Canadian Natural Resources Cuts Natural Gas Drilling Amid Price Slump

The company will reduce its 2024 natural gas well drilling due to low prices, maintaining production forecasts through diversification.

Canadian Natural Resources Ltd. plans to drill 74 natural gas wells in 2024, 17 fewer than initially targeted.
Despite reduced drilling, the company maintains its natural gas production forecast between 2.1 and 2.2 billion cubic feet per day.
AECO natural gas prices have improved slightly with cooler weather but remain significantly lower than the 2023 average.
CNRL benefits from diversified operations, using a significant portion of its gas production to power its oilsands facilities.
The company increased its contracted crude oil capacity on the Trans Mountain pipeline, enhancing export opportunities.