Continental Resources’ oil and natural gas production surged almost 38 percent to nearly 142,000 barrels of oil equivalent per day in the third quarter, the Oklahoma City company said Wednesday.
One of the biggest benefits for Continental is that almost 71 percent of that total production is in oil.
The company boosted its production in both of its large fields.
Production in the Bakken in North Dakota and Montana improved to 94,500 barrels of oil equivalent per day, up 51 percent from the third quarter of 2012.
In October, the company successfully completed the first of four so-called “density projects” in the area. The Hawkinson unit drilled a total of 14 horizontal wells into four distinct rock layers: the Bakken and the Three Forks layers beneath it.
“The Hawkinson project is a milestone event for CLR (Continental) and further validates our vision for full field development of the Bakken-Three Forks reservoirs in this world-class oil field,” Continental President Rick Bott said. “Clearly there is more oil to be recovered than previously perceived and projects like the Hawkinson are leading the way to defining the optimum drilling density and pattern to maximize oil recovery. The news in the Bakken just keeps getting better.”
Continental also said Wednesday that net production in the South Central Oklahoma Oil Province jumped to more than 20,000 barrels of oil equivalent per day, up 293 percent from the third quarter of 2012.
The company said it has 12 rigs operating in the area and plans to increase the drilling activity to 15 rigs by the end of the year.
Continental reported a profit of $167 million, or 91 cents per share, up from $44 million, or 24 cents per share in the year-ago quarter. Adjusted for one-time expenses, the company boasted earnings of almost $297 million, or $1.61 per share, up from $159 million, or 87 cents a share one year ago.