The Globe and Mail

November 30, 2022
Top News

Jeff McIntosh/The Canadian Press

Canadian Natural Resources Ltd CNQ-T on Wednesday forecast increased production for 2023, as it seeks to capitalize on higher oil and gas prices and set a new environmental target.

Demand for oil and gas surged following sanctions on Russia after it invaded Ukraine, as Europe scrambles to replace gas from Russia and improve long-term energy security.

Calgary, Alberta-based Canadian Natural, Canada’s biggest oil producer, said it expects total 2023 production to be 4% higher than this year and it expects to eventually return more money to shareholders.

The company said it will continue to allocate 50% of free cash flow to share buybacks for now and will raise shareholder returns to 80%-100% once it reduces net debt to C$8 billion from its 2022 year-end target of C$10 billion.

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Oil Price Update

Eli Hartman/The Associated Press

Oil prices settled up by over $2 per barrel on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.

Capping gains, the OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Wednesday.

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