- Continental Resources (CLR -7.7%) nears its lows of the day following late yesterday's disclosure that it plans to spend $500M more this year than initially forecast, mostly due to expensive well techniques in North Dakota's Bakken shale formation and a new project in Oklahoma.
- The new projections, unveiled before today's analyst meeting, show plans to spend $4.55B this year, up from a previous forecast of $4.05B, raising CLR's cost per well to $10M, ~$2.5M/well higher than levels at the end of last year and a stark contrast to the trend across most U.S. shale plays to lower costs.
- For 2015, CLR sees even higher total capex of $5.2B.