CLR's Guidance For 2014

A reader sent me this. I would have missed it. Thank you. Great update.

Petroleum News is reporting:

In 2014 Continental Resources expects to increase drilling rigs in the Bakken from 20 to 21, but in its other major operating area, the South Central Oklahoma Oil Province, or Scoop, it plans to bump up the number of rigs from 10 to 18.

Still, the Williston Basin’s Bakken play will get the bulk of the company’s 2014 capital expenditure budget, Continental officials said Sept. 11 in a 2014 operating and financial guidance conference call.

In 2014 Continental plans to complete 300 net wells (886 gross) in the Bakken petroleum system, finalize four well density pilots involving 47 wells, and start three more density projects based on the results from the first four.

By the end of that year, Continental expects to be producing 200,000 barrels of oil equivalent per day, about two-thirds of which will come from the Bakken in North Dakota and Montana’s Williston Basin. By the end of 2013, the company-wide exit rate is going to be close to 150,000 boe per day, according to Jeffery B. Hume, vice chairman of strategic growth initiatives.

Continental’s projected capital budget for next year will be $4.05 billion, the bulk of which will go to its Williston Basin Bakken assets. The rig count next year will be split between North Dakota and Montana, with 17 rigs in North Dakota and four in Montana.