Continental Resources, the U.S. shale producer controlled by billionaire Harold Hamm, expects its output to grow by 15 to 20 percent next year, with much of that increase weighted toward oil, executives said on Wednesday. The company will boost its 2018 capital spending budget by about $400 million, with about half of that dedicated to an increase in drilling and well-completion activities, in a bid to take advantage of higher crude prices. About 90 percent to 95 percent of the drilling and completion capital expenditures through year-end will be devoted to oil rather than natural gas production, executives told analysts during a quarterly post-earnings call. “The macro looks good for the supply-demand oil cycle,” Hamm said on the call. He estimated that oil prices could climb another 10 percent before leveling off, aided by reimposed U.S. sanctions on Iran. U.S. crude has climbed roughly […]