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Monday, April 29, 2019

CLR 1Q19 Earnings

Press release:
  • earnings
    • net income: $187 million
    • EPS: 50 cents/share
    • adjusted net income: $217 million
    • adjusted EPS: 58 cents/share
    • forecast: 48 cents/share
  • production: 
    • 193,921 bopd average; up 18% y-o-y
    • 332,236 boepd average; up 16% over y-o-y
  • Bakken: 3 strategic step-out wells deliver excellent results
After market close: shares up 3%; over $1.50; trading just under $50

Reuters: CLR profit beats as higher production offsets weaker prices.
  • in the Bakken, shale hit a record 1.41 million bopd (all production; not just CLR)
  • average sales price, excluding hedging: fell to $35.56/boe, from $41.26 a year earlier
  • earned 58 cents vs forecast of 49 cents
  • guidance unchanged:
  • 190,000 - 200,000 bopd
  • 790 million cf - 810 million cf
  • reiterates budget of $2.6 billion
CLR: history here

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