June 18, 2020 / 9:28 PM / 16 days ago

UPDATE 1-Shale producer Continental expects to partially resume output in July

(Adds details on July and Q2 production, background)

June 18 (Reuters) - Continental Resources said on Thursday it expects to bring back about 20% of its shut-in production in July, looking to gradually restore curtailed output as it believes crude prices have stabilized.

The company expects July output to average at 225,000 barrels of oil equivalent (boe) per day to 250,000, and second-quarter production at about 200,000 boepd to 205,000, it said in a statement.

U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, which is about a quarter of what they shut since the COVID-19 pandemic hit fuel demand.

Bigger rival ConocoPhillips has also said it was considering resuming curtailed volumes, which is about a third of its production, over the next few months and plans to restore 100,000 bpd in shut-ins in Alaska by July.

Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli

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