Outperformance in 2Q Sets Up Continental Resources for Higher 2017 Output Despite Lower Budget
Continental's financial results were consistent with expectations in the second quarter, with EBITDA and adjusted earnings per share coming in at $476 million and $0.00, respectively (consensus estimates were $492 million and $0.00). But production surprised to the upside. Total output was 226 mboe/d, which was 6% higher sequentially, 3% higher year over year, and above the high end of guidance (220-225 mboe/d).As a result of this outperformance the firm was able to raise its production guidanc...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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