HOUSTON (Bloomberg) --Continental Resources Inc., the oil explorer founded by billionaire Harold Hamm, is curtailing about 70% of its crude output in May in one of the most aggressive production cuts announced to date among U.S. producers.
The Oklahoma City-based company, which doesn’t typically hedge its production, withdrew its 2020 guidance and is dropping rigs, the driller said Monday in its first-quarter earnings statement. Continental also reported a $1.13 billion draw on its credit facilities and bought back 8.1 million shares of common stock in the quarter, according to a regulatory filing.
https://www.worldoil.com/news/2020/5/11/continental-resources-shutting-in-70-of-its-may-production
No comments:
Post a Comment