Tuesday, April 30, 2019

CLR's April, 2019, Investor Update Has Been Posted

Link here.

  • 1Q19 results
    • net income: $187 million
    • growth yoy: 16%
    • oil growth yoy: 18%
    • total G&A per boe: $1.60
    • improved oil diff QoQ: 43%
  • Three strategic "step-out" wells with excellent results, 24-hour IPs
    • current metric: 100,000 bbls in 90 days
      • MT, Baird Federal: 1,680 
        • outperforming legacy well by 110% at 60 days
      • ND, Burian: 2,400
        • outperforming legacy well by 80% at 60 days
      • ND, McClintock, 2,440
        • outperforming legacy well by 100% at 60 days
  • low cost leader among peers (actually identifies peers on slide 4)
    • quite striking
    • compare with APC, OAS, DVN, others; 
    • EOG comes close
    • APC comes close
  • lowest maintenance cash flow breakeven: shows a breakeven of $38
  • operations
    • 194 optimized development wells completed in 23 units
    • entire 194 well development program has paid out
    • top 10 CLR Bakken 30-day rate units
    • three of top ten units were completed in 1Q19
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For Future Reference

Regarding the wells CLR references above:
  • Burian:
    • 35495, conf, CLR, Burian 4-27H1, St Demetrius, t--; 16K over 14 days;
    • 21806, 854, CLR, Burian 1-27H, St Demetrius, t3/12; cum 259K 2/19; 
    • McClintock:
      • 35538, conf, McClintock 8-1H1, Pleasant Valley, t--; cum 10K over unspecified number of days;
      • 22031, 819, CLR, McClintock 1-1H, Pleasant Valley, t6/12; cum 213K 2/19;

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