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| 2 Comments
Tue, May 5, 5:35 PM
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Tue, Feb. 24, 4:23 PM| 5 Comments
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| Comment!
Aug. 4, 2014, 5:35 PM
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May 8, 2014, 9:58 AM
- 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.
May 7, 2014, 7:11 PM| Comment!
May 6, 2014, 5:35 PM
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Feb. 26, 2014, 6:42 PM| 1 Comment
Feb. 26, 2014, 12:10 AM| Comment!
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