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CLR Continental Resources Inc

Continental Resources, Inc. engages in the exploration, development and production of crude oil and natural gas. It focuses on the operations in the locations including MT Bakken; Red River Unites; STACK; Arkoma Woodford and SCOOP. The company was founded by Harold G. Hamm in 1967 and is headquartered in Oklahoma City, OK.

Company profile

Ticker
CLR
Exchange
Website
CEO
William B. Berry
Employees
Incorporated
Location
Fiscal year end
Former names
CONTINENTAL RESOURCES INC
SEC CIK
IRS number
730767549

CLR stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 Feb 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 47.47M 47.47M 47.47M 47.47M 47.47M 47.47M
Cash burn (monthly) (positive/no burn) (positive/no burn) 10.54M 46.16M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a 39.46M 172.76M n/a n/a
Cash remaining n/a n/a 8.01M -125.29M n/a n/a
Runway (months of cash) n/a n/a 0.8 -2.7 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Mar 21 John D Hart Common Stock Sell Dispose S No No 26.6342 7,500 199.76K 515,711
23 Mar 21 Jack H Stark Common Stock Gift Aquire G Yes No 0 50,170 0 585,105
23 Mar 21 Jack H Stark Common Stock Gift Dispose G No No 0 50,170 0 397,167
12 Mar 21 Eric Spencer Eissenstat Common Stock Sell Dispose S No No 30.248 10,000 302.48K 248,404
8 Mar 21 Mccain Ellis L Common Stock Sell Dispose S No No 30.6294 5,422 166.07K 53,490
15 Feb 21 Pat Bent Common Stock Payment of exercise Dispose F No No 23.02 10,069 231.79K 313,834
12 Feb 21 Pat Bent Common Stock Grant Aquire A No No 0 88,373 0 323,903

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 258 249 +3.6%
Opened positions 50 34 +47.1%
Closed positions 41 34 +20.6%
Increased positions 62 61 +1.6%
Reduced positions 103 102 +1.0%
13F shares
Current Prev Q Change
Total value 1.13B 663.39M +70.1%
Total shares 51.22M 53.97M -5.1%
Total puts 2.67M 2.63M +1.4%
Total calls 2.51M 1.98M +27.2%
Total put/call ratio 1.1 1.3 -20.3%
Largest owners
Shares Value Change
Vanguard 5.42M $88.38M -11.3%
BLK Blackrock 4.1M $66.86M -6.0%
STT State Street 3.7M $60.28M -33.4%
Smead Capital Management 3.09M $50.43M +146.9%
Arrowstreet Capital, Limited Partnership 3.01M $49.04M -6.4%
Lord, Abbett & Co. 1.92M $31.22M NEW
Dimensional Fund Advisors 1.58M $25.83M -3.6%
NTRS Northern Trust 1.44M $23.5M -0.8%
GS Goldman Sachs 1.19M $19.45M -1.2%
BAC Bank Of America 1.19M $19.38M +10.8%
Largest transactions
Shares Bought/sold Change
TROW T. Rowe Price 117.41K -1.98M -94.4%
Lord, Abbett & Co. 1.92M +1.92M NEW
STT State Street 3.7M -1.85M -33.4%
Smead Capital Management 3.09M +1.84M +146.9%
FMR 135 -1.79M -100.0%
Balyasny Asset Management 0 -1.25M EXIT
D. E. Shaw & Co. 1M +973.3K +3122.7%
Point72 Asset Management 853.28K +853.28K NEW
Vanguard 5.42M -694.07K -11.3%
Millennium Management 960.6K +666.66K +226.8%

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.
  • Our producing properties are located in limited geographic areas, making us vulnerable to risks associated with having geographically concentrated operations.
  • 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.
  • We may be subject to risks in connection with acquisitions, divestitures, and joint development arrangements.
  • 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 weather 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.
  • Climate change activism, energy conservation measures, or initiatives that stimulate demand for alternative forms of energy could 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
  • Below is a discussion of changes in our results of operations for 2020 compared to 2019. A discussion of changes in our results of operations for 2019 compared to 2018 has been omitted from this Form 10-K, but may be found in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2019 as filed with the SEC on February 26, 2020.
  • The 19% decrease in crude oil production in 2020 compared to 2019 was primarily due to a 12,763 MBbls, or 24%, decrease in Bakken oil production along with a 1,315 MBbls, or 37%, decrease in STACK oil production due to the previously described production curtailments and limited drilling and completion activities undertaken in response to the adverse commodity price environment during the year. These decreases were partially offset by a 906 MBbls, or 8%, increase in crude oil production in SCOOP due to new well completions over the past year in our oil-weighted Project SpringBoard, which exceeded the impact of production curtailments in the play.
  • Our production curtailments and limited drilling and completion activities in 2020 also impacted our natural gas production, leading to a 28,202 MMcf, or 29%, decrease in STACK natural gas production and a 1,501 MMcf, or 1%, decrease in Bakken natural gas production in 2020 compared to 2019. These decreases were partially offset by a 24,974 MMcf, or 22%, increase in SCOOP natural gas production in conjunction with the previously described increase in SCOOP crude oil production in 2020.
Content analysis
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