Continental Resources’ 3Q16 revenue
Continental Resources (CLR) reported its 3Q16 earnings on November 2, 2016, after the market closed. Its 3Q16 revenue was $526 million compared to estimates of $558 million. Its revenue in 3Q15 was ~$683 million, and in 2Q16, it was $451 million.
Continental Resources reported an adjusted net loss of ~$82.8 million in 3Q16. Its adjusted net loss in 3Q15 was $43.5 million. The company reported adjusted EPS (earnings per share) of -$0.22. The Wall Street analyst consensus estimate for EPS was -$0.15.
As you can see in the graph above, Continental Resources’ 3Q16 loss per share was greater than expected. Its 3Q16 revenues were lower than analyst expectations.
Key management comments
Along with the 3Q16 earnings release, CLR’s CEO, Harold Hamm, commented, “We have expanded the productive footprint of STACK, SCOOP and the Bakken core, and are increasing the value of these assets with density testing and enhanced completions.”
Speaking about CLR’s financial position, CFO John Hart added, “Continental remains on track to be cash flow positive for both the fourth quarter and for the year, inclusive of the increase in our capital expenditures budget…We plan to continue reducing long-term debt and improving our leverage metrics through a combination of non-strategic asset sales and strengthened cash flow.”