Oil production up for Continental Resources but net income was down in 3Q

While oil production was up in the third quarter for Oklahoma City’s Continental Resources Inc., the firm’s $158.2 million in net income or 43 cents a share was down markedly from a year ago when net income was $314 million.
The company reported its adjusted net income for the 2018 third quarter was $199.4 million, down from $337 million reported a year earlier. Net cash from operating activities was also down from $860,748 million a year ago to $806,972 million in the 2019 third quarter.
The decline in income came despite a 20 percent increase in average daily oil production which was 198,074 barrels a day. The company’s barrels of oil equivalent average daily was 332,315, an increase of 12 percent over a year earlier.
Continental’s Bakken production averaged 145,436 barrels of oil a day, an increase of 13 percent over the third quarter of 2018.
Production in the SpringBoard in the SCOOP was 31 percent higher than the third quarter 2019 target.
In the STACK, the company had two 7-well units delivering “exceptional results” or 38,320 barrels of oil a day in a combined initial rate.

“Continental teams continue to operate at a high performance level across the Bakken and Oklahoma. With an oil-weighted portfolio, investment grade level debt and a total shareholder return strategy, no other E&P company is more aligned with shareholders,” said Harold Hamm, Chairman and Chief Executive Officer.

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