Continental Resources Announces Upcoming Investor And Analyst Day Highlights And Webcast
Bakken Net Unrisked Resource Potential Totals 4.1 Billion Boe, More Than 17x Greater than Current Bakken Proved Developed Reserves
Updated SCOOP EUR and Returns Provide Exceptional Platform for Continued Growth
New Oil Discovery in Springer Shale Located in the Heart of SCOOP
Increasing Capital Expenditures in Second Half of 2014 for Higher Operated Rig Count in Springer Shale and Expanded Enhanced Completions in Bakken
2015 Production Growth Guidance of 26% to 32%
OKLAHOMA CITY, Sept. 17, 2014 /PRNewswire/ -- Continental Resources, Inc. (the "Company") (NYSE: CLR) plans to conduct its 2014 Investor and Analyst Day meeting tomorrow, Thursday, September 18, 2014 at 8:00 a.m. CT. An audio webcast and presentation materials will be available before 8:00 a.m. CT on the day of the event and can be found on the Company's website at www.CLR.com in the Investor Relations section. Topics to be covered during the event include:
Exploration Discovery: Springer Shale
2014 and 2015 Guidance:
With the success of the enhanced completion testing program in the Bakken and the exceptional returns achieved in the new Springer Shale oil discovery, the Company is accelerating drilling and completion capital expenditures in the second half of 2014 for a total full-year estimate of $4.55 billion in 2014 and $5.2 billion in 2015. Going forward, a majority of the Company's Bakken wells will incorporate enhanced completions, and completed well costs are expected to average approximately $10 million per well. This is an increase of approximately $2 to $2.5 million above the Company's standard completion design cost from year-end 2013. The Company plans to average eight operated rigs in the Springer Shale for the remainder of the year, an increase from just one rig earlier in the year. This acceleration will have limited impact on overall 2014 production results, given only a quarter of the year is remaining and the lag between capital expenditure and resulting production. However, the Company estimates exiting 2014 at net production of approximately 200 MBoe per day, an increase from previous internal projections.
Company guidance highlights for 2015 include projected year-over-year production growth of 26% to 32% over 2014. The Company's complete guidance outlook for 2014 and 2015 are as follows:
Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included in this press release other than statements of historical fact, including, but not limited to, statements or information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, returns, budgets, costs, business strategy, objectives, and cash flow, are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "plan," "continue," "potential," "guidance," "strategy," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on the Company's current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable and based on reasonable assumptions, no assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate. When considering forward-looking statements, readers should keep in mind the risk factors and other cautionary statements described under Part I, Item 1A. Risk Factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, registration statements and other reports filed from time to time with the Securities and Exchange Commission ("SEC"), and other announcements the Company makes from time to time.
The Company cautions readers these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, incident to the exploration for, and development, production, and sale of, crude oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling, completion and production equipment and services and transportation infrastructure, environmental risks, drilling and other operating risks, lack of availability and security of computer-based systems, regulatory changes, the uncertainty inherent in estimating crude oil and natural gas reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, and the other risks described under Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, registration statements and other reports filed from time to time with the SEC, and other announcements the Company makes from time to time.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company, or persons acting on its behalf, may make.
Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements to reflect events or circumstances after the date of this press release.
About Continental Resources
Continental Resources (NYSE: CLR) is a Top 10 independent oil producer in the United States. Based in Oklahoma City, Continental is the largest leaseholder and producer in the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its recently discovered SCOOP play and the Northwest Cana play. With a focus on the exploration and production of oil, Continental is on a mission to unlock the technology and resources vital to American energy independence. In 2014, the Company will celebrate 47 years of operation. For more information, please visit www.CLR.com.
SOURCE Continental Resources