Continental Resources to Ramp Up Bakken Activity After Refocusing Operations
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Shale oil producer Continental Resources said it will ramp up activity in North Dakota’s Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.
The company said roughly 70 percent of its well completions in the second half of the year will be focused on the Bakken versus about 50 percent of completions at the start of the year.
The shift comes as the company is re-orienting its production portfolio to focus more heavily on oil, Chief Executive Officer Bill Berry told investors during an earnings call.
U.S. oil prices have rebounded as coronavirus vaccine roll-outs pick up pace, and were trading around $64 a barrel on Thursday, versus around $15 a barrel a year ago as coronavirus lockdowns crushed fuel demand and battered the oil market.
“We see supply and demand is coming back into balance and that bodes well for commodity prices in the future. There remains a supply overhang in the market, and upward momentum in oil prices largely depends on the Organization of the Petroleum Exporting Countries (OPEC) “functioning as they do and have been,” Continental Executive Chairman Harold Hamm told investors.
Continental, a top Bakken oil producer, said it anticipates the Dakota Access Pipeline will continue to operate. The pipeline, the primary artery moving crude out of North Dakota, is operating without a key federal permit while a U.S. district court judge considers its fate.
Continental also is kicking off activity in Wyoming’s Powder River Basin, with plans to operate two drilling rigs there this quarter, executives said.
The company, which entered the region with its acquisition of Samson Resources in March, plans to drill its first well there in coming days, executives said.
Source: Reuters
About Continental Resources
Continental Resources is a top ten independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and one of the largest producers in the nation’s premier oil field, the Bakken play of North Dakota and Montana. The company also has leading positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK and Northwest Cana plays. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation’s leadership in the new world oil market. In 2016, the company will celebrate 53 years of operations.
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