Oklahoma City’s Continental Resources reported a 25% increase in daily oil production in the second quarter of 2018 compared to a year earlier.
The quarterly production, according to an announcement made Tuesday totaled 25.8 million barrels of oil equivalent or 284,059 Boe per day. The average daily oil production was 157,000 barrels of oil.
The company said its second quarter production would have been just above 289,000 Boe per day except for abnormally wet weather in the Bakken and the voluntary curtailment of Midcontinent production to gain access to premium North Texas markets via the company’s previously announced Wildcat pipeline agreement.
Following these transitory timing delays, the first half of July is estimated to have averaged 296,000-298,000 Boe per day as additional Bakken pads enter first production. Importantly, oil production for the first half of July has also recovered, averaging approximately 166,000 Bo per day, representing 25% growth when compared against July 2017.
For the balance of third quarter 2018, the Company expects production to average 290,000-295,000 Boe per day, with an oil ratio approaching 57%. The Company expects the fourth quarter 2018 oil ratio to be between 58-60%. Lastly, the Company also expects production to be toward the top end of the range for both previously stated full year production and 2018 exit rate guidance.
“We expect to see a significant uplift in oil production growth in the second half of 2018 driven by our large Bakken pads and our Springer, Woodford and Sycamore assets in Project SpringBoard,” said Harold Hamm, Chairman and Chief Executive Officer. “These assets will not only drive a new wave of oil production in the second half of 2018, but will also provide a catalyst for strong oil-weighted growth in 2019.”
Continental plans to host a conference call to discuss second quarter results on Wednesday, August 8, 2018, at 12 p.m. ET(11 a.m. CT).