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CLR closed up 5.5% today. Investors seem happy with these results. CLR flat after hours, after announcement.
From SeekingAlpha yesterday:
- Continental Resources is scheduled to announce Q4 earnings results on Tuesday, February 16th, after market close.
- The consensus EPS estime is a loss of 8 cents; (-114.5% Y/Y) and the consensus Revenue Estimate is $774.79M (-34.9% Y/Y).
- Over the last 2 years, CLR has beaten EPS estimates 50% of the time and has beaten revenue estimates 63% of the time.
- Over the last 3 months, EPS estimates have seen 10 upward revisions and 11 downward. Revenue estimates have seen 8 upward revisions and 3 downward.
Just out:
The Company reported a full-year 2020 net loss of $596.9 million, or $1.65 per diluted share. For full-year 2020, typically excluded items in aggregate represented $172.9 million, or $0.48 per diluted share, of Continental's reported net loss. Adjusted net loss for full-year 2020 was $424.0 million, or $1.17 per diluted share (non-GAAP). Net cash provided by operating activities for full-year 2020 was $1.42 billion and EBITDAX was $1.68 billion (non-GAAP).
The Company reported a net loss of $92.5 million, or $0.26 per diluted share, for the quarter ended December 31, 2020. In fourth quarter 2020, typically excluded items in aggregate represented $10.6 million, or $0.03 per diluted share, of Continental's reported net loss. Adjusted net loss for fourth quarter 2020 was $81.9 million, or $0.23 per diluted share (non-GAAP). Net cash provided by operating activities for fourth quarter 2020 was $487.5 million and EBITDAX was $572.0 million (non-GAAP).
Adjusted net income (loss), adjusted net income (loss) per share,
free cash flow, free cash flow yield, EBITDAX, net debt, net sales
prices and cash general and administrative (G&A) expenses per barrel
of oil equivalent (Boe) presented herein are non-GAAP financial
measures. Definitions and explanations for how these measures relate to
the most directly comparable U.S. generally accepted accounting
principles (GAAP) financial measures are provided at the conclusion of
this press release.
Productions and operations update:
Full-year 2020 total production averaged 300,090 Boepd. Full-year
2020 oil production averaged 160,505 Bopd. Full-year 2020 natural gas
production averaged 837.5 MMcfpd. Fourth quarter 2020 total production
averaged 339,307 Boepd. Fourth quarter 2020 oil production averaged
176,639 Bopd. Fourth quarter 2020 natural gas production averaged 976.0
MMcfpd.
The Company achieved its 2020 completed well cost targets in both the Bakken and Oklahoma, with go forward well costs in the Bakken of approximately $690 per lateral foot, at a 10,000' lateral length, and in Oklahoma of approximately $1,070
per lateral foot, at an 8,200' lateral length. These all-in well costs
include drilling and completion (D&C), full facilities and
artificial lift. Cost savings are 70% to 80% structural and are being
driven by a reduction in drilling cycle times, stage counts, proppant
volumes and stimulation days, as well as the optimization of artificial
lift.
FY20: $1.4 B Cash Flow from Operations & $275 MM Free Cash Flow (Non-GAAP)
• 4Q20: $488 MM Cash Flow from Operations & $332 MM Free Cash Flow (FCF)
o $168 MM in Non-Acquisition Capex
o 176.6 MBopd & 976 MMcfpd Average Daily Production
o $2.80 Production Expense per Boe
• FY20: Fifth Consecutive Year of Generating Positive FCF
o $1.16 B in Non-Acquisition Capex ($1.2 B Guidance)
o 160.5 MBopd & 837.5 MMcfpd Avg. Daily Production (155-165 MBopd & 800-820 MMcfpd
Guidance)
o $3.27 Production Expense per Boe ($3.50-$3.75 Guidance)
FY21: Projecting Sixth Consecutive Year of Generating Positive FCF
• In Excess of 40% of Cash Flow from Operations Projected toward Shareholder
Capital Returns through Debt Reduction and Future Dividends1
o Targeting Approx. $4.5 B Total Debt by YE21; <$4.0 B by YE22
• Approx. $2.4 B of Cash Flow from Operations; $1.0 B of FCF; 12% FCF Yield2 (non-GAAP)
o 58% Reinvestment Rate; 3-4% Total Production Growth; Budgeted at $52 WTI & $2.75 HH
o $5 Increase in WTI = Approx. $250 MM Increase in Cash Flow
• Expanding Operations into the Oil-Weighted Wyoming Powder River Basin in March 2021
o Adds 130,000 Net Acres & 400 MMBoe Net Unrisked Resource Potential to CLR Portfolio
