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|Continental Resources, Inc. Announces 2014 Operating And Financial Guidance|
Total production for 2014 is expected to be 70% crude oil, in line with the Company's mid-year 2013 results and the long-term commitment to tight oil resource plays.
Benefiting from recent reductions in well costs,
"Achieving our 2014 goals will be an excellent 'Year 2' in our five-year plan to triple production and proved reserves," said
Exploration drilling accounts for approximately
"Our exploration program is providing essential data we need to optimize spacing and transition to full-field development," said W. F. "Rick" Bott, President and Chief Operating Officer. "We are executing our growth plan with a high degree of consistency, accelerating the value of our long-term, repeatable drilling inventory. Multi-well pad drilling in the Bakken will drive additional efficiencies as we continue to expand the play geographically and vertically with the lower
Continued Leadership in the Bakken, More Growth in SCOOP
Drilling-and-completion related activities account for
The Company has allocated 25% of its 2014 drilling capital expenditure budget to its SCOOP operations, which has generated excellent rates of return. The Company is planning to have an average of 18 operated rigs in the play in 2014, compared with the current count of 10 operated rigs. Based on increased rig count and continued improvements in drilling efficiency, the Company expects to complete or participate in completing 74 net wells (167 gross) in SCOOP in 2014.
"Operational goals in SCOOP include improved drilling times and an increased number of extended-lateral wells," Mr. Bott said.
Activity in the play will focus on holding acreage by production and further de-risking the southern areas of the play. The Company also plans to initiate a density drilling program where it has already de-risked the play.
The following table contains
"The key themes in 2014 are strong growth in production and proved reserves while maintaining the strength and flexibility of our balance sheet," said
Updated 2013 Guidance
Conference Call Information
A replay will be available for 30 days after the call on the Company's website or by dialing:
Replay number: (888) 286-8010
Please use the following link to pre-register for this conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Individuals may pre-register at any time, including up to and after the call start time. To pre-register please go to:
A new slide presentation related to 2014 operating and financial guidance will be available at the time of the call on
About Continental Resources
Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included in this press release other than statements of historical fact, including, but not limited to, statements or information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, returns, budgets, costs, business strategy, objectives, and cash flow, are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "plan," "continue," "potential," "guidance," "strategy," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on the Company's current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable and based on reasonable assumptions, no assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate. When considering forward-looking statements, readers should keep in mind the risk factors and other cautionary statements described under Part I, Item 1A. Risk Factors included in the Company's Annual Report on Form 10-K for the year ended
The Company cautions readers these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, incident to the exploration for, and development, production, and sale of, crude oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating crude oil and natural gas reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, and the other risks described under Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company, or persons acting on its behalf, may make.
Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements to reflect events or circumstances after the date of this press release.
SOURCE Continental Resources