The Texas winter storm in February hit Oklahoma-based Continental Resources resulting in a drop of first-quarter production by nearly 6,000 barrels of oil equivalent a day.
The company made the announcement Tuesday and said it expects to average nearly 152,000 barrels of oil a day along with natural gas production averaging nearly 935 million cubic feet a day.
Continental also provided preliminary production guidance for second quarter 2021 of 160 to 165 MBopd and 920 to 940 MMcfpd. The company stated that it is on track to meet or exceed its annual production guidance for the year of 160 to 165 MBopd and 880 to 920 MMcfpd.
As of March 31, 2021, Continental reduced its total debt to $4.97 billion, with a cash balance of $96 million, equating to net debt of $4.88 billion (non-GAAP), reflecting a significant reduction from year-end 2020.
The company announcement said it expects to reduce total debt to approximately $4 billion or below by year-end 2021.
Continental plans to announce first quarter 2021 results on Wednesday, April 28, 2021 after the close of trading on the New York Stock Exchange. A conference call to discuss first quarter 2021 results will be held on Thursday, April 29, 2021 at 12:00 p.m. ET (11:00 a.m. CT).