The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low oil prices. Continental Resources said today it had voluntarily curtailed 70 percent of its operated oil production in May as it swung to a net loss of $185.7 million for Q1, compared to a profit of $187 million for the same period of 2019. Continental Resources is currently operating five rigs and expects to reduce that number to four rigs by the end of this year—this is an 80-percent cut in rigs from the beginning of 2020, the company said. “This has been an unprecedented global market environment, which has seen crude oil demand fall by approximately 30% due to the COVID-19 pandemic. Continental is committed to preserving value over volumes. Our assets are secure and we are confident […]