U.S. shale producer Continental Resources Inc. on April 27 raised its annual forecast for oil and natural gas production, as it benefits from high crude oil prices.

Russia, one of the biggest exporters of crude, has been hit by a slew of sanctions for its invasion of Ukraine, lifting oil prices to multi-year highs during the quarter.

The company now expects 2022 oil output between 200,000 bbl/d and 210,000 bbl/d of oil from 195,000 bbl/d to 205,000 bbl/d of oil earlier.

Continental also raised its annual natural gas production forecast to 1.10 Bcf/d to 1.20 Bcf/d from 1.04 Bcf/d to 1.14 Bcf/d.

It had produced 1.01 Bcf/d of natural gas and 160,600 bbl/d of oil in 2021.

The company's board also approved a 22% raise in its quarterly dividend to $0.28 per share.