February 25, 2015 / 6:25 PM / 4 years ago

BRIEF-Continental Resources expects oil prices to rise in second half of 2015

Feb 25 (Reuters) - Continental Resources Inc

* Says expects well completion costs to drop 15 percent as oilfield service providers lower rates amidst cheaper oil -presentation

* Says average SCOOP Woodford well costs $12.2 million, working to lower cost

* Says average SCOOP Springer well costs $9.7 million, working to lower cost

* Says plans to run average of 31 rigs companywide this year

* CEO Harold Hamm says recent industry rig count, capex cuts should “rebalance supply and demand” and help oil prices recover

* Says currently under budget on $2.7 billion capital budget for 2015

* Says Brent, WTI spread continues to fuel “strong appetite” for crude on U.S. West & East coasts

* Says U.S. refinery strike affecting demand “a little bit”

* Says expects amount of crude oil going into storage in United States to “taper off pretty quickly” within the month

* Says a $5 per barrel drop in crude oil price “pays for you to defer (well completions) for several months” due to cost savings

* Says expects oil prices to rise in second half of 2015

* Says has 127 Bakken wells waiting to be fracked-presentation

* Says plans to end 2015 with fewer than 100 wells waiting to be fracked-presentation

* Says plans to extend Bakken 30-stage frack program into Mountrail and Dunn counties this year-presentation

* CEO Harold Hamm says “highly optimistic” United States will repeal ban on exports of crude oil

* Says expects cash costs per barrel to fall, implies North Dakota oil tax break biggest reason

* Says “remains committed” to maintaining investment grade credit rating, regardless of oil price

* CEO says would not return to hedging production if oil prices return to $70/barrel, says expects prices to surpass that level

* CEO says “would have a balanced approach” to increasing operations in various shale plays as oil prices recover

* Says companywide base decline rate is 35 percent to 36 percent

* Says working on project to recycle water for fracking operations Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder; Editing by Diane Craft)

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