Plus   Neg

Continental Resources Cuts 2020 Capital Budget On Drop In Commodity Prices

Continental Resources, Inc. (CLR) revised 2020 capital budget to $1.2 billion, a 55% decline from its original budget of $2.65 billion. The company now expects its 2020 production to be down less than 5% year-over-year. The company will reduce its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.

Harold Hamm, Executive Chairman, said, "This budget adjustment has been precipitated by the collapse of crude oil prices due to the market manipulation of Saudi Arabia and Russia. Illegal dumping of crude oil by these countries began earlier this month at a time of low demand during this unprecedented pandemic of Coronavirus."

Continental Resources anticipates to be cash flow neutral under $30 per barrel WTI.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
JetBlue Airways said it will continue to block middle seats in rows where passengers are not traveling together through the July 4 holiday. JetBue will block middle seats on its Airbus aircraft, while it will block aisle seats on its smaller Embraer 190 aircraft. Customers traveling together will be allowed to sit in the middle and aisle seats. The U.S. Food and Drug Administration or FDA announced on its website that New Hoque and Sons, Inc. is recalling Radhuni Curry Powder distributed in New York City, New York due to potential Salmonella contamination. The recall was made after it was found that the finished products contained several strains of Salmonella, the company said. General Motors is reopening its plants in Mexico after it received approval from the Mexican government to restart operations in the country, according to reports. The automaker had suspended its operations in Mexico in the third week of March due to the coronavirus pandemic. GM's Mexican manufacturing facilities are important as they supply critical parts for its plants in the U.S.
Follow RTT