Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Continental revises 2015 CAPEX budget

    Continental revises 2015 CAPEX budget

    December 29, 2014
    Share
    Facebook Twitter LinkedIn WhatsApp
    Continental Resources Inc.
    Continental Resources Inc.

    28 December 2014 – Continental Resources has announced a revised 2015 non-acquisition capital expenditures budget of $2.7 billion. This level of activity is projected to yield 16 percent to 20 percent production growth in 2015 compared to estimated 2014 production.

    Harold G. Hamm, chairman and chief executive officer, commented, “This revised budget prudently aligns our capital expenditures to lower commodity prices, targeting cash flow neutrality by mid-year 2015. This budget also maintains our financial flexibility and strong balance sheet while continuing to grow production in our core Bakken and SCOOP plays. The depth and quality of our asset base coupled with our financial strength allows us to be adaptable in a variety of price environments.”

    The company plans to decrease its current average operated rig count from approximately 50 to approximately 34 by the end of first quarter 2015 and average approximately 31 operated rigs for full-year 2015.

    Allocation of operated rigs include 16 in the SCOOP Woodford/Springer plays, 11 in North Dakota Bakken and four in Northwest Cana, where 50 percent of the costs applicable to the company’s interest is being carried by a JV partner.

    The revised 2015 budget is based on completing 81 net wells for the SCOOP Woodford/Springer plays with no change to previous estimated ultimate recovery (EUR) targets.

    In the Bakken, the company now expects to complete 188 net wells focused primarily in its core acreage, targeting an increased average EUR of 800,000 barrels of oil equivalent per well.

    In the Northwest Cana play and other areas, the Company plans to complete 11 net wells. Completed well cost estimates are expected to average at least 15 percent below 2014 averages as service costs adjust to lower commodity prices.
    *Continental Resources Inc. – press statement

    Related News

    Russian energy, transport, finance companies among privatisation candidates, says finance ministry

    Kazakhstan’s oil and condensate daily output set to rise by 6% in June, ministry says

    Italy’s Eni eyes new unit to manage oil refineries, unions say

    E-book
    Resilience Exhibition

    Latest News

    Russian energy, transport, finance companies among privatisation candidates, says finance ministry

    June 21, 2025

    Kazakhstan’s oil and condensate daily output set to rise by 6% in June, ministry says

    June 21, 2025

    Italy’s Eni eyes new unit to manage oil refineries, unions say

    June 21, 2025

    Libya objects to Greek tender for hydrocarbon exploration off Crete

    June 21, 2025

    Russia’s Rosatom to explore construction of high-capacity nuclear plant in Uzbekistan

    June 21, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.