Continental Resources announces 2018 capital expenditures budget of $2.3B
Continental Resources announced a 2018 capital expenditures budget of $2.3B, which it says is focused on both free cash flow generation and annual production growth to approximately 285,000 to 300,000 Boe per day, with a 2018 exit rate of 305,000 to 315,000 Boe per day. Crude oil is projected to range between 57% and 60% of production throughout 2018, varying through the year due to the timing of large pad projects coming online. The 2018 capital budget is projected to generate $3.0B-$3.2B of cash flow from operations and $800M-$900M of free cash flow for full-year 2018 at $60 WTI and $3.00 Henry Hub. It added, "There are currently no oil hedges in place, allowing the Company to fully participate in the upside of oil prices. Natural gas is hedged in excess of 80% of production for the remainder of the year at an average price of $2.88."