Forecast - Production | Capital Markets | Suspended or Reduced Distributions/Dividends | Curtailment/Shut-In
Continental Cuts April / May Production Estimates by 30%; Suspends Dividend
Email
Print 
Bookmark
Continental Resources Inc. has announced the following update, which was made as a result of the market uncertainty:
Production Decrease
The company is lowering its production expectations for April and May 2020 by 30% to reflect the impact to overall demand. A solid production number reflecting the adjustment was not immediately available.
This decision comes after a meeting took place at the White House between US President Donald Trump and top energy CEOs, including Continental Executive Chairman Harold Hamm.
CEO Bill Berry said: "Continental will continue to take decisive action to maximize cash flow generation, accomplish cost savings initiatives and prioritize the strength of our balance sheet. Global crude oil and product demand is estimated to have been impacted by 30% due to COVID-19. Accordingly, we are reducing our production for April and May 2020 in a similar range."
Similarly, Pioneer Natural Resources and Parsley Energy voiced the benefits of cutting production during these volatile times. According to a recent report by Bloomberg, Pioneer and Parsley are urging the Texas Railroad Commission to curb oil output by 20%.
Dividend Suspension
Furthermore, the Board of Directors has made the decision to suspend the quarterly dividend until further notice.
Related Categories :
Forecast - Production
More Forecast - Production News
-
Coterra Energy Q4, Full Year 2022 Results; 2023 Plans
-
Southwestern Energy 4Q, Full Year 2022 Results; Talks 2023 Plans
-
Operators Cite Investor Pressure for Production Growth Restraint
-
Murphy Oil to Keep 2021 Spending, Production Near 2020 Levels
-
Ecopetrol IDs 2021 Capex; Bets Bulk on Colombian Ops
Mid-Continent News >>>
-
Why $90 Oil Isn’t Bringing Back the Rigs -
-
Q1 A&D Transactions Jump to $30B , While Deal Flow Was Down 40%
-
Wright to U.S. Oil Industry: The Price Signal Is Telling You to Drill
-
This Operator Will Chop it's 2026 Rig Count From 34 to 24 -
-
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It -
Mid-Continent - Anadarko Basin News >>>
-
Permian E&P Bucking The Trend; Plan to Increasing Drilling & Fracs in 2026 -
-
Bakken Midstream Project shelved; as future growth projects thin -
-
Japex Enters DJ Basin with Acquistion of Verdad
-
Dallas Fed Energy Survey: What Oil and Gas Executives Are Really Saying
-
Large E&P Adds Second Completions Crew and Accelerates 4-Mile Lateral Program -
