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Continental Resources' Q2 adjusted results fall short of expectations


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Continental Resources' Q2 adjusted results fall short of expectations

Continental Resources Inc. on Aug. 5 reported $219.1 million, or 59 cents per share, in adjusted net income for the second quarter, compared to $272.9 million, or 73 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 61 cents per share.

Net income attributable to Continental totaled $236.6 million, compared to $242.5 million in the second quarter a year ago. Total revenues were $1.21 billion, compared to $1.14 billion in the year-ago quarter.

The shale driller reported total production of 331,414 barrels of oil equivalent per day in the second quarter, compared to 284,059 boe/d in the prior-year period.

Continental increased its 2019 annual oil production guidance to between 195,000 barrels per day and 200,000 bbl/d, from the previous guidance of between 190,000 bbl/d and 200,000 bbl/d. Natural gas production guidance was raised to between 820 MMcf/d and 840 MMcf/d, against the previous guidance of 790 MMcf/d to 810 MMcf/d.

Continental's core assets are in the Bakken Shale in North Dakota and Montana and the STACK and SCOOP plays in Oklahoma.