OKLAHOMA CITY, April 13, 2021 /PRNewswire/ -- Continental
Resources, Inc. (NYSE: CLR) (the "Company") today provided an
update on its first quarter 2021 production results.
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February 2021 weather adversely
impacted first quarter 2021 total production by approximately 6
MBoepd (60% oil). First quarter 2021 oil production is expected to
average approximately 152 MBopd and first quarter 2021 natural
gas production is expected to average approximately 935 MMcfpd.
Additionally, the Company is providing preliminary production
guidance for second quarter 2021 of 160 to 165 MBopd and 920 to 940
MMcfpd. The Company is on track to meet or exceed its annual
production guidance for the year of 160 to 165 MBopd and 880 to 920
MMcfpd.
As of March 31, 2021, the Company
has reduced its total debt to $4.97
billion, with a cash balance of $96
million, equating to net debt of $4.88 billion (non-GAAP), reflecting a
significant reduction from year-end 2020. The Company's recent debt
reduction demonstrates the continued commitment to shareholder
capital returns. The Company expects to reduce total debt to
approximately $4 billion or below by
year-end 2021.
The Company plans to announce first quarter 2021 results on
Wednesday, April 28, 2021 after the
close of trading on the New York Stock Exchange. The Company plans
to host a conference call to discuss first quarter 2021 results on
Thursday, April 29, 2021 at
12:00 p.m. ET (11:00 a.m. CT). Those wishing to listen to the
conference call may do so via the Company's website at www.CLR.com
or by phone:
Time and
date:
|
12:00 p.m. ET,
Thursday, April 29, 2021
|
Dial-in:
|
1-888-317-6003
|
Intl.
dial-in:
|
1-412-317-6061
|
Conference ID:
|
8019515
|
A replay of the call will be available for 14 days on the
Company's website or by dialing:
Replay number:
|
1-877-344-7529
|
Intl.
replay:
|
1-412-317-0088
|
Conference ID:
|
10153636
|
The Company plans to publish a first quarter 2021 summary
presentation to its website at www.CLR.com prior to the start of
its conference call on Thursday, April 29,
2021.
About Continental Resources
Continental Resources (NYSE: CLR) is a top 10 independent oil
producer in the U.S. and a leader in America's energy renaissance.
Based in Oklahoma City,
Continental is the largest leaseholder and the largest producer in
the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant
positions in Oklahoma, including
its SCOOP Woodford and SCOOP Springer discoveries and the STACK
plays. With a focus on the exploration and production of oil,
Continental has unlocked the technology and resources vital to
American energy independence and our nation's leadership in the new
world oil market. In 2021, the Company will celebrate 54 years of
operations. For more information, please visit www.CLR.com.
Cautionary Statement for the Purpose of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act of
1995
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
included in this press release other than statements of historical
fact, including, but not limited to, forecasts or expectations
regarding the Company's business and statements or information
concerning the Company's future operations, performance, financial
condition, production and reserves, schedules, plans, timing of
development, rates of return, budgets, costs, business strategy,
objectives, and cash flows are forward-looking statements. When
used in this press release, the words "could," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," "budget,"
"target," "plan," "continue," "potential," "guidance," "strategy,"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words.
Forward-looking statements are based on the Company's current
expectations and assumptions about future events and currently
available information as to the outcome and timing of future
events. Although the Company believes these assumptions and
expectations are reasonable, they are inherently subject to
numerous business, economic, competitive, regulatory and other
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the Company's control. No assurance can be
given that such expectations will be correct or achieved or that
the assumptions are accurate. The risks and uncertainties include,
but are not limited to, commodity price volatility; the geographic
concentration of our operations; financial market and economic
volatility; the effects of any national or international health
crisis; the inability to access needed capital; the risks and
potential liabilities inherent in crude oil and natural gas
drilling and production and the availability of insurance to cover
any losses resulting therefrom; difficulties in estimating proved
reserves and other reserves-based measures; declines in the values
of our crude oil and natural gas properties resulting in impairment
charges; our ability to replace proved reserves and sustain
production; our ability to pay future dividends or complete share
repurchases; the availability or cost of equipment and oilfield
services; leasehold terms expiring on undeveloped acreage before
production can be established; our ability to project future
production, achieve targeted results in drilling and well
operations and predict the amount and timing of development
expenditures; the availability and cost of transportation,
processing and refining facilities; legislative and regulatory
changes adversely affecting our industry and our business,
including initiatives related to hydraulic fracturing and
greenhouse gas emissions; increased market and industry
competition, including from alternative fuels and other energy
sources; and the other risks described under Part I, Item 1A. Risk
Factors and elsewhere in the Company's Annual Report on Form 10-K
for the year ended December 31, 2020,
registration statements and other reports filed from time to time
with the SEC, and other announcements the Company makes from time
to time.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which such statement is made. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, the Company's actual
results and plans could differ materially from those expressed in
any forward-looking statements. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Except as otherwise required by applicable law, the Company
undertakes no obligation to publicly correct or update any
forward-looking statement whether as a result of new information,
future events or circumstances after the date of this report, or
otherwise.
Non-GAAP Financial Measure
Net Debt
Net debt is a non-GAAP measure. We define net debt as total debt
less cash and cash equivalents as determined under U.S. GAAP. Net
debt should not be considered an alternative to, or more meaningful
than, total debt, the most directly comparable GAAP measure.
Management uses net debt to determine the Company's outstanding
debt obligations that would not be readily satisfied by its cash
and cash equivalents on hand. We believe this metric is useful to
analysts and investors in determining the Company's leverage
position since the Company has the ability to, and may decide to,
use a portion of its cash and cash equivalents to reduce debt.
Investor
Contacts:
|
Media
Contact:
|
Rory
Sabino
|
Kristin
Thomas
|
Vice President,
Investor Relations
|
Senior Vice
President, Public Relations
|
405-234-9620
|
405-234-9480
|
Rory.Sabino@CLR.com
|
Kristin.Thomas@CLR.com
|
|
|
Lucy Spaay
|
|
Investor Relations
Analyst
|
|
405-774-5878
|
|
Lucy.Spaay@CLR.com
|
|
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SOURCE Continental Resources