OKLAHOMA CITY, Nov. 5 (UPI) -- Continental Resources, one of the largest oil and gas producers in U.S. shale basins, said it expects output to increase despite market downturn pressures.
Continental, one of the premier leaseholders in the oil-rich Bakken shale in North Dakota, reported total crude oil production for the three months ending Sept. 30 increased 15 percent from the same period last year to an average 147,472 barrels per day. Gas production increased 48 percent year-on-year to 484,834 million cubic feet per day on average.
Based on what the company said was strong operational performance during the third quarter, Continental said it was increasing its production forecast for full-year 2015 to between 24 to 26 percent, compared with a previous range of 19-23 percent, from last year.
"This was another solid quarter's performance," Chairman and Chief Executive Officer Harold Hamm said in a statement.
Crude oil prices started drifting below the $100 per barrel mark in mid-2014 as production gains, largely from U.S. shale basins, countered slow growth in the global economy. West Texas Intermediate, the U.S. benchmark price for crude oil, traded Thursday at around $46.42 per barrel, about 41 percent lower than the price on this date in 2014.
Lower crude oil prices have left most energy companies struggling with capital growth. For the third quarter, Continental reported a net loss of $82.4 million, compared with a third-quarter profit of $533.5 million in third quarter 2014.
Continental, which has headquarters in Oklahoma, said it should be cash-flow neutral if WTI remains around $50 for the rest of the year.
