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Continental Resources Inc (CLR)

Continental Resources is a top 10 independent oil producer in the U.S. and a leader in America's energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation's premier oil field, the Bakken play of North Dakotaand Montana. The Company also has significant positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK plays. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and its nation's leadership in the new world oil market. In 2021, the Company will celebrate 54 years of operations.

Company profile

Ticker
CLR
Exchange
Website
CEO
William B. Berry
Employees
Incorporated
Location
Fiscal year end
Former names
CONTINENTAL RESOURCES INC
SEC CIK
Subsidiaries
20 Broadway Associates LLC • Banner Pipeline Company, L.L.C. • CLR Asset Holdings, LLC • SFPG, LLC • The Mineral Resources Company • The Mineral Resources Company • Jagged Peak Energy LLC • Parsley SoDe Water LLC ...
IRS number
730767549

CLR stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

28 Jul 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Aug 22 Lawler Robert D. Common Stock Grant Acquire A No No 0 17,238 0 185,335
19 May 22 Mccain Ellis L Common Stock Grant Acquire A No No 0 3,469 0 46,594
19 May 22 McNabb John T II Common Stock Grant Acquire A No No 0 3,469 0 58,142
19 May 22 Mark E Monroe Common Stock Grant Acquire A No No 0 3,469 0 246,088
19 May 22 Taylor Timothy Garth Common Stock Grant Acquire A No No 0 3,469 0 57,085
13F holders Current Prev Q Change
Total holders 345 347 -0.6%
Opened positions 77 75 +2.7%
Closed positions 79 58 +36.2%
Increased positions 84 89 -5.6%
Reduced positions 133 127 +4.7%
13F shares Current Prev Q Change
Total value 3.71B 2.76B +34.6%
Total shares 45.58M 44.8M +1.7%
Total puts 1.02M 755.6K +35.3%
Total calls 560.6K 961.9K -41.7%
Total put/call ratio 1.8 0.8 +132.2%
Largest owners Shares Value Change
Smead Capital Management 7.1M $464.24M -1.8%
Vanguard 5.52M $361.01M +32.4%
FMR 2.84M $185.28M +509.2%
STT State Street 2.29M $149.6M -24.3%
BLK Blackrock 2.11M $137.57M -32.5%
Dimensional Fund Advisors 1.87M $122.5M -5.6%
NTRS Northern Trust 1.29M $84.52M -13.3%
First Trust Advisors 1.29M $83.98M +0.3%
GS Goldman Sachs 1.24M $80.76M -11.2%
D. E. Shaw & Co. 1.19M $77.53M -16.5%
Largest transactions Shares Bought/sold Change
FMR 2.84M +2.37M +509.2%
Vanguard 5.52M +1.35M +32.4%
BLK Blackrock 2.11M -1.01M -32.5%
Lord, Abbett & Co. 0 -867.07K EXIT
Pentwater Capital Management 760K +760K NEW
Parametric Portfolio Associates 0 -757.32K EXIT
Arrowstreet Capital, Limited Partnership 271.43K -745.9K -73.3%
STT State Street 2.29M -734.55K -24.3%
Laurion Capital Management 657.95K +657.95K NEW
MS Morgan Stanley 1.09M +653.15K +150.7%

Financial report summary

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Risks
  • Substantial declines in commodity prices or extended periods of low commodity prices adversely affect our business, financial condition, results of operations and cash flows and our ability to meet our capital expenditure needs and financial commitments.
  • Our business operations, financial position, results of operations, and cash flows have been and may continue to be materially and adversely affected by the COVID-19 pandemic.
  • Drilling for and producing crude oil and natural gas are high risk activities with many uncertainties that could adversely affect our business, financial condition or results of operations. We may not be insured for, or our insurance may be inadequate to protect us against, these risks.
  • Reserve estimates depend on many assumptions that may turn out to be inaccurate. The present value of future net revenues from our proved reserves will not necessarily be the same as the current market value of our estimated crude oil and natural gas reserves. Any material inaccuracies in our reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves. The Company’s current estimates of reserves could change, potentially in material amounts, in the future due to changes in commodity prices, business strategies, and other factors. Additionally, unless we replace our crude oil and natural gas reserves, our total reserves and production will decline, which could adversely affect our cash flows and results of operations.
  • Our business depends on crude oil and natural gas transportation, processing, refining, and export facilities, most of which are owned by third parties.
  • Our exploration, development and exploitation projects require substantial capital expenditures. We may be unable to obtain needed capital or financing on acceptable terms, which could lead to a decline in our crude oil and natural gas reserves, production and revenues.
  • The unavailability or high cost of drilling rigs, well completion crews, water, equipment, supplies, personnel and field services could adversely affect our ability to execute our exploration and development plans within budget and on a timely basis.
  • We have been an early entrant into new or emerging plays. As a result, our drilling results in these areas are uncertain, and the value of our undeveloped acreage will decline if drilling results are unsuccessful.
  • We have limited control over the activities on properties we do not operate.
  • Volatility in the financial markets or in global economic conditions, including consequences resulting from domestic political uncertainty, geopolitical events, international trade disputes and tariffs, and health epidemics could adversely impact our business.
  • Competition in the crude oil and natural gas industry is intense, making it more difficult for us to acquire properties, market crude oil and natural gas and secure trained personnel.
  • Severe climatic events and natural disasters could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Terrorist activities could materially and adversely affect our business and results of operations.
  • Our revolving credit facility and indentures for our senior notes contain certain covenants and restrictions that may inhibit our ability to make certain investments, incur additional indebtedness and engage in certain other transactions, which could adversely affect our ability to meet our goals.
  • The inability of joint interest owners, significant customers, and service providers to meet their obligations to us may adversely affect our financial results.
  • We are subject to certain complex federal, state and local laws and regulations in areas other than environmental protection and occupational safety and health that could result in increased costs, operating restrictions or delays, limitations or prohibitions on our ability to develop and produce reserves, or expose us to significant liabilities.
  • Our operations and the operations of our customers are subject to a number of risks arising out of the threat of climate change, energy conservation measures, or initiatives that stimulate demand for alternative forms of energy that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, and reduce the demand for the crude oil and natural gas we produce.
  • We are involved in legal proceedings that could result in substantial liabilities.
Management Discussion
  • Financial and operating highlights for the second quarter of 2022 are summarized below.
  • •Generated $1.74 billion in operating cash flows in the 2022 second quarter, bringing year to date operating cash flows to $3.24 billion.
  • •Production averaged 400,168 Boe per day for the 2022 second quarter, a 7% sequential increase from the 2022 first quarter and 18% higher than the 2021 second quarter.

Content analysis

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New words: abandoned, accordion, assist, behalf, binding, committee, constitute, consummated, documentation, Exited, expend, failure, family, highly, hinder, hired, implement, incurrence, long, motivate, offered, Qualitative, Quantitative, retain, sensitive, sequential, therewith, Trust, typically, understanding, undrawn, unvested, uplift
Removed: Chairman, duration, freezing, restated, shareholder, southern