⁍ U.S. shale producer Continental Resources Inc on Monday posted a bigger-than-expected second-quarter loss.

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⁍ The company had cut as much as 55% of its planned oil output in the June quarter.

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⁍ It now expects full-year oil production to range between 155,000 barrels per day (bpd) and 165,000 bpd.

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– US shale producer Continental Resources Inc on Monday posted a bigger-than-expected second-quarter loss as the coronavirus crisis and related lockdowns pummeled demand for fuel and hammered prices, reports Reuters. The largest producer in North Dakota’s Bakken basin—the second-biggest US shale field—had cut as much as 55% of its planned oil output in the June quarter as the oilfield was among the hardest hit by the price plunge. Average daily production tumbled 38.8% to 202,815 barrels of oil equivalent (boe), while prices crashed 78.1% to $7.88 per boe. The company estimates that the second quarter production deferral would help it generate an additional $90 million in cash flow from operations if US oil fetched around $40 a barrel. Continental said it now expects full-year oil production to range between 155,000 barrels per day (bpd) and 165,000 bpd, about 20% lower than its original forecast at its midpoint.