Continental Resources expects lower production in Q1
US shale company Continental Resources reported April 13 that first quarter gas production is expected to be some 4% less than the previous period and oil output could be nearly 14% lower.
The company, which has a strong footprint in the Bakken shale in North Dakota, said inclement weather in February resulted in a net 60,000 boe/d decline in production, with 60% of that in oil.
An arctic freeze that descended across much of North America idled large parts of the regional energy sector. Continental said it expected first quarter oil production to average 152,000 b/d and natural gas production to come in at 935mn ft3/d.
Fourth quarter production averaged 176,600 b/d for oil and 976mn ft3/d in natural gas.
The pandemic suppressed economic activity and lowered revenue streams for oil and gas drillers. In first quarter 2019, Continental reported crude oil production averaged 193,921 b/d and natural gas production averaged 829.9mn ft3/d. Those figures were up 18% and 12%, respectively, year-on-year.
Despite the expected downturn in Q1 production, Continental said it remained on pace to realise its guidance of 162,500 b/d in oil and 900mn ft3/d in natural gas on average for the year.
While much of Continental’s focus is in the Bakken play, it also draws on reserves from the shale basins spread throughout Oklahoma.
Continental will release its Q1 2021 results on April 28.