Canadian Natural Resources Limited raised its 2026 production guidance for the second time this year while leaving operating capital unchanged at C$5.99 billion. The company now expects 2026 production of 1,637 to 1,682 thousand barrels of oil equivalent per day, up from the prior range of 1,615 to 1,665, with the midpoint increasing by 20 thousand barrels per day even with planned maintenance included. The higher target reflects the Peace River acquisition and strong conventional drilling results, following record second-quarter corporate production of approximately 1,677,000 barrels of oil equivalent per day, up 18 percent year over year. Operating capital remains at C$5.99 billion, including C$3.16 billion for Conventional Exploration and Production and C$2.83 billion for Thermal and Oil Sands Mining and Upgrading, while forecast net acquisitions rose from C$765 million to C$1,526 million, accounting for the C$761 million increase in total capital expenditures. CNQ paid approximately C$761 million for additional Peace River assets adjacent to its existing operations, and management targets operating-cost reductions of 10 percent or more in the Charlie Lake area through scale and infrastructure synergies. Conventional Exploration and Production crude oil and natural gas liquids guidance increased to 352,000 to 360,000 barrels per day from 336,000 to 346,000, and natural gas guidance rose to 2,595 to 2,635 million cubic feet per day from 2,560 to 2,615. A planned 35-day Horizon turnaround is scheduled to begin September 8 and is expected to reduce annual average production by approximately 29,000 barrels per day, an impact already included in the 2026 guidance.
Canadian Natural Resources LtdRaises 2026 production guidance while holding operating capital flat, with increased net acquisitions for Peace River assets.
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