All earnings now posted at "Earnings Central" posted on the sidebar at the right.
3Q10 Earnings, Nov 3, 2010
2Q10, Earnings Transcript, August 6, 2010
2Q10, Earnings Release, August 4, 2010
1Q10 Earnings
Annual Report (SEC), 10-K, 2009
4Q, 2009 Earnings Conference Call Transcript
3Q, 2009 Earnings Conference Call Transcript
*****
March 25, 2011: Public offering complete; raised $600 million; sold about 10 million shares. Not all of the over-allotment was sold. I don't know much about "over-allotments" but it is interesting that not all shares offered were sold. March 1, 2011: To sell 11.5 million shares in new offering to raise cash; represents about 6.3% of current outstanding shares.
January 25, 2011: Zacks recommends CLR.
January, 5, 2010: Presentation, current financial picture. Total cash cost in the Bakken -- $16.71/bbl.
November 4, 2010: $0.23 vs $0.21 3Q09. Would have been $0.41 without one-time charge.
October 28, 2010: Investopedia recommendation. The article says CLR is putting 8 wells on one pad on a 1280-acre spacing unit. I think that's incorrect. I think it's four wells on one pad for one 1280-acre unit, and four wells on another pad for another 1280-acre unit. The two pads can abut and result in one huge pad. But it is eight wells on two 1280-acre units. This is an important distinction because WLL is truly putting in as many as seven wells in one 1280-acre unit.
October 25, 2010: Investopedia --- CLR says 25 to to 65 percent return on investment with oil at $60 to $100.
September 10, 2010: CLR announces a 21 percent increase in proved reserves, mostly as a result of drilling in the Bakken. The additional 53 million barrels of oil at $ 20 per barrel of oil in the ground is $1,060,000,000; divided by 170 million shares of stock = $ 6.23 per share.
August 6, 2010, 2Q, 2010 earnings report, data points:
- 7-fold increase in earnings compared to same quarter last year
- Expects 2010 production expense to be lower: $6.50 - $7.00 (vs $7.75 - $8.25)
- Beats estimates by 8 cents
- "Handily" beats Street -- Reuters
- Production up 4%
- Net income 43 cents vs 16 cents one year ago
- Total oil and gas sales rose 134%
2009 production: 13% higher than 2008December 2, 2009: T. Boone Pickens says CLR is one of his two top energy choices.
Plans to have six (6) Eco-pads in 2010
One Eco-pad currently drilling in the Bakken
2009 reserves are 62% higher than 2008
The Bakken -- largest portion of CLR's reserves; 41%
Average daily production: 37k boepd vs 36k one year earlier
Production expense: $6.71/bbl vs $7.83 a year earlier
November 23, 2009: CLR has agreement to sell 5,000 bopd at fixed price of $80.50/bbl, January, 2010, through June, 2010. See CLR's homepage.
November 19, 2009: see the outstanding Harold Hamm presentation link at Bakken: CLR.
August 6, 2009: fascinating update.
*****
See my comments on outstanding 3rd quarter, 2009, earnings.
**** GENERAL COMMENTS *****
Continental Resources remains my personal favorite. The CEO, Harold Hamm, has been one of the "faces" of the Bakken.
When I first started researching the oil exploration and production companies in 2007, CLR and EOG were at the top of the list. I did not invest in EOG (that was a big mistake) but I did invest in CLR (no regrets).
CLR has some great wells. In addition, Harold Hamm is a very innovative thinker. Although others had suggested it, he was the first to test the theory that the Bakken and the Three Forks Sanish are two separate (non-communicating) formations.
Hamm has worked with the state and he has approval for ECO-pads: up to eight wells on one pad with four laterals in each of two separate formations, the Bakken and the TFS.
It appears that CLR will attempt a four-well ECO-pad in the near future. It is estimated that there should be a savings of about 10% per well drilled on an ECO-pad. Savings are found by not having to build separate pads, separate roads to different pads, and transporting the rig long distances.
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