Continental Resources, Inc. provideD production and capex guidance for the first quarter, fourth quarter and full year of 2016. The company expects average production of approximately 200,000 barrels of oil equivalent (Boe) per day for 2016. The company's 2016 production mix is expected to average 60% crude oil and 40% natural gas. The company estimates its 2016 capital expenditures budget will be cash flow neutral at an average WTI price of $37 per barrel for the full year. The company expects to spend 35% of its 2016 capital expenditures in the North Dakota Bakken and 28% in the SCOOP play in Oklahoma. Other key investment areas will be the STACK play in Oklahoma, with 15% of capital expenditures, and the Northwest Cana Joint Development (JDA) area, with 7% of capital expenditures. The remaining 15% portion of the 2016 budget will target other capital expenditures such as routine leasing and renewals, work-overs, and facilities. Continental's 2016 capital expenditures budget anticipates an average of 19 operated drilling rigs for the year, with four in the North Dakota Bakken, five to six in SCOOP, five in Northwest Cana JDA, and four to five in STACK. Continental recently decreased its operated rig count from 23 to 19 by dropping four rigs in Bakken, and therefore the current deployment of operated rigs is in line with the expected averages for the 2016 budget.

The company expects first quarter 2016 production will be in a range of 210,000 and 220,000 Boe per day. Non-acquisition capital spending is expected to be approximately $300 million in first quarter 2016, down from an estimated $395 million in the fourth quarter of 2015.

The company expects to exit 2016 with fourth quarter production between 180,000 and 190,000 Boe per day, reflecting reduced drilling and a lower level of well completion activity. By fourth quarter 2016, capital expenditures are expected to decline to approximately $200 million.

The company expects average production for 2015 to be approximately 221,700 Boe per day.