Bottom line:
Reports Q4 (Dec) earnings of $0.51 per share, excluding $0.78 in items, $0.02 better than the Thomson Reuters consensus of $0.49; oil and gas sales rose 34.3% year/year to $273.1 millionGross wells: 222
- 1,544 wells were spudded in North Dakota in 2010
- Harold Hamm participated in 222 wells in North Dakota in 2010
- Harold Hamm participated in one of every seven wells drilled in North Dakota in 2010
- Harold Hamm knows the Bakken like he knows the back of his hand
- CLR has held back its production to minimize flaring of natural gas
- CLR production was impacted by lack of pipeline capacity, particularly during the winter weather
- Availability of frack crews impacts everyone
- 48K boepd in 4Q10 vs 38K boepd in 4Q09
- Negatively impacted by factors noted above; potential for greater production
- 366 million barrels at end of 2010
- 42% higher than one year earlier (257 million barrels)
- Miles-Kennedy: IP - 1,377; strongest well, 1,448; McKenzie County
- Glasoe-Raymo: IP - 940; strongest well, 1,129; Divide County
- Bridger-Bonneville: IP (restricted) - 745; strongest well (restricted), 883; Dunn County
- 855,936 net acres in the Bakken play
- 623,649 net acres leased in North Dakota
- 232,287 net acres leased in Montana
- 21 operated rigs at end of the year in ND; two in Montana
- Red River: North Dakota, South Dakota, Montana
- Niobrara: Wyoming, Colorado
- Fort Union: Wyoming
- Woodford Shale: Oklahoma
- Paris Basin: France
"Continental completed the first commercially viable well in the North Dakota Bakken that used both horizontal drilling and fracture stimulation – the Robert Heuer 1-17R in Divide County in March 2004," Mr. Hamm said. "We were an early pioneer in the play, and since then we've established Continental as the leading leaseholder. We expect the Bakken to drive our growth for many years.
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