Continental Resources reports its Bakken team doubled their rate of return during the second quarter while achieving impressive efficiency gains.
North Dakota Owed Millions in Royalties
During an earnings call this week, Continental executives claim their leadership among U.S. energy companies due to their quality assets and low-cost operations.
Continental reported a net loss of $63.6 million for the second quarter of 2017 at the same time that production increased 6%. The company will increase its capital expenditures for 2017 to between $1.75 billion and $1.95 billion.
Bakken Shale Highlights for Q2
During the second quarter, Continental reported that the rates of return for typical Bakken wells doubled to 82%. The company's Bakken assets set several milestones during the quarter as a result of the 'dedication and ingenuity' of their employees. Bakken Q2 highlights include:
- Generated over $2 million of added revenue during the first six months
- Net production averaged 119,861 Boe per day
- 100 gross (38 net) operated and non-operated Bakken wells
- 205 gross operated DUCs
- 19 completions with avg. 24-hour IP rate of 1,606 Boepd
- Drilling costs in the Bakken are 26% lower than 2016 average
“In 2017 our Bakken team has doubled our rate of return and reduced the payout period by 50%, based on our new type curve. This is a step-change improvement in Bakken economics.”