Continental Resources Cuts 2020 Capital Budget On Drop In Commodity Prices

(RTTNews) - Continental Resources, Inc. (CLR) revised 2020 capital budget to $1.2 billion, a 55% decline from its original budget of $2.65 billion. The company now expects its 2020 production to be down less than 5% year-over-year. The company will reduce its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.

Harold Hamm, Executive Chairman, said, "This budget adjustment has been precipitated by the collapse of crude oil prices due to the market manipulation of Saudi Arabia and Russia. Illegal dumping of crude oil by these countries began earlier this month at a time of low demand during this unprecedented pandemic of Coronavirus."

Continental Resources anticipates to be cash flow neutral under $30 per barrel WTI.