U.S. shale producer Continental Resources Inc. on Aug. 3 posted a bigger-than-expected second-quarter loss as the coronavirus crisis and related lockdowns pummeled demand for fuel and hammered prices.
The largest producer in North Dakota’s Bakken basin—the second-biggest U.S. shale field—had cut as much as 55% of its planned oil output in the June quarter as the oil field was among the hardest hit by the price plunge.
Average production tumbled 38.8% to 202,815 boe/d, while prices crashed 78.1% to $7.88 per boe, the company said.
The company estimates that the second quarter production deferral would help it generate an additional $90 million in cash flow from operations if U.S. oil fetched around $40/bbl.
Continental said it now expects full-year oil production to range between 155,000 bbl/d and 165,000 bbl/d, about 20% lower than its original forecast at its midpoint.
The company also said it was on track to achieve its reduced 2020 capital expenditure guidance of $1.2 billion or lower.
Net loss attributable to the company was $239.3 million, or 66 cents per share, for the second quarter ended June 30, compared with a profit of $236.6 million, or 63 cents per share, a year earlier.
CGG has completed the first phase of its multiyear program to deliver the largest OBN multiclient survey ever acquired in the U.K. Central North Sea (CNS) and immediate commencement of the second acquisition phase, the company said on Sept. 24.
eDrilling uses dynamic drilling models and diagnostic technology merged with 3D visualization for a true digital twin or 'virtual wellbore.'
The software produces a virtual replica of facilities, improving oil and gas operators’ situational awareness and business decisions in real time, Kongsberg Digital President Hege Skryseth says.