(MENAFN) US oil giant Continental Resources Inc. announced that it will cut its 2015 spending plan by 40 percent and reduce its operated rig count by a third on crude prices falls, Xinhua reported.
The exploration and production firm said it plans to spend USD2.7 billion on capital expenses next year, lower than the USD4.6 billion budget it previously announced last month.
"This revised budget prudently aligns our capital expenditures to lower commodity prices, targeting cash flow neutrality by mid-year 2015," chief executive officer (CEO) said in a statement.
The company is not the only US producer to announce budget cuts in response to falling crude prices. Earlier in December, ConocoPhillips said it would cut its budget by 20 percent to USD13.5 billion.