- Continental Resources (CLR +1.9%) expects production to grow 15%-20% in 2019, with much of the increase weighted toward oil, CEO Harold Hamm says.
- “The macro looks good for the supply-demand oil cycle,” Hamm said on today's earnings conference call, estimating oil prices could climb another 10% before leveling off, aided by reimposed U.S. sanctions on Iran.
- Much of CLR’s growth is focused on the Oklahoma SCOOP's SpringBoard development, with an estimated 400M boe resource potential the company says could raise its overall oil production by 10% over the next 12 months.
- CLR also said it was able to fully participate in the bump in oil prices this year because it has not hedged its production.
- CLR plans to increase its 2018 capital spending budget by ~$400M, with roughly half going toward more drilling and well-completion activities in an effort to take advantage of higher crude prices.
- Now read: Continental Resources, Inc. 2018 Q2 - Results - Earnings Call Slides
Original article