Canadian Natural Resources postpones 2024 natural gas well production due to low prices.

Canadian Natural Resources Ltd (CNRL) has postponed the start of production from some planned 2024 natural gas wells due to persistently low prices. The company plans to drill approximately 20 of the remaining wells this year but will curtail production until prices improve. Low natural gas prices, resulting from an oversupply in the market, are affecting producers across North America, leading to project delays and shut-ins. CNRL has redirected its focus to higher-return multilateral heavy oil wells following the successful startup of the Trans Mountain pipeline expansion in May. CNRL's earnings for the second quarter were up due to higher oil sales and prices, with production volumes increasing by 8% compared to the same quarter last year.

August 01, 2024
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