As Reese Energy Consulting this week sets our sights on two new due-diligence projects in the Mid-Continent, we’re also following the remarkable news from Okla. City-based Continental Resources. Seems Continental, which just released its 4Q 2018 earnings results yesterday, has a lot to celebrate reflecting on the year that was—and moving forward with the year that is. Adjusted for one-time items, the company reported a profit for all of 2018 of $1.07 billion, compared to $191 million in 2017. Yep, you read that right. Continental’s production increased 23% over the full year, averaging 298,190 Boe and 780.1 MMcf of natural gas per day. The company attributes its full-year 26% increased production in the Bakken and increased 3Q and 4Q production in the STACK, along with reducing debt by $585 million and building a cache of $239 million. Continental’s new Project SpringBoard, which was announced last May, targets the SCOOP across 45,000 acres and currently has 45 gross operated wells waiting on completion.
Posted on February 19, 2019