- Continental Resources (CLR -0.7%) opens lower after reporting improved Q1 earnings and revenues, but results fell short of Wall Street expectations.
- CEO Harold Hamm said CLR is off to a solid start in 2014, despite an extended cold snap in North Dakota, which caused delays in getting several pad locations connected to gathering systems.
- Q1 production totaled 13.7M boe, or 152.5K boe/day, up 6% Q/Q and up 25% Y/Y.
- Q1 average realized sale price, excluding the effects of derivative positions, came to $89.73/bbl, or $8.98 below the Nymex daily average for the quarter and the $89.99/bbl CLR earned in Q1 2013
- Reiterates 2014 guidance, which includes organic production growth of 26%-32% with a capital budget of $4.05B.