Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  

Subscribe to our free daily newsletters

More shale oil production expected, Continental Resources says
by Daniel J. Graeber
Washington (UPI) Nov 8, 2017

Though constrained somewhat by hurricanes, U.S. shale oil producer Continental Resources said production should finish out the year on a high note.

Full production during the third quarter for Continental was impacted negatively by Hurricane Harvey, which impacted output from the shale reservoirs in Oklahoma. A wet season in North Dakota, meanwhile, handicapped production at the Bakken oil reservoir.

Nevertheless, the company said its third quarter production was roughly 243,000 barrels of oil equivalent per day, a 7 percent increase from the second quarter. Crude oil production, which accounts for more than half of total output, was up 12 percent from the second quarter.

In announcing its results for the third quarter, Continental said it expected even more gains as it finishes out a year when oil prices posted strong gains, after substantial weakness last year. Fourth quarter production should be at least 14 percent higher than the third quarter.

Most of Continental's production came from the Bakken oil reservoir, where production increased 15 percent.

"Continental's operations continue to become more capital efficient each quarter, allowing us to sustain our low-cost advantage," Chairman and CEO Harold Hamm said in a statement.

Hamm added that, compared with fourth quarter 2016, output by the end of the year could be as much as 38 percent higher, which he said would lead to positive growth next year.

Higher production, however, could put a strain on the momentum in crude oil prices, which hit two-year highs in recent trading sessions. Strong production from the United States is countering the impact of an agreement by the Organization of Petroleum Exporting Countries to balance an oversupplied market with coordinated production cuts.

Apart from strong production, more U.S. oil is making its way to the open market. Continental last month sold 1 million barrels of oil from the Bakken shale basin to a Houston-based trading company for delivery to China.

Continental reported revenue during the third quarter of $726.7 million. Income of $10.6 million was in line with consensus. Results were posted late Tuesday.

US urges action after Saudi accuses Iran over missile attack
Riyadh (AFP) Nov 7, 2017
The United States called Tuesday for international action to hold Iran to account after Saudi Arabia accused Tehran of "direct military aggression" over a Yemeni rebel missile attack near Riyadh. The Iran-backed Huthi rebels also threatened to attack ports and airports in Saudi Arabia and the United Arab Emirates, escalating a crisis between Riyadh and Tehran. Saudi Arabia's powerful cro ... read more

Related Links
All About Oil and Gas News at

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Study identifies additional hurdle to widespread planting of bioenergy crops

Penn researchers mimic giant clams to enhance the production of biofuel

Research aims to help renewable jet fuel take flight

Expanding Brazilian sugarcane could dent global CO2 emissions

OMCO Solar expands to met demand for field-fast racking systems

European lender closer to green finance goals

Mechanochemistry paves the way to higher quality perovskite photovoltaics

US renewable energy booms despite Trump vow to quit Paris deal

New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

Scotland outreach to Canada yields wind energy investment

Rutgers-led research could revolutionize nuclear waste reprocessing and save money

Bulgaria extends life of Soviet-era nuclear reactor

Nuclear energy programs may not increase likelihood of proliferation

South Korea to push ahead with nuclear power plants

UN climate talks resume with wary eyes on Trump

Could the Neolithic Revolution offer evidence of best ways to adapt to climate change?

Shortfall in climate action is 'catastrophic': UN

Tiny chip-based methane spectrometer could help reduce greenhouse gas emissions

UK car sales skid in October: industry body

Sandia improving fuel economy, reducing emissions using optical diagnostics

Texas applauds free-market move on electric vehicles

Waymo cars hit the the road without drivers

Traditional carpet weaving in central Iraq unravels

Twin Iraq and Syria assaults as IS loses last city

Iraq to hold parliamentary election in May: PM

IS executed 741 civilians during Mosul battle: UN

Trump promises to 'figure it out' with S. Korea's Moon

US sends supersonic bombers over South Korea

Trump: 'No dictator' should underestimate US resolve

S. Korea announces sanctions against Pyongyang

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement