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|Continental Resources Announces Record Proved Reserves And Production For 2013|
"Our teams delivered another excellent year, achieving production and capital expenditure guidance as promised," said
"In spite of abnormal winter weather in December and January that delayed some completions and deliveries, we still achieved our 2013 targets, and our annual guidance is intact for strong growth in 2014, with production increasing in a range of 26% to 32%," Mr. Hamm said.
Proved Reserves Increase 38% Year over Year
The Company reported proved reserves of 1.08 billion barrels of oil equivalent (Boe) at
The strong increase in 2013 proved reserves reflected significant production growth in the Bakken play of
"We ramped up our SCOOP rig count early in 2013 and delivered strong results in a capital-efficient manner within our budget for the year," said W. F. "Rick" Bott, President and Chief Operating Officer.
Production Grows 39% Year-Over-Year Within Capital Budget
Estimated total production was 49.6 MMBoe for 2013, an increase of 39% compared to 2012. Crude oil accounted for 71% of total production, or 35.0 MMBo, in 2013. Estimated natural gas production for the year was 87.7 billion cubic feet.
Capital expenditures excluding acquisitions for 2013 were just under the budget of
Fourth Quarter Production and Expenses
The Company announced production of 13.3 MMBoe for the fourth quarter of 2013, a year-over-year increase of 35% compared with the fourth quarter of 2012. Fourth quarter 2013 average production was 144,250 Boe per day, representing a 2% increase over the third quarter of 2013. The Company reached a new production milestone of 150,000 Boe per day during November, prior to experiencing winter weather delays.
"We had a great 2013," Mr. Bott said. "Weather affected the fourth quarter, but the timing of production gains also reflects our continued shift to large, multi-well drilling pads. This is a key driver of future efficiency gains and production growth.
"Such strong execution continues to underpin our confidence in achieving
Fourth quarter 2013 oil differential (discount to WTI crude and inclusive of all transportation) is expected to be approximately
Lower volumes due to winter weather delays and the Company's mix of wells in the fourth quarter of 2013 also impacted production expense per Boe and depreciation, depletion and amortization (DD&A) per Boe. Production expense for the fourth quarter of 2013 is expected to be approximately
The Company reaffirmed its 2014 guidance as announced in its third quarter earnings release on
Fourth Quarter and Full-Year Earnings Announcement and Conference Call
A replay of the call will be available for 30 days on the Company's website or by dialing:
The Company's presentations at the above
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