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Canadian Natural Resources cuts 2020 spending by C$1.09B from SNL Energy Finance Daily Canadian Natural Resources cuts 2020 spending by C$1.09BByline: Stephen Cedric Jumchai Owing to continued commodity price volatility, Canada's biggest oil company by volume, Canadian Natural Resources Ltd., cut its 2020 capital spending budget to C$2.96 billion, down C$1.09 billion from the original budget of C$4.05 billion, according to a March 18 news release. The oil and natural gas production company revised its conventional/unconventional budget to C$990 million from C$1.55 billion and its long-life low decline budget to C$1.97 billion from C$2.50 billion. However, there is no change to Canadian Natural's 2020 production guidance of 1.14 million barrels of oil equivalent per day to 1.21 million boe/d. The company said the revised capital budget would ensure strong adjusted funds in the current environment in order to cover its current dividend and maintain balance sheet strength. Effective April, the president's annual salary will be reduced by 20%, while other members of the company's management committee will have annual salaries cut by 15%. Vice president positions will see a 12% annual reduction in salary while the board of directors agreed to reduce their annual board cash retainer by 10%. |
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