Canadian Natural Plans to Increase Assets and Production with 2026 Budget
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2025
0mins
Source: NASDAQ.COM
2026 Budget Overview: Canadian Natural Resources Limited (CNQ) has announced a C$6.3 billion budget for 2026, focusing on maximizing shareholder value through disciplined capital allocation and sustainable production growth.
Production Targets: The company aims for an annual production target of 1,590 to 1,650 MBOE/d, representing a 3% increase from 2025, with a diverse production mix of 74% liquids and 26% natural gas.
Capital Investments: CNQ plans to drill 448 net wells and invest in thermal in situ projects, including a new SAGD pad, while also allocating C$125 million towards carbon capture initiatives to enhance sustainability.
Long-term Strategy: The company emphasizes capital efficiency and operational excellence, positioning itself for resilience in the energy sector and ensuring robust free cash flow to support shareholder returns and future growth opportunities.
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Analyst Views on PTEN
Wall Street analysts forecast PTEN stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PTEN is 7.22 USD with a low forecast of 6.00 USD and a high forecast of 9.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
4 Buy
4 Hold
1 Sell
Moderate Buy
Current: 7.440
Low
6.00
Averages
7.22
High
9.00
Current: 7.440
Low
6.00
Averages
7.22
High
9.00
About PTEN
Patterson-UTI Energy, Inc. is a provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services. Its Drilling Services segment provides a comprehensive suite of directional drilling services in major producing onshore oil and natural gas basins in the United States, and it provides services that improve the statistical accuracy of wellbore placement for directional and horizontal wells. Its Completion Services segment consists of a well completion business consists of services for hydraulic fracturing, wireline and pumping, completion support, and cementing. Its Drilling Products segment engages in the manufacturing and distribution of drill bits throughout North America. The Company's drilling equipment is used in oil and natural gas exploration and production and in mining operations.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Patterson-UTI Energy Repurchases 6M Shares, Fair Value Adjusted to $7.20
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