Canadian Natural Resources plans to increase capital spending in 2013 to $6.9B

CALGARY – Canadian Natural Resources Ltd. (TSX:CNQ) has set a 2013 capital budget of $6.9 billion — about $500 million more than the Calgary-based energy company’s capital spending this year.

The biggest increase is at the CNQ’s Horizon oilsands mining project, which will see its budget rise to $2.55 billion next year from $1.68 billion in 2012.

An additional $1.3 billion — roughly $200 million less than this year — will be spent on CNQ’s Primrose, Future and Kirby in-situ oilsands projects, which use steam to soften the bitumen.

Canadian Natural has cut about $100 million from its budget for property acquisitions, which drops to $85 million.

A total of $3.015 billion — $65 million less than last year — will be spent on other oil and gas operations.

That includes $1.9 billion budgeted for North American crude exploration and production, $605 million for international crude and $445 million for natural gas.