By Mary de Wet

Canadian Natural Resources Ltd. is targeting between 1.19 million and 1.26 million barrels of oil equivalent a day in 2021, up 5% from what it expected to produce this year.

The company also plans a capital expenditure budget of 3.21 billion Canadian dollars (US$2.5 billion) for next year, up from C$2.7 billion in 2020.

The company's break-even level is at $30 to $31 a barrel for West Texas Intermediate crude, Chief Financial Officer Mark Stainthorpe said.

About 2021 production:

The product mix is estimated at about 48% high-value synthetic crude oil and light crude oil and natural gas liquids; 30% heavy crude oil; and 22% natural gas, Canadian Natural Resources said.

"Liquids production, including crude oil, SCO and NGLs, is targeted to grow approximately 4% from targeted 2020 levels, ranging from 920,000 bbl/d to 980,000 bbl/d. Long life low decline production is targeted to be approximately 81% of total liquids production.

"Natural gas production is targeted between 1,620 MMcf/d to 1,680 MMcf/d, representing growth of approximately 11% from targeted 2020 levels, as capital investment within the Company's natural gas portfolio is targeted to increase in 2021," the company said.

Write to Mary de Wet at mary.dewet@wsj.com

(END) Dow Jones Newswires

12-09-20 0809ET