Continental Resources (CLR) Raises Quarterly Dividend 21.7% to $0.28; 2% Yield

Continental Resources (NYSE: CLR) declared a quarterly dividend of $0.28 per share, or $1.12 annualized. This is a 21.7% increase from the prior dividend of $0.23.

The dividend will be payable on May 23, 2022, to stockholders of record on May 9, 2022, with an ex-dividend date of May 6, 2022.

The annual yield on the dividend is 2 percent.

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Continental Resources, Inc. (NYSE: CLR) (the "Company") today announced an increased quarterly dividend, and its first quarter 2022 production results, as well as improvements to its 2022 projected return on capital employed1 from its 2022 capital program enhancement.

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The Company's Board of Directors recently approved increasing the Company's quarterly dividend to $0.28 per share, payable on May 23, 2022 to stockholders of record on May 9, 2022. This dividend represents a $0.05, or approximately 22%, increase to the Company's $0.23 per share quarterly dividend paid in first quarter 2022 and equates to an approximately 1.8% annualized dividend yield, as of April 21, 2022, which exceeds the S&P 500 average yield. The Company continues to target a 2.0% or greater annualized dividend yield long term.

First quarter 2022 total production averaged approximately 373.8 MBoepd. First quarter 2022 oil production averaged approximately 194.8 MBopd. First quarter 2022 natural gas production averaged approximately 1,074 MMcfpd.

The Company is updating its 2022 annual oil production guidance to 200 to 210 MBopd from 195 to 205 MBopd. This is inclusive of production for the remainder of the year from the closing of the Company's Powder River acquisition on March 25, 2022. The Company is also projecting a December 2022 oil production exit rate of approximately 220 to 230 MBopd. Additionally, the Company is updating its 2022 annual natural gas production guidance to 1,100 MMcfpd to 1,200 MMcfpd from 1,040 to 1,140 MMcfpd.

The Company's modified 2022 capital program of $2.6 to $2.7 billion from $2.3 billion is enhancing the Company's projected return of capital employed by 2.0% over its original 21% return on capital employed at $80 WTI and $3.50 HH. Adjusting for current commodity prices, the Company's projected return on capital employed is increasing to approximately 31% in 2022. The Company is also projecting a 40% or lower reinvestment rate, versus approximately 45% in the original capital program. Within the modified spend, the Company is allocating $100 to $125 million to activity related to a newly closed bolt-on acquisition in the Permian. The Company has added over 75,000 acres to its Permian position in addition to its strategic entrance announcement in November 2021. Additionally, the Company is allocating $100 to $150 million to outside operated spending. Finally, the Company is allocating $100 to $125 million toward inflation and securing high quality rigs and crews for future years.

"Our well-executed corporate returns driven and opportunity-based capital investment strategy is resulting in a significant improvement to our already strong balance sheet, shareholder return of capital and return on capital employed. Not only is our annualized dividend yield exceeding the S&P 500 average yield, but our enhanced 2022 capital program is improving our return on capital employed by approximately 2.0% versus our original 2022 capital program, at normalized prices. Continental will continue to differentiate itself from peers and the broader market through 2022 and beyond, and we look forward to providing additional color during our first quarter 2022 earnings report," said Bill Berry, President & Chief Executive Officer.

For a dividend history and other dividend-related data on Continental Resources (CLR) click here.

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