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Continental production

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Oilfield Technology,

Continental Resources, Inc. have announced proved reserves of 1.35 billion boe on 31 December 2014, an increase of 267 million boe or 25% compared with year-end 2013. Year-end 2014 proved reserves were 83% operated by the Company, 36% proved developed producing (PDP), and 64% crude oil. Continental has grown its proved reserves at a compound annual growth rate of 39% per year since year-end 2010.

PDP reserves increased 21% from year-end 2013 to 490 million boe on 31 December 2014. The Company had 2994 gross (1565 net) proved undeveloped (PUD) locations at year-end 2014. The Bakken accounted for 82% of PUD locations at year-end. Continental's year-end 2014 proved reserves had a net present value discounted at 10% (PV-10) of US$22.8 billion, a 13% increase over PV-10 of US$20.2 billion for year-end 2013 proved reserves.

The Bakken accounted for 866 million boe of Continental's year-end 2014 proved reserves, with a PV-10 value of US$15.2 billion. SCOOP Woodford and SCOOP Springer accounted for 370 million boe of 2014 proved reserves, a 72% increase over proved reserves of 215 million boe at year-end 2013. The PV-10 value of the Company's SCOOP proved reserves was US$5.5 billion at year-end 2014.

Harold G. Hamm, Chairman and Chief Executive Officer, commented, "2014 marks the 7th straight year since our IPO we have consistently delivered significant reserve and production growth. Our core assets in the Bakken of North Dakota and SCOOP Woodford/Springer in Oklahoma continue to provide exceptional results and are a testament to the quality of the base assets and the ability of our teams. Our SCOOP Woodford discovery in 2009 has grown into one of the best new plays in North America along with our discovery announcement in 2014 of the Springer horizontally drilled formation, our Company's highest rate of return oil play. Our asset quality and resource inventory are world-class."

Production Grows 28% Year-Over-Year

Estimated total production for full-year 2014 was 63.6 million boe, an increase of 28% compared to full-year 2013. Crude oil accounted for 70% of total production, or 44.5 million bbls, in 2014. Estimated natural gas production for the year was 114.3 billion cubic feet. The Company reached a new net production milestone of 200 000 boe/d in late December 2014.

Fourth Quarter 2014 and Full-Year 2014 Earnings Announcement and Conference Call

Continental plans to announce fourth quarter 2014 and full-year 2014 earnings on Tuesday, 24 February 2015, following the close of trading on the New York Stock Exchange. The Company plans to host a conference call to discuss earnings results on Wednesday, 25 February 2015, at 12 p.m. ET (11 a.m. CT). Those wishing to listen to the conference call may do so via the Company's website at or by phone:

  • Time and date: 12 p.m. ET, Wednesday, February 25, 2015
  • Dial in: 888-895-5271
  • Intl. dial in: 847-619-6547
  • Pass code: 38844848

A replay of the call will be available for 30 days on the Company's website or by dialling:

  • Replay number: 888-843-7419
  • Intl. replay 630-652 3042
  • Pass code: 38844848

Non-GAAP Financial Measure

The Company's PV-10 value, a non-GAAP financial measure, is derived from the Standardised Measure of discounted future net cash flows, which is the most directly comparable financial measure computed using U.S. GAAP. PV-10 generally differs from Standardised Measure because it does not include the effects of income taxes on future net revenues. The Company believes the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to proved reserves held by companies without regard to the specific income tax characteristics of such entities and is a useful measure of evaluating the relative monetary significance of crude oil and natural gas properties. Investors may utilise PV-10 as a basis for comparing the relative size and value of the Company's proved reserves to other companies. PV-10 should not be considered as a substitute for, or more meaningful than, the Standardised Measure as determined in accordance with U.S. GAAP. Neither PV-10 nor Standardised Measure represents an estimate of the fair market value of the Company's crude oil and natural gas properties.

The Company has not provided a reconciliation of its PV-10 to Standardised Measure in this release because final income tax information for 2014 is not yet available. The Company will provide its customary reconciliation of PV-10 to Standardised Measure in its forthcoming Form 10-K for the year ended 31 December 2014 to be filed with the SEC.

Adapted from press release by Joe Green

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