Continental Resources (CLR) Update - April 13

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dan_s
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Continental Resources (CLR) Update - April 13

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Company to Announce First Quarter 2021 Results on Wednesday, April 28, 2021; Earnings Conference Call Scheduled for Thursday, April 29, 2021 at 12:00 P.M. ET

OKLAHOMA CITY, April 13, 2021 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) (the "Company") today provided an update on its first quarter 2021 production results.

February 2021 weather adversely impacted first quarter 2021 total production by approximately 6 MBoepd (60% oil). First quarter 2021 oil production is expected to average approximately 152 MBopd and first quarter 2021 natural gas production is expected to average approximately 935 MMcfpd. Additionally, the Company is providing preliminary production guidance for second quarter 2021 of 160 to 165 MBopd and 920 to 940 MMcfpd. The Company is on track to meet or exceed its annual production guidance for the year of 160 to 165 MBopd and 880 to 920 MMcfpd. < CLR reports ngas and NGLs on a combined basis. CLR's Q1 oil production compares to my forecast of 160,000 BOPD, but their gas production is 65 MMcfepd higher than my forecast.

As of March 31, 2021, the Company has reduced its total debt to $4.97 billion, with a cash balance of $96 million, equating to net debt of $4.88 billion (non-GAAP), reflecting a significant reduction from year-end 2020. The Company's recent debt reduction demonstrates the continued commitment to shareholder capital returns. The Company expects to reduce total debt to approximately $4 billion or below by year-end 2021.

The Company plans to announce first quarter 2021 results on Wednesday, April 28, 2021 after the close of trading on the New York Stock Exchange. The Company plans to host a conference call to discuss first quarter 2021 results on Thursday, April 29, 2021 at 12:00 p.m. ET (11:00 a.m. CT). Those wishing to listen to the conference call may do so via the Company's website at www.CLR.com or by phone:

Time and date:

12:00 p.m. ET, Thursday, April 29, 2021

Dial-in:

1-888-317-6003

Intl. dial-in:

1-412-317-6061

Conference ID:

8019515

A replay of the call will be available for 14 days on the Company's website or by dialing:

Replay number:

1-877-344-7529

Intl. replay:

1-412-317-0088

Conference ID:

10153636

The Company plans to publish a first quarter 2021 summary presentation to its website at www.CLR.com prior to the start of its conference call on Thursday, April 29, 2021.
Dan Steffens
Energy Prospectus Group
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