Continental Resources, Inc. to Report Q1, 2015 Results on May 06, 2015
Apr 7 15
Continental Resources, Inc. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 06, 2015
Exxon, Continental Resources, Hess and Statoil Interested In Whiting Petroleum
Mar 16 15
Whiting Petroleum Corp. (NYSE:WLL) reportedly has garnered interest from Exxon Mobil Corporation (NYSE:XOM) and Continental Resources, Inc. (NYSE:CLR) as it explores a sale of the entire company. Hess Corporation (NYSE:HES) and Statoil ASA (OB:STL) are also interested in Whiting Petroleum, as reported.
Continental Resources, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Property Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Production and Capital Expenditure Guidance for 2015
Feb 25 15
Continental Resources, Inc. reported unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, net income was $114.0 million, or $0.31 per basic and diluted share, compared with net income of $132.8 million, or $0.36 per basic and diluted share, for the fourth quarter of 2013. Excluding items typically excluded from published analyst estimates, adjusted net income for the fourth quarter of 2014 was $420.8 million, or $1.14 per diluted share, an 84% increase over adjusted net income of $228.1 million, or $0.62 per diluted share, for the fourth quarter of 2013. Total revenues were $1,297.7 million against $811.2 million last year. Income from operations was $265.2 million against $273.7 million last year. Income before income taxes was $191.7 million against $210.8 million last year. Net cash provided by operating activities was $1,077.9 million against $584.8 million last year. EBITDAX for the fourth quarter of 2014 was $1.2 billion, a 66% increase over EBITDAX of $712 million for the fourth quarter of 2013. Non-acquisition capital expenditures totaled approximately $1.39 billion, including $1.27 billion in exploration and development drilling, $47 million in leasehold and seismic and $76 million in workovers, recompletions and other. Capital expenditures reflected a higher than anticipated level of activity by outside operators and higher working interests in inside-operated wells during the fourth quarter. Acquisition capital expenditures totaled approximately $24 million for the fourth quarter of 2014.
For the year, net income was $977.3 million, or $2.64 per diluted share, compared with net income of $764.2 million, or $2.07 per diluted share, for the full year of 2013. Excluding items typically excluded from published analyst estimates, adjusted net income was $1.3 billion, or $3.43 per diluted share, a 29% increase over adjusted net income of $986.1 million, or $2.67 per diluted share last year. Total revenues were $4,801.6 million against $3,421.8 million last year. Income from operations was $1,867.8 million against $1,445.8 million last year. Income before income taxes was $1,562.0 million against $1,213.0 million last year. Net cash provided by operating activities was $3,355.7 million against $2,563.3 million last year. EBITDAX was $3.9 billion, a 33% increase over EBITDAX of $2.8 billion last year. Non-acquisition capital expenditures totaled approximately $4.81 billion. Acquisition spending totaled approximately $204 million for the year.
For the fourth quarter, net production totaled 17.8 million boe, or 193,456 boe per day, a sequential increase of 6% from third quarter 2014 and 34% higher than 144,254 boe per day for the fourth quarter of 2013. Total net production for the fourth quarter included 136,972 barrels of oil per day (71% of production) and approximately 338.9 million cubic feet of natural gas per day (29% of production).
For the full year, production averaged 174,189 boe per day, an increase of 28% compared to 135,919 boe per day for the full year of 2013. SCOOP volumes accounted for 20% of the total volumes, up from 14% of the total full year of 2013 volumes.
For the quarter, property impairments were $393.8 million against $58.5 million last year. Property impairments primarily resulted from lower crude oil prices and changes in drilling plans. The impairments included $255 million for producing assets primarily from the Buffalo Red River Units and Medicine Pole Hills Units and $139 million for non-producing assets including $85 million related to exploratory prospects where the company is not planning to proceed with development in the current commodity price environment. There were no impairments of Bakken or SCOOP producing assets.
For 2015, the company believes that momentum coming out of 2014 will allow it to grow production 16% to 20%.
For 2015, the company expects capital expenditures (non-acquisition) of $2.7 billion and income tax rate of 38%.