Continental's Outspending Days Are Over: Free Cash Expected in 2018, Despite Bearish Oil Forecast
On review, we believe the impressive operating data shared in Continental Resources' fourth-quarter release warrants an increase to our valuation. Our new fair value estimate is $46 per share, which reflects a slight discount to the last close.As a reminder, the company reported a slew of impressive data from its northern and southern operating areas (Williston Basin and Oklahoma). That includes five Bakken wells averaging 2,230 boe/d with 80% oil, each breaking the prior company record. Manage...
Continental Resources is an independent crude oil and natural gas company engaged in the exploration, development, and production of crude oil and natural gas mainly in the North, South and East regions of the U.S. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken, and the Red River units. The South region includes all properties south of Nebraska and west of the Mississippi River including various plays in the South Central Oklahoma Oil Province and Sooner Trend Anadarko Canadian Kingfisher areas of Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River.
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