Continental Resources releases 1Q20 results

The company reported a net loss of US$185.7 million, or US$0.51 per diluted share, for 1Q20. In 1Q20, typically excluded items in aggregate represented US$158.1 million, or US$0.43 per diluted share, of Continental's reported net loss. Adjusted net loss for 1Q20 was US$27.6 million, or US$0.08 per diluted share (non-GAAP). Net cash provided by operating activities for 1Q20 was US$663.8 million and EBITDAX was US$594.2 million (non-GAAP).

1Q20 total production increased 9% over 1Q19, averaging 360 841 boe/d. 1Q020 oil production increased 3% over 1Q19, averaging 200 671 bpd. 1Q20 natural gas production increased 16% over 1Q19, averaging 961 million ft³/d.

"This has been an unprecedented global market environment, which has seen crude oil demand fall by approximately 30% due to the Covid-19 pandemic. Continental is committed to preserving value over volumes. Our assets are secure and we are confident that this deferred production will bring more value to our shareholders in the months to come," said Bill Berry, CEO.

Berry continued: "Our first quarter results underscore the capital efficient and low cost nature of our assets. Continental is financially strong with ample liquidity and no imminent debt maturities. We remain keenly focused on preserving both our assets and shareholder value for better commodity prices in the future. I want to thank our teams for their safe, efficient and best-in-class operations during this time. We look towards a bright future for both Continental and the US oil and natural gas industry."

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11052020/continental-resources-releases-1q20-results/