CNQ stock is one of the biggest gainers on Wednesday after Canadian Natural Resources Ltd (TSX:CNQ) (NYSE:CNQ) said that it plans a 2020 capital budget of $4.05 billion with a targeted production of 1.17 million boe/day at mid-point of guidance.

Impressive Plans

Over the past months, there has been a lot of turbulence in the oil industry, and many companies have had their fair share of troubles. However, Canadian Natural Resources Ltd (CNR) is not going to hold back from spending in 2020. On Wednesday morning, the company announced that it is going to raise its spending significantly for the year 2020.

The company stated that its spending is going to touch $4.05 billion CAD in the year 2020, which reflects a rise of as much as $250 million CAD from the spending in 2019. That being said, it should be noted that it is a clear-headed business decision from the company.

The move comes after the Canadian province of Alberta relaxed important curtailments with regards to new oil wells in November. In its effort to give a major boost to the faltering local economy, the Alberta government had done away with production limits from new oil wells.

CNQ stock is up 4.41% at $28.44.

CNR is a global oil exploration company and has interests in Africa as well as in the North Sea in the United Kingdom. The company announced that it is going to drill in as many as 60 locations in the province of Alberta.

In addition to that, Canadian Natural Resources has also revealed that it is going to put in three more drilling rigs in the province next year. Hence, it is only natural that such an expansion in operations is also going to see a lot more expenses from the company. CNR also revealed that it projects a significant rise in its boepd (barrels of oil equivalent per day) in 2020.

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The company projected that in 2020, its boepd is going to be between 1.14 million to 1.21 million. That will be a significant rise from the company’s projections for 2019, which was between 1.09 million boepd to 1.15 million boepd.

CNQ stock has jumped almost 25% since late August.

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