Continental jumps nearly 10% as gushers boost output

By Joe Carroll on 8/10/2017

CHICAGO (Bloomberg) -- Continental Resources Inc. surged the most in eight months after record-setting drilling results in Oklahoma prompted the shale explorer to lift its full-year production estimate.

Continental shares rose 5.8% to $34.31 at the close in New York, after earlier climbing 9.6% for the biggest intraday gain since November. The advance curbed Continental’s year-to-date decline at 32%.

The Oklahoma City-based crude producer boosted it’s 2017 output target about 4% to the equivalent of 230,000 to 240,000 bpd in a statement after the close of regular U.S. trading on Tuesday. Continental, the creation of billionaire wildcatter Harold Hamm, also said its full-year drilling budget will be as much as 10% lower than its prior forecast.

“At the same time that we are increasing our production we are lowering our costs,” President Jack Stark said in a Bloomberg Television interview. “It doesn’t get much better than that.”

The company disclosed that its Tres C FIU 1-35-2XH well in the Stack region in Oklahoma gushed the equivalent of 7,442 bbl during a 24-hr test, a result Continental said was a record for the field.

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