Continental Resources (CLR) held a conference call on February 25, 2010, to discuss its fourth quarter of 2009 earnings report. Continental Resources plans on increasing its rig count in the Bakken Shale further in 2010 to grow production more, and increased its capital budget to $850 million in 2010.
“We now have 15 rigs company-wide with plans to deploy 9 more by midyear. Finally given Continental’s excellent inventory of high-valued assets, particularly in the oil-rich Bakken, we announced this morning a 31% increase in our 2010 CapEx budget to $850 million.”
“Our operating teams did an excellent job of adapting and today, we are back to 15 operated rigs with 11 of those in North Dakota Bakken and one in Montana.”
“We anticipate significant additional reserves growth as we continue ramping up drilling. We plan to have 16 total rigs in the Bakken by midyear, with 15 of those active in North Dakota. At midyear, we plan to have six operated rigs focused on more efficient ECO-Pad development drilling and 9 rigs further delineating the play.”
Source: Seeking Alpha