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Continental Resources boosts proved reserves to record level

Continental Resources Inc. has increased its proved reserves, and continues to boost oil production.
Oklahoman Modified: February 10, 2014 at 5:37 pm •  Published: February 7, 2014

Everything’s coming up oil for Continental Resources Inc.

Continental announced Friday that its proved reserves have reached a record level by surpassing 1 billion barrels of oil equivalent, while its 2013 production totaled nearly 50 million barrels. Both of those figures are up nearly 40 percent for the year.

CEO Harold Hamm said Continental achieved its goals for 2013, despite abnormal winter weather at the end of the year.

“Our teams delivered another excellent year, achieving production and capital expenditure guidance as promised,” Hamm said. “We accomplished our key 2013 goals across the board — to generate top-tier organic oil production growth; to improve efficiency while reducing drilling and completion costs; and to delineate the lower benches of the Bakken and southern portions of the South Central Oklahoma Oil Province, or SCOOP.”

The Bakken remains the core of Continental’s business, but officials said accelerated production in the SCOOP contributed to the company’s rise in proved reserves.

“We ramped up our SCOOP rig count early in 2013 and delivered strong results in a capital-efficient manner within our budget for the year,” President Rick Bott said.

Continental boosted its proved reserves in the play by 241 percent to 215 million barrels of oil equivalent.

The Bakken accounts for 741 million barrels of proved reserves.

The company has grown its proved reserves at a compound annual growth rate of 47 percent a year since the end of 2008.

Continental produced 49.6 million barrels of oil equivalent in 2013, while keeping its capital expenditures below the $3.6 billion budgeted for the year.

The company expects to increase production this year by as much as 32 percent.

Continental’s stock rose 30 cents Friday to $109.84 a share.