Continental

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.

Touting 165% returns on some wells this year in the Bakken Shale, the president of Continental Resources Corp., North Dakota’s top producer, said Thursday overall returns on new wells have doubled in less than a year.

Higher oil prices drove a surge in profits and revenues for Continental Resources Inc. in the first quarter, as the company kicked off an ambitious multi-year oil development program targeting Oklahoma’s myriad stacked reservoirs.

Continental Resources Inc. said it has signed a firm transportation agreement with Enable Midstream Partners LP for the entire takeaway capacity of Project Wildcat, a 400 MMcf/d natural gas pipeline that would connect the Midcontinent with North Texas.