March 19, 2020 / 10:43 AM / 13 days ago

Continental Resources slashes annual budget by 55% on oil price slump

March 19 (Reuters) - Continental Resources Inc said on Thursday it would cut its capital budget for 2020 by about 55% to $1.2 billion, becoming the latest oil and gas producer to cap its spending as oil prices plummet to its lowest in nearly two decades.

The company also plans to reduce its average rig count to about 3 from 9 in the Bakken shale of North Dakota and to about 4 from 10.5 in Oklahoma.

Continental said it expects 2020 production to be down less than 5% year-over-year. (Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta)

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