Continental Resources Inc. (NYSE: CLR) announced a new five-year growth plan to triple production and proved reserves by year-end 2017. According to its strategic growth plan, the company plans to generate average production of 300,000 BOE/d in 2017.
The company reported average production of 94,852 BOE/d for the second quarter ended June 30, 2012.
Continental's plans to triple production from 2012's expected total of approximately 36 MMBOE, which is the mid-point of the company's 2012 growth guidance. This level of growth would result in production of 108 MMBOE in 2017.
The company expects production growth in 2013 in a range of 30% to 35%, based on a capital expenditures budget (excluding acquisitions) of $3.4 billion. Based on this budget, the company expects to complete 738 gross (300 net) wells in 2013.
Continental expects oil differentials will average in a range of $8 to $11 per barrel in 2013. The company expects its liquids-rich natural gas production will have an average premium of $1.00 to $1.50 per Mcf.
Continental plans to triple proved reserves from year-end 2011 to year-end 2017. Continental's estimated proved reserves at mid-2012 totaled 610 MMBOE.
The company's growth plan is focused on its premier oil and natural gas liquids assets in the Bakken play of North Dakota and Montana and Oklahoma's Anadarko Woodford play.
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