Continental Resources (CLR) - Q1 on track

[dan_s]

The Company's net income includes certain items typically excluded by the investment community in published estimates, the result of which is referred to as "adjusted net income." In first quarter 2017, these typically excluded items in aggregate represented $6.3 million, or $0.02 per diluted share, of Continental's reported net income. Adjusted net income for the first quarter was $6.8 million, or $0.02 per diluted share. < Compared to my forecast of $0.04 EPS.

Net cash provided by operating activities for first quarter 2017 was $470.2 million. < Compared to my forecast of $435.0 million.

Q1 production came in above my forecast and Q2 production is now expected to by slightly above my forecast.

SCOOP & STACK just keep getting better.

"I am very pleased with the performance of our assets and operations so far this year. Relative to 2017 guidance, we are ahead on production, under on CAPEX and expect to be at the top-end or better than our production guidance for the year," said Harold Hamm, Chairman and Chief Executive Officer. "In the Bakken, we have seen industry-wide basin wellhead netbacks strengthen by approximately $2.00 per barrel with new pipeline capacity and additional markets becoming available. This will begin to positively impact our economics over the next several months."

Mr. Hamm noted that Continental continues to expand the strategic scope of its premier assets with the Sycamore reservoir in Oklahoma's SCOOP play. "On top of all of the other great news, we are pleased to announce the addition of approximately 300,000 net reservoir acres in Sycamore, a new reservoir layer within SCOOP. Our world-class asset portfolio continues to expand."