Adjusted Net Income for Third Quarter 2013 of $297 Million, or $1.61 per Diluted Share
Record EBITDAX of $798 Million, an Increase of 13% Compared to Second Quarter 2013 and 62% Compared to Third Quarter 2012
Record Production Totaling 141,900 Boe per Day for Third Quarter 2013, an Increase of 5% Sequentially and 38% Compared to Third Quarter 2012
Beat my forecast. I am updating the forecast model now and will post it to the website in about an hour.
CLR
Re: CLR
I brought this to the attention of EPG almost two years ago. SCOOP is going to become a major growth area for CLR in the years ahead. - Dan
Continental continues to deliver excellent, repeatable results from its drilling activity in the SCOOP. The play, discovered by Continental and announced in October 2012, currently extends approximately 3,300 square miles across several counties in Oklahoma and contains defined oil and condensate-rich fairways as delineated by more than 290 gross wells in the area. Continental currently has approximately 320,000 net acres of leasehold in the play. In third quarter 2013, SCOOP net production averaged approximately 20,100 Boe per day, an increase of 14% sequentially and 293% above third quarter 2012. The recent growth was driven by the addition of 11 net (22 gross) operated and non-operated wells in the play during the third quarter 2013, as per the Company's capital plan.
The Company is currently operating 12 rigs in the play with plans to increase to 15 by year-end 2013. The Company plans to complete a total of approximately 41 net (77 gross) wells in the SCOOP play in 2013, including both operated and non-operated wells. These wells will focus on expanding the proved productive extent of the play and de-risking the Company's leasehold. Expected net and gross well count activity has been adjusted to account for recent increased cross-unit activity.
Continental continues to deliver excellent, repeatable results from its drilling activity in the SCOOP. The play, discovered by Continental and announced in October 2012, currently extends approximately 3,300 square miles across several counties in Oklahoma and contains defined oil and condensate-rich fairways as delineated by more than 290 gross wells in the area. Continental currently has approximately 320,000 net acres of leasehold in the play. In third quarter 2013, SCOOP net production averaged approximately 20,100 Boe per day, an increase of 14% sequentially and 293% above third quarter 2012. The recent growth was driven by the addition of 11 net (22 gross) operated and non-operated wells in the play during the third quarter 2013, as per the Company's capital plan.
The Company is currently operating 12 rigs in the play with plans to increase to 15 by year-end 2013. The Company plans to complete a total of approximately 41 net (77 gross) wells in the SCOOP play in 2013, including both operated and non-operated wells. These wells will focus on expanding the proved productive extent of the play and de-risking the Company's leasehold. Expected net and gross well count activity has been adjusted to account for recent increased cross-unit activity.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: CLR
Continental Resources (CLR): An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 tab.
I have increased the Fair Value Estimate $6/share to $128/share.
CLR keeps beating my production forecasts, so it probably deserves a higher valuation. I am very interested to see their 3rd party year-end proven reserves.
I have increased the Fair Value Estimate $6/share to $128/share.
CLR keeps beating my production forecasts, so it probably deserves a higher valuation. I am very interested to see their 3rd party year-end proven reserves.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group