Well results within our portfolio continue to improve with optimized completion and as a mature hands-on driller we continue to innovate new methods of delivering the best operating efficiencies to execute a growth strategy with precision and discipline and reference to market conditions.
Today's call will contain forward-looking statements that address projections, assumptions and guidance.
Actual results may differ materially from those contained in forward-looking statements.
Also on the call, we will refer to initial production levels or IPs for new wells, which in most cases are maximum 24-hour initial test rates.
The well economics, to which Jack will be referring in his remarks are based on $50 WTI and $3.25 gas. Harold Hamm Thanks, Warren, good morning, everyone.
Continental delivered more production per dollar invested demonstrating both, improved capital efficiency and increased productive capacity.
Consequently, we have elevated our 2017 production growth guidance raising the expected range for exit rate to 24% to 31% above fourth quarter 2016 production.And even more significant we expect to accomplish this within the same capital expenditure budget or less as well as adjust to commodity prices to be cash neutral.Our outlook in corporate further operating efficiency such as reduced drilling times and lower costs of operations and transportation for daily production.Now during the past three years of cross volatility, Continental has reset it's priorities and recalibrated its growth strategy to pluck the new era of U. Since 2014 we've been -- we have more than doubled the reserves found for capital dollars spent.This evolution is especially timely given the historic adjustments in oil markets as America re-emerges as the dominant world energy leader.As multiple companies have noted, EMPs are tapping the brakes on drilling and making more rational capital decisions in the face of oil prices and the best interests of the shareholders.