Rigs flat for 2019, but number of wells expected to rise
Continental expects to nearly double its oil production within the next five years, and expects the Bakken to contribute between 50 to 60 percent of the total growth.
Its Scoop and Stack assets in Oklahoma, meanwhile, are expected to provide from 40 to 50 percent of that growth.
In its fourth quarter earnings call, Continental officials reported a 23 percent increase in overall production year over year, and a 14 percent increase in oil growth quarter over quarter.
“This growth is driven by over 12 percent of oil growth in the Bakken,” Continental CEO Harold Hamm said. “Our teams accomplished this feat while delivering an industry-leading operation cost of $3.59 per BOE as compared to our oil-weighted production peers — an enviable cost efficiency for development, even when considering some of the harshest operating conditions.”
By that he meant horizontally drilled wells, deep underground, with high pressure and extreme cold.
“My hat is off to our operating teams,” Hamm said. “A great job by all.”
Bakken production by itself grew 26 percent year over year, and 10 percent quarter over quarter, company president Jack Stark said.