Continental stays focused on natural gas market in Oklahoma

Oklahoma City-based Continental Resources names new executive | Business  News |


Continental Resources, Inc. recently announced its third quarter 2021 production results and record free cash flow of more than $1 billion and rescheduled its third quarter 2021 earnings release and conference call to Wednesday, November 3, 2021.

Third quarter 2021 total production averaged approximately 331.4 MBoepd. Third quarter 2021 oil production averaged approximately 157.2 MBopd. Third quarter 2021 natural gas production averaged approximately 1,046 MMcfpd.

The company generated approximately $1.02 billion of cash flow from operations and a company record $669 million of free cash flow (non-GAAP) for the third quarter 2021. Non-acquisition capital expenditures attributable to the Company for third quarter 2021 totaled approximately $384 million.

Continental stated it reduced its total debt to $4.74 billion and with a cash balance of $694 million, this equates to net debt (non-GAAP) of $4.05 billion as of September 30, 2021.

“We have elected to continue focusing on natural gas development in Oklahoma based on favorable market conditions,” explained Bill Berry, Chief Executive Officer.

“This resulted in an approximate 80 MMcfpd increase in natural gas and 4 MBopd reduction in oil to third quarter 2021 production results in Oklahoma vs. prior projections. Additionally, in support of our industry-leading ESG gas capture stewardship in the Bakken, we voluntarily curtailed an incremental 3 MBopd in third quarter 2021 during unplanned midstream outages.”

Continental rescheduled its third quarter 2021 earnings release and conference call to Wednesday, November 3, 2021 after the close of trading on the New York Stock Exchange. The company also plans to host a conference call to discuss third quarter 2021 results on Thursday, November 4, 2021 at 11:00 a.m. ET (10:00 a.m. CT).

Source: Continental release