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Continental Resources Third Quarter 2022 Results

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   |    Wednesday,November 02,2022

Continental Resources, Inc. announced its third quarter 2022 operating and financial results.

The Company reported net income of $1.01 billion, or $2.80 per diluted share, for the quarter ended September 30, 2022. In third quarter 2022, typically excluded items in aggregate represented $27 million, or $0.08 per diluted share, of Continental's reported net income. Adjusted net income for third quarter 2022 was $1.04 billion, or $2.88 per diluted share (non-GAAP). Net cash provided by operating activities for third quarter 2022 was $2.22 billion, and EBITDAX was $2.05 billion (non-GAAP).

Adjusted net income, adjusted net income per share, EBITDAX, free cash flow, net debt, net sales prices, and cash general and administrative (G&A) expenses per barrel of oil equivalent (Boe) presented herein are non-GAAP financial measures. Definitions and explanations for how these measures relate to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures are provided at the conclusion of this press release.

3Q22 Production Update

Third quarter 2022 total production averaged 414.4 MBoepd. Third quarter 2022 oil production averaged 200.5 MBopd. Third quarter 2022 natural gas production averaged 1,284 MMcfpd. The Company is on track to achieve full year 2022 production guidance. The following table provides the Company's average daily production by region for the periods presented:

3Q22 Financial Update

Agreement to Be Acquired by the Hamm Family

As previously announced, on October 17, 2022, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Omega Acquisition, Inc., an Oklahoma corporation ("Merger Sub"), an entity that is owned by the Company's founder, Harold G. Hamm. The following documents have been filed with the Securities and Exchange Commission in connection with the tender offer and merger contemplated by the Merger Agreement: (i) a tender offer statement on Schedule TO (filed by Merger Sub); and (ii) a Solicitation/Recommendation Statement on Schedule 14D-9 (filed by the Company). The Schedule TO and Schedule 14D-9, together with their exhibits and incorporated documents (collectively the "Tender Offer Materials"), contain important information related to the transactions contemplated by the Merger Agreement and their impact on the Company. Shareholders are urged to read the Tender Offer Materials carefully.

The transactions contemplated by the Merger Agreement are expected to close prior to December 31, 2022, subject to customary closing conditions. The Company cautions its shareholders and others considering trading in its securities that no further assurances can be given, including the timing of or whether such transactions will be completed.

 


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