Clr earninghs - Outstanding
Posted: Wed May 04, 2022 3:24 pm
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Average Net Sales Price (non-GAAP)(1)
Per Barrel of Oil $90.83
Per Mcf of Gas $6.34
The Company's full-year 2022 free cash flow projection equates to a 21% to 23% free cash flow yield (non-GAAP).
https://investors.clr.com/2022-05-04-CO ... NS?asPDF=1
CONTINENTAL RESOURCES ANNOUNCES OUTSTANDING 1Q22 RESULTS, INCREASES SHAREHOLDER RETURN OF CAPITAL, & ENHANCES 2022 PROJECTIONS
Oklahoma City, May 4, 2022 /PRNewswire/ --
Outstanding 1Q22 Results
• $1.50 B Cash Flow from Operations (CFO) & $1.15 B Free Cash Flow (FCF) (Non-GAAP)
• $597.8 MM Net Income; $1.65 per Diluted Share ($960.0 MM Adj. Net Income; $2.65 per Adj. Share (Non-GAAP))
Increasing Shareholder Return of Capital
• Quarterly Dividend Increased to $0.28 per Share (~2.0% Dividend Yield1)
• $100 MM Shares Repurchased in 1Q22 (~$960 MM Remaining in Share Buyback Program)
• $264 MM Total Debt Reduction in 1Q22 (Inclusive of $450 MM Powder River Basin Acquisition & Initial $63 MM Summit Carbon Capture Investment)
Enhancing 2022 Projections
• Increased Projected Return on Capital Employed (ROCE) to ~31% from Previous 21%
• Increased Avg. Daily Oil Production to 200 to 210 MBopd & Avg. Daily Natural Gas Production to 1.1 to 1.2 Bcfpd
• 220 to 230 MBopd December 2022 Avg. Daily Oil Production Exit Rate
• Projecting Full Year CFO of $6.5 to $7.0 B (Inclusive of ~$450 MM Working Capital Adjustment) and Projecting Full Year FCF2 of $4.3 to $4.7 B; 21% to 23% FCF Yield3 (Non-GAAP)
Continental Resources, Inc. (NYSE: CLR) (the "Company") today announced its first quarter 2022 operating and financial results, increased shareholder return of capital, and enhanced 2022 projections.
Logo - https://mma.prnewswire.com/media/95419/ ... s_logo.jpg
"Continental's outstanding first quarter 2022 results underscore our commitment to both return of capital to shareholders and corporate disciplined return on capital employed. Additionally, we continue to enhance our 2022 capital program and are realizing opportunities to optimize our operational and financial performance, as evident in our increased 2022 projected free cash flow of $4.3 to $4.7 billion, which equates to a 21% to 23% free cash flow yield. Our fifth consecutive increase to our quarterly dividend and approximately 31% projected return on capital employed continues to competitively differentiate us versus both our peers and the S&P 500 by delivering on our unique shareholder value proposition," said Bill Berry, President & Chief Executive Officer.
1 Annualized dividend yield is calculated as the annual dividend per share, based on the April 2022 dividend, divided by the stock price per share as of May 2, 2022. All future dividends require Board approval.
2 2022 projections include 1Q22 actuals and strip WTI and HH prices as of May 2, 2022, for the remainder of the year.
3 Free cash flow yield is estimated by dividing the 2022 annual FCF estimate by the Company's current market capitalization, as of May 2, 2022.
The Company reported net income of $597.8 million, or $1.65 per diluted share, for the quarter ended March 31, 2022. In first quarter 2022, typically excluded items in aggregate represented $362.2 million, or $1.00 per diluted share, of Continental's reported net income. Adjusted net income for first quarter 2022 was $960.0 million, or $2.65 per diluted share (non-GAAP). Net cash provided by operating activities for first quarter 2022 was $1.50 billion, and EBITDAX was $1.84 billion (non-GAAP).
Adjusted net income, adjusted net income per share, EBITDAX, free cash flow, free cash flow yield, net debt, net sales prices, and cash general and administrative (G&A) expenses per barrel of oil equivalent (Boe) presented herein are non-GAAP financial measures. Definitions and explanations for how these measures relate to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures are provided at the conclusion of this press release.
1Q22 Production & Operations Update
First quarter 2022 total production averaged 373.8 MBoepd. First quarter 2022 oil production averaged 194.8 MBopd. First quarter 2022 natural gas production averaged 1,074 MMcfpd.
