Continental Resources cuts 2020 capital budget 55%

Continental Resources Inc., Oklahoma City, cut its 2020 capital budget to $1.2 billion, a 55% decrease in capital spend from its original budget of $2.65 billion in response to the drop in commodity prices. With the revised budget, the company anticipates 2020 production to be down less than 5% year-over-year.

The average rig count in the Bakken will be cut to three from nine. Rigs in Oklahoma will drop to four from 10.

In its previous guidance reported in February, the company originally projected annual crude oil production to be 198,000-201,000 b/d. Annual natural gas production was originally projected to be 935,000-960,000 Mcfd.

Additional details about 2020 guidance updates will be released as part of the company’s first quarter earnings release.