Continental Resources (CLR) Tops Q2 EPS by 9c, Offers Guidance

Continental Resources (NYSE: CLR) reported Q2 EPS of $0.13, $0.09 better than the analyst estimate of $0.04.

2015 Guidance Update

Based on strong operating results in first half 2015, the Company is increasing its production growth guidance to a range of 19% to 23% for 2015, compared with earlier guidance of 16% to 20% growth over the previous year.

Concurrently, Continental has issued lower 2015 expense guidance for production cost, general and administrative cost and non-cash equity compensation per barrel of oil equivalent (Boe) of production, reflecting increased operating efficiencies companywide. In total, the guidance on cash costs for 2015 has been reduced by $1.00 per Boe of production. Production expense is now expected to be in a range of $4.75 to $5.25 per Boe for the year, and G&A expense is expected to be in a range of $1.75 to $2.25 per Boe. Non-cash equity compensation is expected to be $0.70 to $0.80 per Boe for the year.

A table with the Company's full 2015 guidance can be found at the conclusion of this release.

Continental is currently operating 25 rigs, including 10 rigs in the Bakken and 15 rigs in Oklahoma. While the Company believes current low oil prices are unsustainable long-term, it intends to reduce its Bakken operated rig count by 20% by year-end 2015, if low commodity prices persist.

For earnings history and earnings-related data on Continental Resources (CLR) click here.

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