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Continental becomes latest U.S. shale producer to cut budget

(Reuters) - Continental Resources Inc (CLR.N) cut its 2017 capital budget on Tuesday, the latest U.S. shale oil producer to cut back on drilling and fracking equipment amid tepid crude prices.

The company, which is majority controlled by Chief Executive Harold Hamm, said it would spend $1.75 billion to $1.95 billion this year, down from a prior $1.95 billion target. Continental said it can be cash flow neutral - that is, spend as much as it makes - with oil prices CLc1 between $45 and $51 per barrel.