Continental Resources Announces Proved Reserves And Production For 2014
Continental Resources, Inc. (NYSE: CLR) (“Continental” or the “Company”) announced proved reserves of 1.35 billion barrels of oil equivalent (Boe) at December 31, 2014, an increase of 267 million barrels of oil equivalent (MMBoe) or 25% compared with year-end 2013. Year-end 2014 proved reserves were 83% operated by the Company, 36% proved developed producing (PDP), and 64% crude oil. Continental has grown its proved reserves at a compound annual growth rate of 39% per year since year-end 2010.
PDP reserves increased 21% from year-end 2013 to 490 MMBoe at December 31, 2014. The Company had 2,994 gross (1,565 net) proved undeveloped (PUD) locations at year-end 2014. The Bakken accounted for 82% of PUD locations at year-end. Continental’s year-end 2014 proved reserves had a net present value discounted at 10% (PV-10) of $22.8 billion, a 13% increase over PV-10 of $20.2 billion for year-end 2013 proved reserves.
The Bakken accounted for 866 MMBoe of Continental’s year-end 2014 proved reserves, with a PV-10 value of $15.2 billion. SCOOP Woodford and SCOOP Springer accounted for 370 MMBoe of 2014 proved reserves, a 72% increase over proved reserves of 215 MMBoe at year-end 2013. The PV-10 value of the Company’s SCOOP proved reserves was $5.5 billion at year-end 2014.
Harold G. Hamm, Chairman and Chief Executive Officer, commented, “2014 marks the 7th straight year since our IPO we have consistently delivered significant reserve and production growth. Our core assets in the Bakken of North Dakota and SCOOP Woodford/Springer in Oklahoma continue to provide exceptional results and are a testament to the quality of the base assets and the ability of our teams. Our SCOOP Woodford discovery in 2009 has grown into one of the best new plays in North America along with our discovery announcement in 2014 of the Springer horizontally drilled formation, our Company’s highest rate of return oil play. Our asset quality and resource inventory are world-class.”
Source: Continental Resources