Gas production improves for Continental Resources
US shale company Continental Resources reported October 27 that its third quarter natural gas production average improved sequentially.
Continental is among the largest operators in the Bakken formation, situated primarily in North Dakota, and is also active in Oklahoma. The company reported that third quarter natural gas production of 1.04bn ft3/d, up just slightly from 1.03bn ft3/d in Q2 2021.
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Citing “continued outperformance,” Continental in August increased its annual natural gas production guidance to a range of 900mn to 1bn ft3/d. Early in the year, it set its full-year guidance for gas production to a high-water mark of 920mn ft3/d on average.
Bill Berry, the company’s CEO, said an added focus on natural gas developments in Oklahoma was behind the extra gas production.
The Bakken formation is among the top oil-producing basins in the Lower 48 states, but the smallest natural gas producer. The Anadarko basin in Oklahoma, meanwhile, is the fourth-largest natural gas producer and fifth-largest oil producer.
Continental reported $669mn in free cash flow and a cash balance of $694mn in Q3 2021 Few other financial details were disclosed as the company rescheduled its third quarter earnings release to early November.