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Continental Resources' (CLR) CEO Bill Berry on Q2 2021 Results - Earnings Call Transcript

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Continental Resources, Inc. (NYSE:CLR) Q2 2021 Earnings Conference Call August 3, 2021 12:00 PM ET

Company Participants

Rory Sabino – Vice President of Investor Relations

Bill Berry – Chief Executive Officer

Jack Stark – President and Chief Operating Officer

Harold Hamm – Chairman of the Board

John Hart – Chief Financial Officer

Pat Bent – Vice President of Operations at Continental Resources Inc

Conference Call Participants

Arun Jayaram – JPMorgan

Doug Leggate – Bank of America

Derrick Whitfield – Stifel

Neal Dingmann – Truist Securities

Leo Mariani – KeyBanc

Oliver Huang – Tudor, Pickering, Holt & Co.

Operator

Good day, ladies and gentlemen, and welcome to the Continental Resources, Inc. Second Quarter 2021 Earnings Conference Call. At this time, are participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference call over to Rory Sabino, Vice President of Investor Relations. Please go ahead.

Rory Sabino

Great. Good morning, and thank you for joining us. Welcome to today's earnings call. We will start today's call with remarks from Bill Berry, Continental's Chief Executive Officer; and Jack Stark, President and Chief Operating Officer. Bill and Jack will be joined by additional members of our team, including Mr. Harold Hamm, Chairman of the Board; John Hart, Chief Financial Officer and Chief Strategy Officer; and other members of our team. 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. Please refer to the company's SEC filings for additional information concerning these statements and risks.

In addition, Continental does not undertake any obligation to update forward-looking statements made on this call. Finally, on the call, we

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Comments (5)

e
Dumb question of the day

"Obviously, you increased the dividend, but I wanted to get your perspective on why you went with buybacks versus variable dividends and love to hear what kind of feedback you're getting from investors"

Um Harold says BUY BUY BUY , thats the feedback we got
e
And they stated they have 683 m approved for buybacks 683/$34= 20 m shares. Thats almost 1/3rd of the remaining float.!!!

They could do that this month with a 1.5b line of credit
Completely unhedged to the upside while everyone else wallowing with bad hedges

This will be $ 40 in one month

Only thing holding them back is covid and the politicians tendicies to shut down the economy.

HH likes to be opportunistic and if the politicians shut things down, he will buy everything at 20 like he did last year
e
Short Interest (Current Shares Short)
10,000,000
Shares Float
64,450,000
Short Interest (Prior Shares Short)
9,190,000
L
Love HH’s comment “obviously “ with regard to stock price! If they invest for a 18% return on a well, and choose to buy stock instead, huh? Stuff must be undervalued more than 18%. Probably a $50 stock before mgmt quits buying. Analysts are over educated morons. Nice people, wrong questions
cdgingrich profile picture
Cliff's Notes: Shorties are so screwed.
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