COMMODITIES

Continental Resources to begin phasing out production curtailments in July

6/18/2020

OKLAHOMA CITY – Continental Resources announced an update on its voluntary production curtailments.

The company previously announced it would curtail 70% of operated oil production in May, with continued curtailments into June. In July, the Company expects to partially begin resuming production but still expects to curtail approximately 50% of its operated oil production.

June 2020 total production is expected to average 150,000 to 160,000 Boepd. Second quarter 2020 total production is expected to average 200,000 to 205,000 Boepd. July 2020 total production is expected to average 225,000 to 250,000 Boepd.

“Continental elected to defer production in order to preserve shareholder value over volumes, and maximize the economics of the barrels we produce. As oil prices have stabilized and begun to recover, we have partially resumed production. As improved supply and demand fundamentals benefit oil prices, we expect to continue restoring production in subsequent months,” said Bill Berry, Chief Executive Officer.

The company expects to further revisit previously suspended guidance when announcing second quarter 2020 results.

Source

Related Posts