Continental Resources has reduced the average drilling time from spud to total depth by 23% last year, and also lowered the completion cost by 52% on a cost/foot basis. Continental has costs that are $35-45 per barrel.
The company will continue reducing costs, as it has implemented an enhanced stimulation design with higher proppant volumes at its 15 SCOOP Woodford condensate wells.
Continental’s capital efficiency will increase 17% and finding costs will drop 15% in 2016.
They have implemented advanced drilling programs that have led to a drop in costs. Continental’s wells have been able to improve their rates of return at core assets, such as the Bakken and the Eagle Ford.
80% of the oil is being sent out by pipelines which has lower costs than rail transportation.