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Company News

Oil producer Canadian Natural sets lower 2019 budget

Dec 5 (Reuters) - Canadian Natural Resources Ltd forecast on Wednesday 2019 base budget about C$1 billion (about $753 million) lower than last year, blaming a lack of market access for its oil and “dysfunctional” government processes.

The company expects 2019 base capital program of C$3.7 billion, with maintenance capital targeted at about C$3.1 billion.

The Calgary-based oil and gas producer expects 2019 production to be between 1.03 million barrels of oil equivalent per day (boe/d) and 1.1 million boe/d. ($1 = 1.3289 Canadian dollars) (Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)

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