natural Resources Limited (CNRL) is ramping up its oil production and capital spending in 2025, signaling renewed optimism in Alberta’s energy sector.

On Thursday, the Calgary-based company announced plans to increase its average annual production to between 1.51 million and 1.55 million barrels of oil equivalent per day, marking a 12 per cent rise over 2024. The expansion includes the drilling of 361 oil and natural gas wells over the next three quarters, with a focus on boosting output at its Horizon oilsands site and the Athabasca Oil Sands Project.

CNRL also revealed a capital budget of $6 billion for 2025, up from approximately $5.5 billion last year—a 13 per cent increase.

The announcement comes as Western Canadian Select (WCS), a benchmark for Alberta oil, narrowed its price discount against West Texas Intermediate to less than $13 per barrel. Global crude prices also climbed by more than one per cent on Thursday, further fueling optimism in the sector.

Shares of CNRL closed at $46.91 on the Toronto Stock Exchange on Thursday.