Canadian Natural earmarks 2026 capital for early work on oilsands expansions

A rainbow appears to come down on pumpjacks drawing out oil and gas from wells near Calgary, Alta. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Oil and gas giant Canadian Natural Resources Ltd. says it’s expecting a small increase in spending and production in 2026 as it looks toward future oilsands expansions.

The Calgary-based company says its capital budget for next year has been set at about $6.43 billion, up from the $6.15 billion it had targeted for 2025.

That includes $175 million in early-stage engineering and design work on expansions to two steam-driven projects and the Jackpine mine in Alberta’s oilsands.

Canadian Natural has also set aside $125 million for carbon capture projects.

Production is forecast to average between 1.59 million and 1.65 million barrels of oil equivalent per day, about a three per cent increase over this year’s expected levels.

Roughly three quarters of next year’s output is expected to come from oil and other liquids, with the rest from its natural gas holdings.

This report by The Canadian Press was first published Dec. 16, 2025.

The Canadian Press