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CONTINENTAL RESOURCES ANNOUNCES 2Q22 RESULTS, DECLARES QUARTERLY DIVIDEND, & UPDATES VARIOUS 2022 GUIDANCE METRICS & DIFFERENTIALS

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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.

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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).

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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 June 30, 2022	Six Months Ended June 30, 2022
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-
GAAP financial measures as well as reconciliations to the most directly comparable U.S. GAAP financial measures
are provided subsequently under the header Non-GAAP Financial Measures.

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