In response to the demand destruction attributable to COVID-19, Continental Resources, Inc. (NYSE: CLR) today announced the following:
“Continental will continue to take decisive action to maximize cash flow generation, accomplish cost savings initiatives and prioritize the strength of our balance sheet,” said Bill Berry, chief executive officer. “Global crude oil and product demand is estimated to have been impacted by 30 percent due to COVID-19. Accordingly, we are reducing our production for April and May 2020 in a similar range.”
Furthermore, the board of directors has made the decision to suspend the quarterly dividend until further notice. This is part of the company’s proactive strategy to manage cash flow in a challenging commodity price environment.
About Continental Resources
Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK plays. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation’s leadership in the new world oil market. In 2020, the Company will celebrate 53 years of operations. For more information, please visit www.CLR.com.by