Top Stories
Top Stories
Wires

Continental raises 2019 cash flow outlook

April 30 (Reuters) - Top Bakken producer Continental Resources Inc raised its 2019 outlook for free cash flow to $1 billion on Tuesday, citing an uptick in oil prices.

The company, whose production growth is primarily oil-weighted, had previously forecast cash flow of about $500 million to $600 million for the year, if U.S. crude prices averaged $55 and gas prices were about $3.

Continental, however, reiterated its plans to spend about $2.6 billion through the year in a post-earnings call with analysts on Tuesday.

The company beat Wall Street estimates for quarterly profit on Monday, fueled by higher production at its oil-rich North Dakota shale field. (Reporting by Arathy S Nair in Bengaluru)