Continental to spend more in 2017 amid oil price rise

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Oil producer Continental Resources Inc set a capital budget of $1.95 billion for the year, compared with the $1.1 billion it had earmarked for 2016, joining a list of producers raising spending amid a recovery in oil prices.

The company said it expects full-year production to average about 220,000-230,000 barrels of oil equivalent per day (b/d), higher than the 2016 output of 217,000 b/d.

Continental said on Wednesday it planned to spend nearly 90 percent of its budget on drilling and completing wells.

The company, which is looking to sell non-core assets to pay down debt, plans to operate 20 drilling rigs in 2017, an increase of one rig from 2016.

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