Continental Cites High Profits And Production
Citing profits and accelerated production from Williston Basin wells, Continental Resources reported bigger cash payouts, with new wells having an estimated ultimate recovery averaging 1.1 million BOE. Bakken production increased 14% over the second quarter to 136,851 BOEPD.
“Our optimized completions are unlocking more value from our Bakken assets than ever before,” said Continental president Jack Stark. “This is a key catalyst that will drive our ability to deliver cash-flow positive, oil-weighted growth for years to come.”
The company reported a net income for the third quarter of $10.6 million, based on revenues of $563.8 million, while it continues with a $1.95 billion capital spending budget for its Williston Basin and Oklahoma assets.
Continental is banking on production ranging between, 280,000 to 290,000 BOEPD, an increase ranging from 33% to 38% over the same quarter in 2016.
The company continues to run four drilling rigs and four frac crews in the Bakken where it completed 58 net wells in the third quarter.
Those new wells posted a 24-hour initial production of 1,752 BOEPD, and 15 of those wells had IP rates higher than 2,000 BOEPD.
During the three-month period, average spud to TD was 10.5 days, with drilling costs declining 6% over the second quarter.