PR Newswire
OKLAHOMA CITY, July 28, 2022
OKLAHOMA CITY, July 28, 2022 /PRNewswire/ --
Strong 2Q22 Results
• $1.74 B Cash Flow from Operations (CFO) & $1.23 B Free Cash Flow (FCF) (Non-GAAP)
• $1.21 B Net Income; $3.35 per Diluted Share ($1.25 B Adj. Net Income; $3.47 per Adj. Share (Non-GAAP))
• $265.2 MM Total Debt Reduction and $814.2 MM Net Debt (Non-GAAP) Reduction in 2Q22
Declaring $0.28 per Share Quarterly Dividend (Payable 8/22/22 to Stockholders of Record on 8/8/22)
Updating Various 2022 Guidance Metrics & Differentials
• Increasing Projected Return on Capital Employed (ROCE) to ~32% from Previous ~31%
• Improving 2022 Crude Oil Differentials per Barrel of Oil to Average ($2.25) to ($3.25) from ($2.50) to ($3.50)
• Improving 2022 DD&A per Boe to $12.00 to $14.00 from $14.00 to $16.00
• Updating 2022 Production Expense per Boe to $3.75 to $4.25 from $3.50 to $4.00
Continental Resources, Inc. (NYSE: CLR) (the "Company") today announced its second quarter 2022 operating and financial results, declared a quarterly dividend, and updated various 2022 guidance metrics and differentials.
The Company reported net income of $1.21 billion, or $3.35 per diluted share, for the quarter ended June 30, 2022. In second quarter 2022, typically excluded items in aggregate represented $42.8 million, or $0.12 per diluted share, of Continental's reported net income. Adjusted net income for second quarter 2022 was $1.25 billion, or $3.47 per diluted share (non-GAAP). Net cash provided by operating activities for second quarter 2022 was $1.74 billion, and EBITDAX was $2.20 billion (non-GAAP).
Adjusted net income, adjusted net income per share, EBITDAX, free cash flow, 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.
2Q22 Production Update
Second quarter 2022 total production averaged 400.2 MBoepd. Second quarter 2022 oil production averaged 198.3 MBopd. Second quarter 2022 natural gas production averaged 1,211 MMcfpd. The following table provides the Company's average daily production by region for the periods presented:
| | | | | | | | |
| | 2Q | | 2Q | | YTD | | YTD |
Boe per day | | 2022 | | 2021 | | 2022 | | 2021 |
Bakken | | 162,840 | | 174,637 | | 167,097 | | 167,646 |
Anadarko Basin | | 160,583 | | 151,813 | | 152,319 | | 145,137 |
Powder River Basin | | 27,211 | | 6,002 | | 19,475 | | 4,243 |
Permian Basin | | 43,527 | | — | | 41,896 | | — |
All other | | 6,007 | | 6,247 | | 6,275 | | 6,379 |
Total | | 400,168 | | 338,699 | | 387,062 | | 323,405 |
2Q22 Financial Update
| | | | |
| 2Q 2022 Financial Update | Three Months Ended | | Six Months Ended |
| Cash and Cash Equivalents | | | $553.3 million |
| Total Debt | | | $6.30 billion |
| Net Debt (non-GAAP)(1) | | | $5.75 billion |
| Average Net Sales Price (non-GAAP)(1) | | | |
| Per Barrel of Oil | $106.41 | | $98.70 |
| Per Mcf of Gas | $7.75 | | $7.09 |
| Per Boe | $76.02 | | $70.96 |
| Production Expense per Boe | $4.23 | | $4.16 |
| Total G&A Expenses per Boe | $1.73 | | $1.97 |
| Crude Oil Net Sales Price Discount to NYMEX ($/Bbl) | ($2.30) | | ($2.88) |
| Natural Gas Net Sales Price Premium to NYMEX ($/Mcf) | $0.52 | | $0.95 |
| Non-Acquisition Capital Expenditures attributable to CLR | $648.5 million | | $1.17 billion |
| Exploration & Development Drilling & Completion | $504.7 million | | $930.9 million |
| Leasehold and minerals | $31.6 million | | $56.4 million |
| Workovers, Recompletions and Other | $112.2 million | | $185.1 million |
| Minerals attributable to FNV | $1.8 million | | $3.7 million |
| | |||
| (1) Net debt and net sales prices represent non-GAAP financial measures. Further information about these non- Werbung Mehr Nachrichten zur Continental Resources Aktie kostenlos abonnieren
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