Continental Resources, Inc. (CLR)

[Timothy Smith]

Continental Resources (NYSE:CLR) is out with an operations update in which it has announced that it is cutting CAPEX and with that cutting full year exit rate production by 10,000 boe at the low end of guidance.

Continental has announced that it is reducing CAPEX between $300 million and $350 million in total, deferring completion activity - the E&P will grow its estimated DUC (drilled uncomplete) inventory from 100 to 160, and laying down 20% of its rig capacity by month end.

Continental did, however, reiterate its full year 2015 production guidance of between 19% and 23% growth which investors can take as a moral victory from this announcement.