While oil prices are lower, Continental Resources reports big increase in crude production from a year ago

Continental Resources Inc. is reporting a 16 percent increase in total production for the first quarter of 2019 compared to a year earlier.

In a filing with the Securities Exchange Commission, the Oklahoma City company said it averaged 332,236 Boe per day and the production was 3 percent more than the fourth quarter of 2018.

It saw an 18 percent increase in crude oil production for the 2019 first quarter which the firm said was primarily driven by a 2,519 MBbls or 22 percent increase in Bakken production. The Bakken increase came about because of additional wells being completed.

Continental’s SEC filing also stated that its crude oil production from the SCOOP play increased 545 MBbls or 37 percent from the prior year first quarter due to new well completions in its oil-weighted Project SpringBoard. The increases were partially offset by decreased crude oil production from various other areas due to natural declines in production.

There was also a 12 percent increase in natural gas production for the 2019 first quarter, again driven largely in part because of additional production in the Bakken. The company stated it saw a 30 percent increase or 5,445 MMcf in Bakken gas production.

Natural gas production in the STACK play also increased 3,250 MMcf or 14 percent because more wells were completed.

Continental Resources reported net crude oil and natural gas sales totaled $1.06 billion for the first quarter of 2019, consistent with net sales of $1.06 billion for the 2018 first quarter.

Crude oil net sales prices averaged $50.05 a barrel in the first quarter of this year, a 15 percent drop compared to the $58.98 per barrel for the first quarter of 2018.

 

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