Canadian Natural Resources Calgary, is targeting year-over-year production growth of 56,000 boe/d in 2023, or 4%, over 2022 targeted levels, based on the midpoint of production guidance of 1.330-1.374 MMboe/d.
The 2023 production mix is expected to consist of 44% light and synthetic crude oil (SCO), 29% heavy crude oil, and 27% natural gas based on the midpoint of its production guidance and a budget of $5.2 billion ($4.2 billion base capital, $1 billion strategic growth capital).
Liquids production, including synthetic crude oil, is targeted at 969,000-1,001,000 b/d. The company's long life low decline production represents about 78% of its total targeted liquids production. Thermal and oil sands mining and upgrading production is targeted at 705,000-729,000 b/d, with the midpoint representing a 5% increase over 2022 targeted levels.
Conventional exploration and production liquids production is targeted at 264,000-272,000 b/d, with the midpoint representing a 4% increase over 2022 targeted levels.
Natural gas production is targeted at 2,170 MMcfd-2,242 MMcfd, with the midpoint representing a 5% increase over 2022 targeted levels.