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CS - CNRL cutting capex by 27%, maintaining production guidance - April 2020

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Canadian Natural Resources Ltd. is cutting its 2020 capex by 27%, or $1.09 billion, to $2.96 billion from its previous guidance of $4.05 billion. It is still forecasting annual production of 1.14-1.21 MMboe/d because of its long-life, low-decline asset base and ramping production at Kirby North, Primrose and Jackfish, which all incurred most of their capital costs in 2019 or before. Its 2P reserves base has a 36-year life span, and its oil sands......
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