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Continental Resources Inc CLR

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Continental Shrugs Off Winter Storm and Enjoys Robust First-Quarter Crude and Gas Prices

Analyst Note

| Dave Meats, CFA |

Continental delivered production of 308 mboe/d in the first quarter, which was 9% lower sequentially and 15% lower year over year. This was significantly impacted by Winter Storm Uri, which caused unsafe conditions across several U.S. oilfields and forced widespread shut-ins. Continental’s North Dakota focus probably gave a slight advantage, as the company has more experience operating in frigid conditions than its Texas-based peers. Regardless, the storm reduced Continental’s first-quarter output by 6 mboe/d (2%), but management maintained its 2021 guidance anyway for both production and capital spending.

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Company Profile

Business Description

Continental Resources is a U.S. oil and gas producer targeting in the Bakken Shale in North Dakota and the Scoop/Stack plays in Oklahoma. At the end of 2020, the company reported net proven reserves of 1.1 billion barrels of oil equivalent. Net production averaged 300 thousand barrels of oil equivalent per day in 2019, at a ratio of 54% oil and 46% natural gas and NGLs.

20 North Broadway
Oklahoma City, OK, 73102
T +1 405 234-9000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2019
Stock Type Distressed
Employees 1,201