Jack Stark, President and Chief Operating Officer of Continental Resources (NYSE: CLR), presented today at EnerCom’s The Oil & Gas Conference 20®.
Continental Resources is an independent oil producer in the United States and is a strong free market advocate in favor of lifting of the domestic crude oil export ban. Based in Oklahoma City, Continental is the largest leaseholder and one of the largest producers in the nation’s premier oil field, the Bakken play of North Dakota and Montana. The company also has significant positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the Northwest Cana play.
For 2Q 2015, Continental Resources averaged production of 226,547 BOEPD, and EBITDAX of $647M. The company reduced cash operating cost guidance and increased its 2015 production growth guidance. Its first stack well (76% crude oil) in Oklahoma flowed at an initial production rate of 2,076 BOEPD; while nine wells in its SCOOP Woodford density pilot flowed at a combined peak rate of 24,603 BOEPD.
During the company’s breakout session, management was asked the following questions:
- How’s your Poteet pilot doing?
- Can you talk about spending with your cash flow?
- Can you talk about rig activity?
- As an organization, do you design based on neutrality or debt construction?
- Do you see an ability to move Bakken oil to the West Coast and later to Asia?
- As you slow down activity, how big of an impact is there on the base line?
- Where do you see differentials settling out?
- How is your first STACK well doing?
- What percent of your acreage has been delineated by your peers?
- Can you comment on your wells in the Northwest Cana?
- What are your thoughts on refracturing and restimulation?
