Continental Resources Inc. has upwardly revised its 2022 forecast for capital spending, as well as oil and natural gas production, management said Thursday. 

Oklahoma City-based Continental is the top producer in the oily Bakken Shale and the gassy, liquids-rich Anadarko Basin. Following a pair of recent acquisitions, it also is the No. 2 leaseholder in the Powder River Basin and the No. 10 leaseholder in the Permian Basin.

Continental’s updated capital program entails spending of $2.6-2.7 billion, up from previous guidance of $2.3 billion. The spending increase is expected to enhance the company’s return on capital employed and free cash flow versus previous projections, management said.

Continental in late 2021 snapped up Pioneer Natural Resources Co.’s position in...