Q1 2020 Continental Resources Inc Earnings Call

Continental Resources, one of the largest U.S. shale oil producers, on Wednesday urged North Dakota energy regulators to intervene to help stabilize the state's oil market through steps such as limiting output or restricting flaring of unwanted natural gas. Continental, the state's largest producer, argued at a hearing that operators are hurting even though state production is down more than half a million barrels per day (bpd) since prices crashed in March. "North Dakota can be a leader as far as action is concerned," said Blu Hulsey, Continental's vice president of government relations, adding the state does not need "to take large action to make a difference."

(Bloomberg) -- Continental Resources Inc. is being sued by a closely held oil driller that accused the shale giant of walking away from a $200 million deal following an historic collapse in crude prices.Casillas Petroleum Resource Partners and Continental signed a so-called purchase and sale agreement on March 6, according to the lawsuit, one trading session before crude tumbled about $10 a barrel for the worst daily crash in almost 20 years.“Almost immediately after the execution” of the contract, Continental sought to delay the closing that was set for the end of March, Casillas said in the suit filed in Tulsa County District Court in Oklahoma.On March 24, Casillas said Continental sent a letter attempting to terminate the deal, citing issues that included alleged wastewater incidents. Casillas said it faces “irreparable harm” if Continental doesn’t hold up its end of the original agreement.A representative for Continental didn’t immediately respond to a request for comment. Reuters first reported the lawsuit.It’s the latest example of an oil and gas deal running into snags amid the unprecedented plunge in crude prices. BP Plc was forced to renegotiate the terms of a sale of its Alaska business to Hilcorp Energy Co., and Devon Energy Corp. had to revise its sale of North Texas shale assets to Banpu Kalnin Ventures LLC.The case is Casillas Petroleum Resource Partners II LLC vs. Continental Resources Inc. Docket: CJ-2020-1346For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Oil prices rose as positive coronavirus drug news lifted hopes for an earlier economic recovery while U.S. output fell further.

Shares of Cardinal Health rise, while Continental Resources falls Continue reading...

The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low oil prices

Lower oil equivalent price realizations hurt Continental's (CLR) Q1 earnings.

Other members of management will be available for Q&A, including Jack Stark, President and Chief Operating Officer; and John Hart, Chief Financial Officer. Today's call will contain forward-looking statements that address projections assumptions and guidance.

Shares of oil companies Devon Energy (NYSE: DVN), Continental Resources (NYSE: CLR), and Apache (NYSE: APA) rose more than 80% in April, according to data provided by S&P Global Market Intelligence. Meanwhile, Continental's share price more than doubled, up 114% to close the month at $16.39/share. For investors who bought in after the oil price crash of early March, these three oil producers have delivered handsome returns.

KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating the damages sustained during the Coronavirus ("COVID-19") pandemic by employees and investors who held large positions in Continental Resources (NYSE:CLR) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and mismanagement of large positions that resulted in employees and investors suffering substantial losses.

The debt of energy companies such as Occidental Petroleum, Marathon Oil, Parsley Energy, and Continental Resources yields more than 8% and offers an attractive alternative to beaten-up oil and gas shares. Gaining an edge over Warren Buffett

(Bloomberg) -- Shale driller Continental Resources Inc. expects an imminent recovery in crude prices even as it undertakes some of the most aggressive production cuts in an industry crippled by tumbling oil prices.The Oklahoma City-based company founded by billionaire wildcatter Harold Hamm is forecasting a rebalancing of crude supply and demand around the middle of the year, executives said during a conference call on Monday. The comments came just hours after Continental discarded its full-year financial guidance and said it was turning off some drilling rigs.Continental is waiting for the oil market to recover before reopening wells it shut in response to an unprecedented slump in prices. “We’re preserving the production capacity for what we believe will be a imminently better commodity price for us,” Chief Financial Officer John Hart said during the call.The company also reported a $1.13 billion draw on its credit facilities and bought back 8.1 million shares during the quarter, according to a regulatory filing. When asked about the drawdown, the company said it was worried about bankers working from home and wanted to avoid “hiccups in the system.”“We decided to go ahead and have a little bit of a cash on hand just ahead of time,” Hart said. Continental shares fell 2.9% to $14.66 at 1:57 p.m. in New York trading.Shutting WellsThree weeks after U.S. oil prices went negative for the first time, oil producers are moving beyond drilling hiatuses and taking the once-rare step of scaling back existing output.Rystad Energy said last week that U.S. producers have announced plans to halt more than 600,000 barrels of daily output this month and next. Continental initially had plans to cut output by 30% to mirror the collapse in demand caused by the Covid-19 pandemic but has since doubled down on those efforts.Callon Petroleum Co., which closed on its $737 million acquisition of rival Carrizo Oil & Gas Inc. less than five months ago, said Monday it’s shutting off more than 3,000 barrels of daily output. The shale explorer also halted all fracking as of last month and will have just one rig active by the middle of this month.Callon said in a federal filing that for now it has sufficient liquidity, but it may be forced to issue a “going concern” warning if lenders reduce its borrowing base too much. The company also canceled its quarterly earnings conference call with analysts and investors.EOG Resources Inc., the world’s second-largest independent oil explorer by market value, said last week that it’s curtailing about one-fourth of its production and canceling almost 40% of new wells it had planned to bring online this year.Producers say much of that output will return once prices pick up, though some have cautioned that turning wells back on is more complicated than shutting them in. They’re also creating a backlog of wells that are drilled but not yet fracked that can be revisited if and when oil prices recover.Still, Hamm said that U.S. oil production won’t grow in the future at the same pace that it did before the pandemic.“The market share capture-rate that the U.S. was pursuing in the past was probably not sustainable,” Hamm said. “I would expect to see those growth rates attenuate in the U.S. over the next few years.”(Updates with comments from Continental’s conference call beginning in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Shale giant Continental Resources curbed its activity further, while Saudi Arabia announced surprise moves to try and boost oil prices.