Continental Resources (CLR) Q4 Results - Feb 27
Posted: Thu Feb 27, 2020 12:16 pm
CLR is taking a beating today because the entire sector is selling off and none of CLR's oil is hedged. Aside from that, Q4 were results were good.
4Q19 Results
$193.9 MM in Net Income, or $0.53 per Diluted Share
• $203.6 MM Adjusted Net Income, or $0.55 per Diluted Share < This compares to my Q4 forecast of $180.6 million net income, $0.49/share.
365,341 Boepd Average Daily Production; up 13% YoY
• 206,249 Bopd Average Daily Oil Production; up 10% over 4Q18 < This beat my forecast of 203,000 BOPD.
2020 Capital Budget & Guidance
$2.9 B to $3.0 B of Cash Flow from Operations; $350 MM to $400 MM of Free Cash Flow
• Budgeted at $55 WTI and $2.50 HH; $5 Change in WTI = Approx. $300 MM in Cash Flow
Targeting 4% to 6% Production Growth YoY Delivers Average Approx. 10% CAGR for 2019-2020
• Large Projects in 2020 Projected to Drive Double Digit Growth from FY 2020 to 4Q21
$2.65 B Capital Spend in 2020; Flat Capital Spend YoY
• $2.2 B Drilling & Completions; $125 MM for Mineral Acquisitions ($100 MM Funded by FNV)
• Approx. 20% Lower Capital Spend in 2020 than Original Five Year Vision Estimate
• Approx. $700 MM Capital Spend in 2020 with First Production Expected in 2021
Expect to Continue Delivering Lowest Cost Operations Amongst Oil-Weighted Peers
• $3.50 to $4.00 LOE per Boe | $1.60 to $2.00 Total G&A per Boe
4Q19 Results
$193.9 MM in Net Income, or $0.53 per Diluted Share
• $203.6 MM Adjusted Net Income, or $0.55 per Diluted Share < This compares to my Q4 forecast of $180.6 million net income, $0.49/share.
365,341 Boepd Average Daily Production; up 13% YoY
• 206,249 Bopd Average Daily Oil Production; up 10% over 4Q18 < This beat my forecast of 203,000 BOPD.
2020 Capital Budget & Guidance
$2.9 B to $3.0 B of Cash Flow from Operations; $350 MM to $400 MM of Free Cash Flow
• Budgeted at $55 WTI and $2.50 HH; $5 Change in WTI = Approx. $300 MM in Cash Flow
Targeting 4% to 6% Production Growth YoY Delivers Average Approx. 10% CAGR for 2019-2020
• Large Projects in 2020 Projected to Drive Double Digit Growth from FY 2020 to 4Q21
$2.65 B Capital Spend in 2020; Flat Capital Spend YoY
• $2.2 B Drilling & Completions; $125 MM for Mineral Acquisitions ($100 MM Funded by FNV)
• Approx. 20% Lower Capital Spend in 2020 than Original Five Year Vision Estimate
• Approx. $700 MM Capital Spend in 2020 with First Production Expected in 2021
Expect to Continue Delivering Lowest Cost Operations Amongst Oil-Weighted Peers
• $3.50 to $4.00 LOE per Boe | $1.60 to $2.00 Total G&A per Boe