real-time news and commentary for investors
Tuesday, Sep 10
Continental Resources -1.9% AH after issuing production guidance
- Continental Resources (CLR) -1.9% AH after reaffirming 2013 production guidance and expecting a 26%-32% increase in 2014 production based on non-acquisition capex of $4.05B.
- CLR sees average daily production in 2014 of 170K-180K boe/day, with an exit rate in Dec. 2014 of ~200K boe/day; total production is expected to be 70% crude oil, in line with its long-term commitment to tight oil resource plays.
- Exploration drilling accounts for ~$500M of planned 2014 capex, a 16% Y/Y increase; activity will focus primarily on continued density drilling tests in the Bakken.