Continental Resources Inc. is on pace to meet its goal of tripling production from 2012 to 2017, the Oklahoma City energy company said Tuesday.
Continental executives said the company's 2014 oil and natural gas production is expected to increase 26 to 32 percent from 2013 levels with a capital expenditure budget of $4.05 billion.
“Our 2014 plan year two on the five-year road map is characterized by continued strong production growth, continued capital discipline and continued achievement of key exploration milestones in the Bakken and SCOOP, as we work toward the transition to full field development of these tremendous plays,” CEO Harold Hamm said in a conference call with analysts Tuesday afternoon.
Continental's production growth efforts are centered on the Bakken formation in North Dakota and in what the company calls the South Central Oklahoma Oil Province, or SCOOP.
The company said it plans to drill 400 net wells in 2014, up from 329 in 2013.