Continental Resources reported after the market Wednesday beating profit and revenue estimates for the first quarter. $CLR, the largest lease holder in the Bakken of North Dakota and Montana was boosted by high oil prices.
Continental Resources reported after the market Wednesday beating profit and revenue estimates for the first quarter. $CLR, the largest lease holder in the Bakken of North Dakota and Montana was boosted by high oil prices.
Continental Resources Bakken Acerage
Earnings
Earnings of 68 cents per share higher than the expected 60 cents EPS and 2 cents per share in the year-ago-quarter. Revenue of $1.13 bilion higher than consensus $1.08 billion. Average production jumped 34.5% to 287,410 barrels of oil equivalent per day. Total production out of the Bakken play averaged 161,356 bpd, up 48% year-over-year. Updated well designs and improved drilling performance have cut completed well costs in the Woodford oil window in Oklahoma by $1 million to $11.7 million per well. Outlook: Continental plans to continuing operating six rigs in the Bakken through the end of the year. “We are clearly seeing a structural uplift in well performance across the Bakken field,” President Jack Stark said in the earnings release.
Continental Resources, Inc. NYSE: $CLR
Market Reaction > After hours 64.75 −1.16 (-1.76%)
Production
- Average production jumped 34.5% to 287,410 barrels of oil equivalent per day.
- Total production out of the Bakken play averaged 161,356 bpd, up 48% year-over-year.
- Updated well designs and improved drilling performance have cut completed well costs in the Woodford oil window in Oklahoma by $1 million to $11.7 million per well.
Guidance
Continental plans to continuing operating six rigs in the Bakken through the end of the year.
“We are clearly seeing a structural uplift in well performance across the Bakken field,” President Jack Stark said in the earnings release.
About Continental Resources
$CLR is a top 10 independent oil producer in the U.S. Lower 48 based in Oklahoma City, Continental is the largest leaseholder and one of the largest producers in the nation’s premier oil field, the Bakken of North Dakota and Montana.
The Company also has leading positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK and Northwest Cana plays with a focus on the exploration and production of oil.
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