Continental Resources, one of the leading producers in the Bakken formation, today announced that it doubled operating earnings and net income for the third quarter of 2009, compared with results for the second quarter of 2009, based on higher crude oil prices and lower production costs. Compared with the third quarter of 2008, when crude oil and natural gas prices peaked, operating and net income were lower for the quarter ended September 30, 2009.
Based on strong third quarter cash flow and its positive outlook, Continental announced plans to accelerate drilling operations in the fourth quarter of 2009 and in 2010. The company has allocated $373 million, or 66 percent, of its 2010 operational expenditures to accelerate development in the Bakken shale play of North Dakota and Montana. The Company expects to complete 193 gross (61.9 net) wells in North Dakota and 11 gross (4.6 net) wells in Montana in 2010. Starting with seven operated rigs on January 1, the Company plans to have up to 15 operated drilling rigs by mid-2010, with all but one in North Dakota.
The company's complete earnings announcement is here.
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