Continental Resources, Inc. Presents at Bank of America 2014 Global Energy Conference, Nov-13-2014 02:50 PM
Nov 5 14
Continental Resources, Inc. Presents at Bank of America 2014 Global Energy Conference, Nov-13-2014 02:50 PM. Venue: The Fontainebleau Miami Beach, 4441 Collins Ave, Miami, Florida, United States. Speakers: Harold G. Hamm, Executive Chairman, Chief Executive Officer, Chairman of Finance Committee and Member of Nominating & Corporate Governance Committee, Jack H. Stark, President and Chief Operating Officer, John D. Hart, Chief Financial Officer, Senior Vice President and Treasurer, John J. Kilgallon, Vice President of Investor Relations.
Continental Resources, Inc. Reports Unaudited Consolidated Production Results for the Third Quarter and Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Property Impairment for the Third Quarter of 2014; Provides Earnings and Production Guidance for the Full Year of 2014 and 2015
Nov 5 14
Continental Resources, Inc. reported unaudited consolidated production results for the third quarter and earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $533,521,000 or $1.44 per diluted share on total revenues of $1,645,328,000 against net income of $167,498,000 or $0.45 per basic and diluted share on total revenues of $814,887,000 a year ago. Income from operations was $944,897,000 compared to $328,043,000 a year ago. Income before income taxes was $846,861,000 compared to $265,871,000 a year ago. Net cash provided by operating activities was $845,398,000 compared to $821,508,000 a year ago. EBITDAX was $947,635,000 compared to $797,575,000 a year ago. Adjusted net income was $300,961,000 or $0.81 per diluted share compared to adjusted net income was $296,879,000 or $0.80 per diluted share a year ago.
For the nine months, the company reported net income of $863,293,000 or $2.33 per diluted share on total revenues of $3,503,918,000 against net income of $631,395,000 or $1.71 per diluted share on total revenues of $2,610,587,000 a year ago. Income from operations was $1,602,608,000 compared to $1,172,061,000 a year ago. Income before income taxes was $1,370,308,000 compared to $1,002,217,000 a year ago. Net cash provided by operating activities was $2,277,851,000 compared to $1,978,453,000 a year ago.
For the quarter, the company’s net production totaled 16.8 million barrels of oil equivalent (Boe), or 182,335 Boe per day, a sequential increase of 9% from second quarter 2014 and 29% higher than third quarter 2013. Increased production was driven by the company’s continued success in the Bakken through continued optimization of enhanced completions and artificial lift and the additional Springer activity and SCOOP. Third quarter 2014 net production included 127,788 barrels of oil per day (70% of production) and approximately 327 million cubic feet of natural gas (MMcf) per day (30% of production).
For the quarter, the company reported property impairments of $85,561,000 against $42,167,000 a year ago.
For the full year of 2014, capital expenditures are expected to be $4.55 billion. Income tax rate is expected to be 37%. Production growth guidance is expected to be 27% to 30%.
For the full year of 2015, capital expenditures are expected to be $4.6 billion. This level of capital expenditures is projected to yield 23% to 29% production growth in 2015 compared to estimated 2014 levels. Income tax rate is expected to be 37%. Production growth guidance is expected to be 23% to 29%.
Continental Resources Enters Into Joint Venture with SK E&S Of South Korea to Develop Northwest Cana Woodford Shale
Oct 27 14
Continental Resources, Inc. announced it has formed a joint venture with a U.S. subsidiary of SK E&S Co. Ltd. to jointly develop a significant portion of Continental's Northwest Cana Woodford natural gas assets, primarily in Blaine and Dewey counties, Oklahoma. Continental sold a 49.9% interest in approximately 44,000 net acres in the highly prospective Northwest Cana area of the Anadarko Woodford Shale play, including interests in 37 producing wells, for total consideration of approximately $360 million. Continental received $90 million at closing, and SK has committed to pay an additional $270 million to carry 50% of Continental's remaining share of future drilling and completion costs. Continental and SK have entered into a joint development agreement under which Continental has five years to utilize the carry, subject to extension under certain circumstances. The JDA also establishes an area of mutual interest in Northwest Cana and certain incentives for the joint venture to expand its leasehold position. Continental will be the operator for all current and future wells that are operated by the joint venture. The company plans to commence drilling in the AMI during November 2014, with four operated rigs running by the end of the year.