Continental Resources Cuts 2015 Budget On Low Oil Prices

Reuters

Sept 8 (Reuters) - Continental Resources Inc, North Dakota's second-largest oil producer, said on Tuesday it would cut at least 11 percent from its 2015 capital budget due to the drop in crude prices.

The company now plans to spend $2.35 billion to $2.4 billion this year, down from a previous forecast to spend $2.7 billion.

Continental, led by billionaire Harold Hamm, said it will reduce its rig count in North Dakota from 10 to eight.

Shares of Continental rose less than 1 percent to $30.99.

(Reporting by Ernest Scheyder; Editing by Chris Reese)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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