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LONDON, UK / ACCESSWIRE / April 3, 2018 / Active-Investors.com has just released a free earnings report on Continental Resources, Inc. (NYSE: CLR) ("Continental"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CLR. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 20, 2018. The independent oil and gas Company surpassed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Earthstone Energy, Inc. (NYSE: ESTE), which also belongs to the Basic Materials sector as the Company Continental Resources. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Continental Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Continental reported revenues of $1.05 billion, up 91% compared to $549.7 million in Q4 2016. The Company's revenue numbers exceeded analysts' estimates of $951.5 million.
For the full year FY17, Continental generated revenues of $3.12 billion, up 58% compared to $1.98 billion in FY16.
For Q4 2017, Continental reported a net income of $841.9 million, or $2.25 per diluted share, compared to $27.7 million, or $0.07 per diluted share, in Q4 2016. Out of the Company's total net income for the reported quarter, $128.2 million was from operations and $713.7 million was from the federal tax reform.
Continental reported an adjusted net income of $153.7 million, or $0.41 per diluted share, in Q4 2017 compared to an adjusted loss of $27.4 million, or $0.07 loss per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $0.32 per share.
Continental reported a net income of $789.4 million, or $2.11 per diluted share, in FY17, with $75.7 million from operations and $713.7 million from the federal tax reform. The Company's adjusted net income was $190.8 million, or $0.51 per diluted share, in FY17 compared to an adjusted net loss of $326.6 million, or $0.88 loss per diluted share, in FY16.
Production Details
For Q4 2017, Continental's net production was up 18% to 26.4 million barrels of oil equivalent (Boe), or 286,985 Boe per day, from Q3 2017; with oil production up 20% to 168,066 barrels of oil (Bo) per day. Compared to Q4 2016, the Company's production surged 37%; with oil production up 44%. For Q4 2017, Continental's total net production included 168,066 Bo per day, or 59% of total production; and 713.5 million cubic feet (MMcf) of natural gas per day, or 41% of production.
During Q4 2017, Continental's Bakken net production reached an all-time high averaging 165,598 Boe per day, up 58% on a y-o-y basis. The Company completed 97 gross operated and non-operated Bakken wells with the first production during Q4 2017.
Continental exited 2017 with a drilled-well inventory of 165 gross operated wells in the Bakken, including 52 gross operated wells with stimulation complete or in progress, but which did not have first sales in FY17.
STACK
Continental's STACK net production averaged 47,914 Boe per day in Q4 2017, representing an increase of 96% on a y-o-y basis. The Company completed a total of 63 gross operated and non-operated STACK wells with the first production in the reported quarter. Continental plans to keep an average of eight operated drilling rigs in the play during 2018, with four to six targeting the Woodford and Meramec formations as part of the joint development agreement with SK E&S.
SCOOP
In Q4 2017, Continental's SCOOP net production averaged 62,242 Boe per day (23% oil), or 22% of the Company's total production. The Company completed a total of 12 gross operated and non-operated SCOOP wells with the first production during the reported quarter. In 2018, Continental plans to average seven operated rigs in the play.
Operating Results
In Q4 2017, Continental's average realized sales price, excluding the effects of derivative positions, was $51.16 per barrel of oil and $3.30 per Mcf of gas, or $38.27 per Boe. The Company's production expense per Boe was $3.17 for Q4 2017, down significantly by 17% compared to $3.82 per Boe for Q3 2017. This improvement was primarily driven by reduced water handling and disposal costs from increased recycling activities in Oklahoma, reduced workover activity, and the increase in production.
Reserves
As of December 31, 2017, Continental announced proved reserves of 1.33 billion Boe, reflecting a 4% increase on a y-o-y basis. The Company's year-end 2017 proved reserves were 48% crude oil, 89% operated by the Company, and approximately 45% were classified as proved developed producing (PDP). The Bakken accounted for 635.5 million barrels of oil equivalent (MMBoe), or 48% of Continental's year-end 2017 proved reserves. The SCOOP Woodford and SCOOP Springer play accounted for 491.8 MMBoe or 37% of the Company's year-end 2017 proved reserves. The STACK accounted for 167.4 MMBoe or 13% of Continental's year-end 2017 proved reserves.
Continental had a total of 1,783 gross proved undeveloped (PUD) locations at year-end 2017, with the Bakken accounting for 1,252 gross PUD locations. SCOOP accounted for an additional 336 gross PUD locations, while STACK accounted for 195 gross PUD locations at year-end 2017.
Cash Matters
Continental's net cash provided by operating activities was $731.1 million in Q4 2017 and was $2.1 billion in FY17. As of December 31, 2017, Continental's balance sheet included $43.9 million in cash and cash equivalents and $188 million of borrowings against the Company's revolving credit facility. At year-end 2017, Continental's long-term debt balance was $6.35 billion, down $261 million from September 30, 2017.
Stock Performance Snapshot
April 02, 2018 - At Monday's closing bell, Continental Resources' stock dropped 2.12%, ending the trading session at $57.70.
Volume traded for the day: 2.37 million shares.
Stock performance in the last month - up 18.77%; previous three-month period - up 9.03%; past twelve-month period - up 29.31%; and year-to-date - up 8.93%
After yesterday's close, Continental Resources' market cap was at $21.05 billion.
Price to Earnings (P/E) ratio was at 297.42.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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