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Continental Dials Down Rig Count, Capex Post-Q2; Raises Production Target
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Continental reported its Q2 2017 results. Highlights from its call / release include:
- 2017 Capex adjusted to a range of $1.75 billion to $1.95 billion (previously, Continental's capex was a solid $1.95 billion)
- Production guidance raised: Exit rate raised to 260,000 to 275,000 barrels of oil equivalent (Boe) per day, up 24% to 31% over 4Q 2016-- Annual production raised to 230,000 to 240,000 Boe per day (up from 220-230 MBOEPD)
- Reduced rig count by three: The rig count for the second half of the year is projected to average 18, with 14 in Oklahoma and four in Bakken. The Company has reduced its Bakken completion crew count to four and has six crews in Oklahoma.
In the call, SVP of Drilling Pat Bent commented: "Yes, on the three rigs that we've reduced; our Bakkens remain at four…- ✓ Full news archive — U.S., Canada & international coverage
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