U.S. shale producer Continental Resources Inc CLR.N forecast a small uptick in production next year after a recovery in oil prices helped it reverse output cuts and as it eyes strong gas demand next year, as reported by Reuters.
Crude prices hit record lows in April as most countries went into coronavirus-induced lockdowns. While easing of these restrictions over the last few months helped prices recover to some extent, rising infections around the globe have kept oil producers from betting big on the recovery.
The company forecast low single-digit production growth in 2021 compared to this year, and said it expects stronger pricing for shale gas through next year.
The largest producer in North Dakota’s Bakken basin said average daily production fell to 297,001 barrels of oil equivalent (boe) in the third quarter, from 332,315 boe.
Net loss attributable to the company stood at $79.4 million, or 22 cents per share, in the quarter ended Sept. 30, compared to a profit of $158.2 million, or 43 cents per share, a year earlier.
Reporting by Rithika Krishna; Editing by Vinay Dwivedi and Maju Samuel
