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BS - Continental runs 36% fewer rigs, asks Dept. of Commerce for help - March 24, 2020
Continental Resources is drastically scaling back its D&C activity in response to the new low-price environment. The company will reduce its active rig count in the Bakken to three from nine and go from 10.5 rigs in Oklahoma to an average of four in 2020. Capital spending plans were shrunk 55% from $2.65 billion to new guidance of $1.2 billion. The revised budget would result in average 2020 production falling less than 5% YOY;......
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