Continental Resources cuts nearly $2 billion from capital expenditures budget for 2015 [View all]

[TexasTowelie]

HOUSTON — Oklahoma City-based Continental Resources continues to cut its 2015 budget in response to falling oil prices.

The exploration and production company said Monday that it plans to spend $2.7 billion on capital expenditures next year.

That’s down from the $4.6 billion budget it announced last month, which itself was a cut from a from its original $5.2 billion target.

The company also dramatically reduced its planned production growth. Last month, it told investors to expect 23 percent to 29 percent production growth in 2015. It’s pared that expectation back to projected growth of 16 percent to 20 percent.

Read more: http://fuelfix.com/blog/2014/12/22/continental-resources-announces-even-deeper-2015-cuts/