Environment & Economy By Canadian Natural Resources Limited 335 Views

Canadian Natural Resources Limited Announces 2021 Budget

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CALGARY, Alberta, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Canadian Natural’s President, Tim McKay, commented “Canadian Natural is a unique, sustainable and robust company, proven by its ability to generate sustainable free cash flow through the commodity price cycle, setting us apart from our peers. Our balanced, diverse and high quality assets, of which the majority are long life no decline Synthetic Crude Oil reserves with low reservoir risk and low capital requirements, provide us the opportunity to sustain or grow production. Our effective and efficient operations, culture of continuous improvement, disciplined capital allocation and strong balance sheet position the Company for success, allowing us to continue to innovate through technology to lower costs and reduce our environmental footprint.

The Company has been nimble in the past to changing market conditions and can quickly adjust our targeted capital expenditure levels or reallocate capital to our highest returning assets. Our 2021 plan will be no different, targeting capital of approximately $3.2 billion, delivering targeted production of approximately 1,225,000 BOE/d, with disciplined growth of approximately 62,000 BOE/d from forecasted 2020 levels. Safe, reliable, low cost operations continue to be a focus for the Company as we target to capture synergies, increase margins and maximize value for our shareholders in 2021 and beyond."

Canadian Natural’s Chief Financial Officer, Mark Stainthorpe, continued “In 2021, our capital program will be prudent and disciplined. Our commitment to maintain our robust financial position is supported by effective and efficient operations, significant adjusted funds flow generation and ample liquidity. Free cash flow, at US$45 WTI is targeted to be strong in 2021, between $2.0 billion - $2.5 billion after dividend requirements, with continued priority towards further strengthening the Company’s balance sheet. We continue to deliver value to our shareholders and have proven throughout 2020 that our dividend is sustainable, with a 20 year track record of dividend growth. Our sustainable and growing returns are underpinned by our low cost structure, industry leading break-even of WTI US$30-31 per barrel and our financial strength, affording us the ability to deliver on our plan and continue to drive long-term shareholder value."

Tim McKay continued “Canadian Natural is delivering leading environmental performance. Our long life, low decline assets are advantaged as we can leverage technology, innovation and continuous improvement to deliver ever improving environmental performance. Some of the highlights achieved to date include corporate GHG emissions intensity decreasing by 16% from 2015 to 2019 and the Company reduced its GHG emissions intensity in its Oil Sands Mining and Upgrading and thermal in situ segments by 36% from 2016 to 2019. In our North American E&P segment we reduced methane emissions by 15% from 2016 to 2019.

Canadian Natural is also committed to progressively reclaim land and return sites to their natural state. Canadian Natural’s reclamation team at the Athabasca Oil Sands Project placed the one millionth reclamation tree in the ground in Q3/20. This milestone follows the one millionth tree being planted at Horizon Oil Sands in Q3/18. To date, the Oil Sands Mining and Upgrading segment has planted over 2.3 million trees and reclaimed over 1,600 hectares of land. In the Company’s North America E&P segment, Canadian Natural has reclaimed more than 7,600 hectares of land since 2015, planted over 2 million trees and abandoned over 5,000 wells, reducing our environmental footprint.”



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