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Continental Resources’ Production Soars for Past 13 Quarters

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Jul. 7 2015, Updated 8:05 p.m. ET

Continental Resources’ production pattern

In the previous parts of this series, we discussed Marathon Oil’s (MRO) production and reserves trends. In this part, we’ll look at Continental Resources’ (CLR) production pattern.

In 1Q15, Continental Resources’ (CLR) total production soared 4.6% over 4Q14, to 18.6 million barrels of oil equivalent (or MMBoe). In comparison, Pioneer Natural Resources (PXD) saw a 5.6% decrease in 1Q15 production over 4Q14. Concho Resources’ (CXO) 1Q15 production increased 3.7% from the previous quarter.

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Continental Resources (CLR) is an independent energy company based in Oklahoma. It operates in the Williston Basin, Niobrara, Anadarko Woodford, and Arkoma Woodford shales. It also operates in the Red River Units in North Dakota, South Dakota, and Montana. Continental Resources is 0.25% of the iShares U.S. Energy ETF (IYE) and 1.4% of the Energy Select Sector SPDR ETF (XLE).

Production increases in 1Q15

Continental Resources’ total production has demonstrated a steadily increasing trend over the past 13 quarters. From 1Q12 to 1Q15, total production surged 139%, from 7.8 MMBoe to 18.6 MMBoe.

In 1Q15, the company increased its activities in major US shales. Sales volumes in the Bakken in North Dakota and the SCOOP (South Central Oklahoma Oil Province) play in Oklahoma increased 5% and 23%, respectively, over 4Q14. Despite crude oil and natural gas prices falling 10% during the first three months of 2015, Continental Resources’ production growth remained unabated.

Continental Resources’ crude oil bias

As you can see in the above graph, the trend shows that crude oil’s and natural gas’s shares in Continental Resources’ (CLR) total production remained nearly unchanged over the past 13 quarters, albeit with some variations in between. Continental Resources is primarily a crude oil producer with nearly 70% of its total production being liquids. Natural gas comprises ~30% of its total production.

In 1Q15, Continental Resources’ significant production increase was partially offset by decreased production in its Red River Units assets.

In the next part, we’ll look at Continental Resources’ (CLR) reserves.

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