Continental Resources unveils 5-year growth plan
OKLAHOMA CITY (AP) — Continental Resources Inc. said Monday that it plans to triple production and proved reserves of oil and natural gas liquids in the next five years on its leased properties in the U.S.
Continental plans to increase production from the 2012 mid-range forecast of 36 million barrels of oil equivalent to 108 million barrels of equivalent by 2017. The growth will be focused in the Bakken shale region in North Dakota and Montana and Oklahoma's Anadarko Woodford area.
The company reported 94,852 barrels of oil equivalent per day in the second quarter.
Continental said it has a 2013 capital expenditures budget of $3.4 billion, excluding acquisitions, with the goal of completing about 300 net wells. That is expected to increase production next year by 30 to 35 percent.
The Oklahoma City company also plans to triple its proved reserves from the end of 2011 through the end of 2017. It estimated proved reserves at 610 million barrels of oil equivalent in mid-2012.
Continental has leases on about a million net acres in the Bakken Shale region. It had leases on about 315,675 net acres in the Anadarko Woodford region as of June 30.
Shares of Continental rose 84 cents to end at $76.51 Tuesday. In the past 52 weeks the stock has ranged from $50.75 per share to $97.19 per share.