CLR Earnings -- 3Q18 -- CLR Has Added Two Additional Rigs In The Bakken

Prior to today, over at "Bakken operators" these were most recent entries for CLR (2017 - 2018):

• 2Q18 presentation: step change in well performance across the Bakken
• May, 2018, presentation: 796,000 net acres in the Bakken; 161K boepd, up 48% over 1Q17; 1,100 mboe EUR type curves ($7.9 million) vs 980 mboe EUR type curves in 2017; see SeekingAlpha article;
• March, 2018: 1.1 million-bbl EUR type curves; 
• August, 2017: 806,000 net acres in the Bakken; 1.1 million boe EURs 

Now, let's look at 3Q18 earnings, sources:

• press release
• AP snapshot 
• Reuters

Data points:

• income
• net income: $314 million; $0.84 per diluted share
• adjusted net income: $337 million; 40.90 per diluted share
• results topped Wall Street expectations: Zacks -- 81 cents/share 
• revenue
• revenue: $1.28 billion
• results topped expectations: $1.21 billion
• production
• production, average 3Q18: 296,900 boepd (beats 3Q18 guidance and consensus)
• production, average 3Q18: 164,605 bopd (up 5% sequentially; and up 17% yoy)
• percentage oil: 164,605/296,900 = 55%
• Bakken production
• 167,643 boepd; up 23% yoy; compare with 161K boepd back in May, 2018; 
• 7K x 365 days = 2,555K (2.5 million bbls) x $50 = $127 million and my hunch it didn't cost an extra penny to grow that production -- at least not many extra pennies; the wells are just getting that much better; and costs are coming down;
• expects strong finish for CY2018 with "70 of our forecasted 2018 Bakken wells scheduled to be completed by year end"
• shares are up 28% in last 12 months; trading at around $50
• production records hit
• added two rigs in the Bakken, bringing its current total to eight
• production is expected to average 1.3 million bbls in November, 2018 -- EIA
• oil production remains unhedged
• some rivals, including EOG and Pioneer Natural Resources have warned investors that hedging may affect profits