UPDATE 1-More N.American producers trim budgets to cushion oil price crash [Reuters]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: Reuters
UPDATE 1-More N.American producers trim budgets to cushion oil price crash (Adds details of other producers’ spending cuts, background) By Shanti S Nair March 19 (Reuters) - Continental Resources Inc and Diamondback Energy on Thursday unveiled drastic cuts to their annual budgets as oil and gas producers look to run a tight ship following the recent plunge in oil prices. North American shale producers have cut planned expenditures between 25% and 55% on average, as crude prices have plummeted to two-decade lows following a slump in demand due to the coronavirus outbreak and an expected surge in supplies after top producers Russia and Saudi Arabia pledged to pump full bore. Continental slashed its budget by about 55% to $1.2 billion and expects the cut to knock off less than 5% from its full-year production. The company also expects to be cash flow neutral under $30 per barrel of U.S. crude. Prices of West Texas intermediate were up 9.8% at $22.36 per barrel at 11:39 a.m. GMT, reboundi
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