The following table provides the Company's average daily production by region for the periods presented:
Average Net Sales Price (non-GAAP)(1)
Per Barrel of Oil $90.83
Per Mcf of Gas $6.34
The Company's full-year 2022 free cash flow projection equates to a 21% to 23% free cash flow yield (non-GAAP).
https://investors.clr.com/2022-05-04-CO ... NS?asPDF=1
CONTINENTAL RESOURCES ANNOUNCES OUTSTANDING 1Q22 RESULTS, INCREASES SHAREHOLDER RETURN OF CAPITAL, & ENHANCES 2022 PROJECTIONS
Oklahoma City, May 4, 2022 /PRNewswire/ --
Outstanding 1Q22 Results
• $1.50 B Cash Flow from Operations (CFO) & $1.15 B Free Cash Flow (FCF) (Non-GAAP)
• $597.8 MM Net Income; $1.65 per Diluted Share ($960.0 MM Adj. Net Income; $2.65 per Adj. Share (Non-GAAP))
Increasing Shareholder Return of Capital
• Quarterly Dividend Increased to $0.28 per Share (~2.0% Dividend Yield1)
• $100 MM Shares Repurchased in 1Q22 (~$960 MM Remaining in Share Buyback Program)
• $264 MM Total Debt Reduction in 1Q22 (Inclusive of $450 MM Powder River Basin Acquisition & Initial $63 MM Summit Carbon Capture Investment)
Enhancing 2022 Projections
• Increased Projected Return on Capital Employed (ROCE) to ~31% from Previous 21%
• Increased Avg. Daily Oil Production to 200 to 210 MBopd & Avg. Daily Natural Gas Production to 1.1 to 1.2 Bcfpd
• 220 to 230 MBopd December 2022 Avg. Daily Oil Production Exit Rate
• Projecting Full Year CFO of $6.5 to $7.0 B (Inclusive of ~$450 MM Working Capital Adjustment) and Projecting Full Year FCF2 of $4.3 to $4.7 B; 21% to 23% FCF Yield3 (Non-GAAP)
Continental Resources, Inc. (NYSE: CLR) (the "Company") today announced its first quarter 2022 operating and financial results, increased shareholder return of capital, and enhanced 2022 projections.
Logo - https://mma.prnewswire.com/media/95419/ ... s_logo.jpg
"Continental's outstanding first quarter 2022 results underscore our commitment to both return of capital to shareholders and corporate disciplined return on capital employed. Additionally, we continue to enhance our 2022 capital program and are realizing opportunities to optimize our operational and financial performance, as evident in our increased 2022 projected free cash flow of $4.3 to $4.7 billion, which equates to a 21% to 23% free cash flow yield. Our fifth consecutive increase to our quarterly dividend and approximately 31% projected return on capital employed continues to competitively differentiate us versus both our peers and the S&P 500 by delivering on our unique shareholder value proposition," said Bill Berry, President & Chief Executive Officer.
1 Annualized dividend yield is calculated as the annual dividend per share, based on the April 2022 dividend, divided by the stock price per share as of May 2, 2022. All future dividends require Board approval.
2 2022 projections include 1Q22 actuals and strip WTI and HH prices as of May 2, 2022, for the remainder of the year.
3 Free cash flow yield is estimated by dividing the 2022 annual FCF estimate by the Company's current market capitalization, as of May 2, 2022.
The Company reported net income of $597.8 million, or $1.65 per diluted share, for the quarter ended March 31, 2022. In first quarter 2022, typically excluded items in aggregate represented $362.2 million, or $1.00 per diluted share, of Continental's reported net income. Adjusted net income for first quarter 2022 was $960.0 million, or $2.65 per diluted share (non-GAAP). Net cash provided by operating activities for first quarter 2022 was $1.50 billion, and EBITDAX was $1.84 billion (non-GAAP).
Adjusted net income, adjusted net income per share, EBITDAX, free cash flow, free cash flow yield, net debt, net sales prices, and cash general and administrative (G&A) expenses per barrel of oil equivalent (Boe) presented herein are non-GAAP financial measures. Definitions and explanations for how these measures relate to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures are provided at the conclusion of this press release.
1Q22 Production & Operations Update
First quarter 2022 total production averaged 373.8 MBoepd. First quarter 2022 oil production averaged 194.8 MBopd. First quarter 2022 natural gas production averaged 1,074 MMcfpd.
The following table provides the Company's average daily production by region for the periods presented:
