Continental Resources, Inc. Announces Production Results for the Fourth Quarter of 2016; Provides Production and Capital Expenditure Guidance for 2017; Provides Production Guidance for First Half O 2017 and Full Year of 2018
Fourth quarter 2016 production averaged approximately 210,000 Boe per day, reflecting persistent severe weather in North Dakota since late November 2016.
The company expects production to range between 210,000 and 215,000 Boe per day through first half 2017, after which production is expected to significantly accelerate due to the timing of pad completions in the Bakken and six new multi-well density projects in the over-pressured oil window of Oklahoma's STACK play.
The company projects its current inventory will support an average annual production growth rate of more than 20% in 2018 to 2020 at $60 to $65 per barrel NYMEX WTI oil prices and remain cash neutral. At these prices the company expects to deliver a 2018 exit rate of 290,000 to 310,000 Boe per day, which is an increase of approximately 18% over the projected 2017 exit rate (midpoint to midpoint). The company expects crude oil production will continue increasing at an accelerated rate, accounting for 60% to 65% of total production in years after 2017.