2016 production guidance
Continental Resources’ (CLR) 2016 production growth guidance range was updated from 210 Mboepd–220 Mboepd (thousand barrels of oil equivalent per day) in 2Q16 to 215 Mboepd–220 Mboepd in 3Q16. CLR expects to finish 2016 with production ranging between 205 and 210 Mboepd.
CLR increased its production forecasts as a result of its increasing Bakken, STACK, and SCOOP productivity—three key regions that it considers “an increasingly important catalyst” to its production growth strategy.
Guidance for 2017
For 2017, the company expects its production to range between 220–230 Mboepd, and an exit rate of 250–260 Mboepd, which would be 19%–24% higher than its average production of 210 Mboepd in 4Q16. The company expects to see increased oil growth in 2017 of around 29%, with Bakken and STACK developments driving this growth.
STACK production is expected to rise more than 130% in 2017, according to CLR’s January 2017 presentation. The company expects to see a compound annual growth rate of over 20% between 2018 and 2020.
Production volumes in 3Q16
Continental Resources’ (CLR) 3Q16 production volumes totaled 207.8 Mboepd (thousand barrels of oil equivalent per day). This volume was 9% lower than its production levels one year ago and 5% lower than in 2Q16.
CLR’s 3Q16 earnings release noted that the decline in its production level came mostly from the Bakken play. CLR noted that it had curtailed its Bakken production by ~12,000 net barrels of oil equivalent per day in August and September due to low energy prices. Notably, CLR removed these production curtailments at the end of 3Q16.