Continental Resources reported Wednesday it has proved reserves of 1.23 billion barrels of oil equivalent (Boe) as of the end of the year. That compares to 1.35 billion Boe at the end of 2014. The 2015 year end reserves were 57 percent crude oil, 87 percent operated by Continental, and 43 percent proved developed producing.
“The nine percent year-over-year reduction in our proved reserves during 2015, compared with an approximately 50 percent reduction in crude oil prices, clearly validates the premier quality of Continental’s inventory of assets,” said Continental Chairman and Chief Executive Officer Harold Hamm.
Total production for 2015 was 80.9 million barrels of oil equivalent (MMBoe) or 221,700 Boe per day, an increase of 27 percent over 2014 figures. Crude oil made up 66 percent of the total year’s production. Natural gas production for the year was 164.5 billion cubic feet.
Continental’s year-end proved reserves had a net present value discounted at ten percent of $8 billion.
