Continental Resources Inc., Oklahoma City, has partially resumed production but still expects some 50% of its operated oil production to be curtailed in July.
The company had 70% of operated oil production voluntarily curtailed in May, and June total production is expected to average 150,000-160,000 boe/d—below the 200,000-205,000 boe/d average second quarter rate. After the increase, July’s production is expected to average 225,000-250,000 boe/d (OGJ Online, May 11, 2020).
"As oil prices have stabilized and begun to recover, we have partially resumed production. As improved supply and demand fundamentals benefit oil prices, we expect to continue restoring production in subsequent months," said Bill Berry, chief executive officer.
The Company expects to further revisit previously suspended guidance when announcing second quarter 2020 results.