Continental Resources plans to cut rigs and spending in 2020


Continental Resources on Thursday cut its 2020 capital spending budget by 55%, reports said.

Continental Resources said it intends to spend about $1.2 billion in 2020 in its latest budget, indicating a 55% decline from its original guidance of $2.65 billion. that comes in the wake of Covid-19 and the crude oil war between Saudi Arabia and Russia that impacts U.S. shale drillers.

The company plans to decrease its average rig count to around 4 in Oklahoma from 10.5 and about 3 in the Bakken Shale from 9.