Continental Resources plans to spend billions in 2017, much of which will be in the Bakken Shale Play.
Continental has released its 2017 budget, with capital expenditures projected to be $1.95 billion. 70% of Continental’s 2017 budget will be used to complete wells in the Bakken at a cost of $550 million. This will include competing 131 operated wells and 35 non-operated Bakken wells. Additionally, the company expects to grow Bakken production by approximately 26% in 2017. Other highlights for the year include:
- Maintaining four operated drilling rigs throughout 2017
- Drilling 101 gross (57 net) operated wells
- 17 wells will have an average budgeted well cost of approximately $7.0 million
- Accelerated production growth in second half 2017 to an exit rate of 250,000 to 260,000 barrels of oil equivalent (Boe) per day.
By year’s end, the company expects to increase its daily oil per barrel protection totals from the 210,000 boepd to roughly 260,000 boepd.