Continental Resources ups gas production guidance
US shale producer Continental Resources said August 2 that its track record so far prompted it to raise its guidance on gas production for the year.
Continental, a key producer in the Bakken shale formation in North Dakota, reported in April that first quarter natural gas production was expected to average 935mn ft3/d. It said at the time that full-year production could be as high as 920mn ft3/d on average.
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Citing “continued outperformance,” Continental said in its results for the second quarter that it increased its production guidance to a range of 900mn to 1bn ft3/d.
The US Energy Information Administration expects the Bakken to yield 2.75bn ft3/d in gas production for August, a modest decline from July levels.
Continental realised a second quarter production average of 1.03bn ft3/d in natural gas and 166,800 barrels/d in oil. Bakken is the second-largest oil producer, but the lowest gas producer among the seven primary US shale basins.
Continental reported net income of $332.8mn during the second quarter, compared with $260mn in Q1. Ebitdax was $990.9mn, up sequentially from $962.6mn, and free cash flow was $634mn, an improvement from the $605mn in Q1.