After achieving profits that more than replaced losses incurred in the economic shock inflicted by the Covid-19 virus pandemic, Canadian Natural Resources Ltd. (CNRL) has announced a C$275 million ($220 million) budget increase for this year.

CNRL

The corporate budget increase by 8.5% to C$3.48 billion ($2.78 billion) has a green tinge. Around C$45 million ($36 million) of the added spending would raise the number of depleted well abandonment cleanups this year by 800 to 3,300.

New drilling also continues, especially for liquids-rich natural gas in the Montney Shale that straddles northern Alberta and British Columbia. First-half 2021 asset deals expanded CNRL’s Montney properties by 107,000 acres to 1.3 million acres.

“Canadian Natural is in a strong position as our vast and...