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CNRL cuts spending, salaries as more oil producers trim capital plan

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Oilsands giant Canadian Natural Resources Ltd. is joining a lengthening list of oilpatch players who are cutting 2020 capital spending due to the COVID-19 pandemic and plunging oil prices.

After markets closed Wednesday, it said it will cut its capital budget this year to $2.96 billion, down from its previous plan to spend $4.05 billion, without changing its oil and gas production guidance.

In a more unusual move, the Calgary-based company said it will also cut the president’s salary by 20 per cent, while other members of its management committee will see pay reduced by 15 per cent and vice-presidents take a 12-per-cent trim.

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