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Continental Resources Shares Gain 10% on Preliminary Q1 Production Estimates

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Continental Resources shares traded higher after the oil and gas E&P company announced preliminary Q1/21 production results and reported that it is on track to meet or surpass estimated FY/21 average daily production levels.

Top 10 U.S. independent oil producer Continental Resources Inc. (CLR:NYSE) yesterday provided an update regarding its first quarter 2021 production results for the period ended March 31, 2021.

The company stated that total production in Q1/21 was adversely impacted by weather by around 6 Mboe/d of which about 60% of the impact was oil related. Continental Resources advised that when it reports final results for Q1/21, it expects that oil production will average about 152 Mbbl/d and natural gas production will average approximately 935 MMcf/d.

The firm also issued some forward production volume guidance for Q2/21 and FY/21. For Q2/21 the company anticipates that it will produce between 160-165 Mbbl/d and 920-940 MMcf/d. Continental also noted that it believes that it is still on track to meet or beat it FY/21 average production guidance of 160-165 Mbbl/d and 880-920 MMcf/d.

The company noted that since year-end 2020 it has significantly reduced its total debt outstanding to $4.97 billion and plans to continue paying down debt further to a level of $4.0 billion or below by year-end 2021. The firm added that as of March 31, 2021 it held $96 million in cash on its balance sheet.

The firm indicated that it plans to announce Q1/21 financial results after U.S, markets close for trading on April 28, 2021, and has scheduled a conference call for the following day to discuss the results.

Continental Resources is a large independent oil and natural gas producer based in Oklahoma City, Okla. The company stated that it is the "largest leaseholder and the largest producer in the nation's premier oil field, the Bakken play of North Dakota and Montana." The firm additionally owns significant holdings in the South Central Oklahoma Oil Province (SCOOP) and Sooner Trend Anadarko Canadian Kingfisher (STACK) areas in Oklahoma.

Continental Resources began the day with a market cap of around $9.3 billion with approximately 367.6 million shares outstanding and a short interest of about 3.2%. CLR shares opened 2% higher today at $25.88 (+$0.51, +2.01%) over yesterday's $25.37 closing price. The stock has traded today between $25.70 to $28.61 per share and is currently trading at $27.90 (+$2.53, +9.97%).


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