Wed, Nov. 4, 7:15 PM
- Continental Resources (NYSE:CLR) +1.8% AH despite reporting a Q3 loss and a 46% Y/Y revenue decline, as it raises its production forecast in a bet that cost cuts and technological advancements will help it extract more oil at a cheaper price.
- CLR says it now expects to produce 24%-26% more oil than last year's 174K boe/day, a jump from previous guidance for a boost of 16%-20%.
- CLR says Q3 production averaged ~228K boe/day, up 1% Q/Q and 25% higher than the year-ago quarter, but expects to exit year-end 2015 with production of ~210K boe/day.
- Says it had cut its drilling and completion costs for new wells by 25% in the past 11 months.
- CLR also says it increased its commitments on a credit line to $2.75B even though it had used only $880M so far.
Wed, Nov. 4, 4:47 PM
Tue, Nov. 3, 5:35 PM
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Wed, Aug. 5, 4:19 PM
Tue, Aug. 4, 5:35 PM
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Wed, May 6, 5:49 PM
- Continental Resources (NYSE:CLR) +2.8% AH after posting a smaller than expected Q1 loss, as cost cuts helped offset low oil prices.
- CLR says its drilling and completion costs for most of its operated wells have fallen a greater than expected 15% since year-end, mostly the result of lower service costs, and it now expects to realize service cost reductions of up to 20% by mid-year and further savings from drilling and completion efficiencies.
- Says Q1 EBITDA was $439.4M vs. $775.4M in the year-ago quarter, reflecting the decline in average commodity prices
- CLR's Q1 production totaled 18.6M boe, or 206.8K boe/day, up 7% Q/Q and 36% higher than in Q1 2014, with the biggest jump in North Dakota, where it is the second largest oil producer.
- CLR says it believes oil prices will rise later this year but is not raising production expectations, although it expects to be cash flow neutral by the middle of the year.
Wed, May 6, 4:27 PM
Tue, May 5, 5:35 PM
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Tue, Feb. 24, 4:23 PM
Mon, Feb. 23, 5:35 PM
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Nov. 5, 2014, 5:57 PM
- Continental Resources (NYSE:CLR) -2.9% AH after Q3 earnings and revenues are in line with expectations, but says it will cut its 2015 capital spending budget by $600M to $4.6B as it postpones a planned drilling expansion due to falling oil prices.
- CLR says Q3 production averaged 182,335 boe/day, up 29% Y/Y, which included 127,788 bbl/day of oil (70% of production) and 327M cf/day of natural gas; October production averaged more than 187K boe/day.
- Says it recorded a $474M gain on derivatives vs. a $203M loss on derivatives in the year-ago period.
Nov. 5, 2014, 5:28 PM
Nov. 4, 2014, 5:35 PM
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Aug. 6, 2014, 10:27 AM
- Continental Resources (CLR -1.5%) opens lower after Q2 earnings fell nearly 68% Y/Y and failed to meet expectations, as higher operating costs masked higher revenues and oil production.
- Q2 net production totaled 15.3M boe, or nearly 168K boe/day, up 10% Q/Q and up 24% Y/Y; 69% of production was oil vs. 31% natural gas.
- CLR's average realized sale price in Q2, excluding the effects of derivative positions, came to $92.31/bbl of oil, or $10.69 below the Nymex daily average for the quarter and above the $87.22 earned in the year-ago period.
- Says it expects oil inventories will increase in H2, which could result in reduced sales volumes in Q3 and Q4 by an aggregate total of ~500K net barrels, but the impact may be partially offset by sales of previously stored production throughout the company's facilities in the Bakken.
Aug. 5, 2014, 11:46 PM
Aug. 4, 2014, 5:35 PM
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