Continental Resources (CLR +3.7%) CEO Rick Bott says the driller will increase its 2012 capex...

|About: Continental Resources, Inc. (CLR)|By:, SA News Editor

Continental Resources (CLR +3.7%) CEO Rick Bott says the driller will increase its 2012 capex budget to $3B, up from a revised $2.3B announced in May, due to higher costs and ramped up activity in the Bakken shale. CLR cut the number of Bakken rigs it operates to 19 from 26 in Q2; it has reduced the time it takes to drill a well by 30%, which enabled it to spud more wells with fewer rigs.