CLR -- Transcript -- 2Q21

William Berry: CEO

• company record-breaking $634 million free cash flow
• reduced net debt by $284 million
• quarter ended with $4.59 billion in debt
• at this rate, 16 quarters to pay off debt
• ytd: $1.34 billion in fcf
• ytd: reduced net debt by $892 million
• exceeded production guidance, 167,000 boepd day and 1 billion cf of natural gas per day (1 billion / 6001 = 167K boepd -- :We exceeded our production guidance for the quarter, delivering 167,000 BOE a day and just over -- barrels of oil a day and just over 1 billion cubic feet of gas per day."
• oil: unhedged;
• natural gas: about 50% hedged through end of the year; 2022: no gas hedges beyond 2022;

Jack Stark: president and COO: assuming $60 WTI and $3 NYMEX gas

• 2Q21:
• brought on 70 gross operated wells in the Bakken; 38 in Oklahoma
• takeaway in the Bakken
• with the DAPL expansion, 1.6 million bbls of pipeline and local refining takeaway capacity excluding rail
• approximately 500,000 bopd more than the Bakken produced in May, 2021
• eleven of the 2Q21 Bakken completions were in the Long Creek unit;
• coming in below guidance of $6.1 million / well
• goal: 56 wells in this unit
• 30% by year-end 2021; 50% in 2022; and the remaining 20% in early 2023
• buybacks vs variable dividends
• investors seem to prefer buybacks over variable dividends
• Harold Hamm: "Because."
• not a lot of "free float" available for buy backs

I'll quit here; much more at the transcript, but most of it interests me now. The corporate slides are most interesting and can be found at the CLR website. 

See this post.