LONDON, UK / ACCESSWIRE / December 20, 2017 / Active-Investors free earnings report on Continental Resources, Inc. (NYSE: CLR) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=CLR. The Company posted its financial results on November 07, 2017, for the third quarter fiscal 2017. The oil and gas Company's revenue and adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Continental Resources most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
For three months ended September 30, 2017, Continental Resources' total revenues increased 38.1% to $726.74 million from $526.20 million in Q3 FY16. The Company's total revenue surpassed analysts' expectations of $709.6 million.
For the reported quarter, the Company's crude oil's average daily production increased 20.9% to 140,611 Bbl per day, from 116,277 Bbl per day in Q3 FY16. For the reported quarter, the Company's natural gas average daily production increased 11.6% to 613,060 Mcf per day from 549,374 Mcf per day in Q3 FY16. For the reported quarter, the Company's crude oil equivalent's average daily production increased 16.8% to 242,788 Boe per day from 207,840 Boe per day in Q3 FY16.
For the reported quarter, the Company's STACK net production increased 12% to 35,619 Boe per day on a sequential basis. For the reported quarter, the Company's SCOOP net production was 57,283 Boe per day. For the reported quarter, the Company's Bakken net production increased 14% to 136,851 Boe per day on a sequential basis.
For the reported quarter, the Company's crude oil's average sales price increased 14.9% to $43.27 per Bbl from $37.66 per Bbl in Q3 FY16. For the reported quarter, the Company's natural gas average sales price increased 35.6% to $2.74 per Mcf from $2.02 per Mcf in Q3 FY16. For the reported quarter, the Company's crude oil equivalent's average sales price increased 20.6% to $31.86 per Boe from $26.42 per Boe in Q3 FY16.
For the reported quarter, Continental Resources' earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) increased 45.8% to $563.77 million from $386.79 million in Q3 FY16.
During Q3 FY17, Continental Resources' operating income was positive $91.35 million compared to negative $93.18 million in the same period last year.
During Q3 FY17, Continental Resources' earnings before tax (EBT) was positive $17.39 million compared to negative $174.90 million in the same period last year.
For the reported quarter, Continental Resources' net income was $10.62 million compared to net loss of $109.62 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS was positive $0.03 compared to negative $0.30 in the same period last year. For the reported quarter, Continental Resources' adjusted net income was $32.16 million compared to adjusted net loss of $82.85 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS was positive $0.09 compared to negative $0.22 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.03.
Balance Sheet
As on September 30, 2017, Continental Resources' cash and cash equivalents decreased 44.8% to $10.77 million from $19.50 million on September 30, 2016. For the reported quarter, the Company's net long-term debt increased 0.5% to $6.61 billion from $6.58 billion in Q4 FY16.
During Q3 FY17, the Company's net cash provided by operating activities increased 17.8% to $431.41 million from $366.17 million in the same period last year.
Outlook
For FY17, the Company expects average production to be in the range of 238,000 Boe per day-242,000 Boe per day and estimates exit rate average production to be in the range of 280,000 Boe per day-290,000 Boe per day.
Stock Performance Snapshot
December 19, 2017 - At Tuesday's closing bell, Continental Resources' stock was marginally up 0.02%, ending the trading session at $48.35.
Volume traded for the day: 1.74 million shares.
Stock performance in the last month – up 5.29%; previous three-month period – up 27.88%; and past six-month period – up 59.10%
After yesterday's close, Continental Resources' market cap was at $18.20 billion.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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