Oklahoma City, OK-based Continental Resources Inc. turned in a third quarter earnings report that beat expectations across the board, but results in Oklahoma demonstrated the company’s dominance as one of the only producers to continuously outperform in a play that has sent multiple operators running.
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Oklahoma City-based Continental Resources Inc. has announced new details for its Long Creek Bakken Unit development project, which includes a production start date in the third quarter of 2020.
Oklahoma City-based Lagoon Water Solutions on Tuesday paid $85 million for part of Continental Resources Inc.’s oilfield water system serving Oklahoma’s busiest reservoirs, the STACK, aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties, and the SCOOP, South Central Oklahoma Oil Province.
Continental Resources Inc. said it was ahead of schedule with a multi-year program to develop oil and liquids-rich assets in Oklahoma’s stacked reservoirs, but it will hold the line on spending, even as a rebound in oil prices is projected to bring close to $1 billion in free cash flow by year’s end.
Continental Resources Inc. reported production increases across the board, including a surge in the Midcontinent, and said plans are on track to reduce debt sharply by year’s end.
Continental Resources Inc. broke ranks with its fellow explorers and announced plans to raise capital spending to $2.6 billion in 2019, as it looks to grow its Lower 48 oil and gas production and generate enough cash flow to reach a goal of reducing its net debt to $5 billion.
Continental Resources Inc. said it expects to save about $125 million in capital costs by shifting to 30% longer laterals within Project SpringBoard, a multi-year program to develop its oil and liquids-rich assets in Oklahoma’s myriad stacked reservoirs.
Continental Resources Inc. raised its production guidance and increased capital expenditures (capex) for the year, as it plans to deploy more rigs in the Bakken Shale and a multi-year development program targeting Oklahoma’s myriad stacked reservoirs.
Toronto-based Franco-Nevada agreed Monday to pay $220 million for a stake in a newly formed Continental Resources Inc. subsidiary that would acquire minerals in the Oklahoma City-based independent’s holdings in the SCOOP and STACK, aka the South Central Oklahoma Oil Province and the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties.
Despite missing investor expectations for the second quarter, Oklahoma City-based Continental Resources Inc. said late Monday it expects total production to be at the top end of its full-year production guidance and the forecast 2018 exit rate.