Continental Resources in Oklahoma City reported nearly $234 million in net income for the first quarter of 2018. It amounted to 68 cents per diluted share.
The Harold Hamm company reported $886 million cash flow from operations and a 34 percent increase in production which totaled 287,410 Boe per day average.
Continental’s free cash flow totaled $207 million “allowing the company to pay down its existing revolver balance to zero and build its cash on hand.”
At the end of the quarter, Continental’s total debt was $6.17 billion, nearing the company’s short-term goal of $6 billion.
“Our first quarter results show our 2018 breakout year is off to a strong start,” said Harold Hamm, chairman and Chief Executive Officer. “We are breaking away from our peers and capitalizing on decades of exploration efficiencies.”
He said the company is focusing on generating free cash flow now approaching $1 billion in 2018.
The first quarter report also indicated Continental’s involvement in North Dakota’s Bakken play is paying off with record results.
Three of the company’s top five all-time 30-day rate Bakken Wells completed in the first quarter averaged 2,305 Boe per day and 80% of it was oil. Thirty-one wells completed flowing an average of 2,079 Boe a day.
In Oklahoma’s SCOOP, the four-well Triple H Unit had 24 hour flows of 6,065 Boe per day. And the company’s updated design has lower SCOOP drilling costs at $1 million per well.
The company said in the STACK, it is shifting rigs to accelerate development of oil and liquids-rich assets