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Continental Resources Shares Gain 10% on Preliminary Q1 Production Estimates

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Source: Streetwise Reports   04/14/2021

Continental Resources shares traded higher after the oil and gas E&P company announced preliminary Q1/21 production results and reported that it is on track to meet or surpass estimated FY/21 average daily production levels.

Top 10 U.S. independent oil producer Continental Resources Inc. (CLR:NYSE) yesterday provided an update regarding its first quarter 2021 production results for the period ended March 31, 2021.

The company stated that total production in Q1/21 was adversely impacted by weather by around 6 Mboe/d of which about 60% of the impact was oil related. Continental Resources advised that when it reports final results for Q1/21, it expects that oil production will average about 152 Mbbl/d and natural gas production will average approximately 935 MMcf/d.

The firm also issued some forward production volume guidance for Q2/21 and FY/21. For Q2/21 the company anticipates that it will produce between 160-165 Mbbl/d and 920-940 MMcf/d. Continental also noted that it believes that it is still on track to meet or beat it FY/21 average production guidance of 160-165 Mbbl/d and 880-920 MMcf/d.

The company noted that since year-end 2020 it has significantly reduced its total debt outstanding to $4.97 billion and plans to continue paying down debt further to a level of $4.0 billion or below by year-end 2021. The firm added that as of March 31, 2021 it held $96 million in cash on its balance sheet.

The firm indicated that it plans to announce Q1/21 financial results after U.S, markets close for trading on April 28, 2021, and has scheduled a conference call for the following day to discuss the results.

Continental Resources is a large independent oil and natural gas producer based in Oklahoma City, Okla. The company stated that it is the “largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana.” The firm additionally owns significant holdings in the South Central Oklahoma Oil Province (SCOOP) and Sooner Trend Anadarko Canadian Kingfisher (STACK) areas in Oklahoma.

Continental Resources began the day with a market cap of around $9.3 billion with approximately 367.6 million shares outstanding and a short interest of about 3.2%. CLR shares opened 2% higher today at $25.88 (+$0.51, +2.01%) over yesterday’s $25.37 closing price. The stock has traded today between $25.70 to $28.61 per share and is currently trading at $27.90 (+$2.53, +9.97%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: CLR:NYSE, )



Source: https://www.streetwisereports.com/article/2021/04/14/continental-resources-shares-gain-10-on-preliminary-q1-production-estimates.html


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