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Continental Cuts STACK in Favor of the Bakken for 2020;Completions/Fracs & Rigs
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Continental Resources, Inc. announced its full-year 2019 and fourth quarter 2019 operating and financial results, as well as its 2020 capital expenditures budget and operating plan.
2020 PlansContinental is sizably cutting its Anadarko Basin activity in favor of its Bakken operations. Total spending will be flat YOY.
The company's budget however is based on Budgeted at $55 WTI and $2.50 HH, which seems rather strange considering that WTI currently trades at below WTI $50. This does tell us therefore that we should expect reduction in the capex budget for the company.
Much like others (DEvon, Cimarex and Encana) Continental is cutting activity in the STACK/SCOOP play.
More 2020 Details"In 2020, Continental will prioritize maximizing shareholder capital return in the form of share…
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