Debt | Weather | Capital Markets
Continental's Q1 Output Hit by Adverse Weather, Down 6.0 MBOE/d; Debt Update
Email
Print 
Bookmark
Continental Resources, Inc. provided an update on its first quarter 2021 production results.
Adverse Weather Impacts Production
February 2021 weather adversely impacted first quarter 2021 total production by approximately 6 MBoepd (60% oil). First quarter 2021 oil production is expected to average approximately 152 MBopd and first quarter 2021 natural gas production is expected to average approximately 935 MMcfpd.
Additionally, the Company is providing preliminary production guidance for second quarter 2021 of 160 to 165 MBopd and 920 to 940 MMcfpd. The Company is on track to meet or exceed its annual production guidance for the year of 160 to 165 MBopd and 880 to 920 MMcfpd.
Debt Reduction
As of March 31, 2021, the Company has reduced its total debt to $4.97 billion, with a cash balance of $96 million, equating to net debt of $4.88 billion (non-GAAP), reflecting a significant reduction from year-end 2020. The Company's recent debt reduction demonstrates the continued commitment to shareholder capital returns. The Company expects to reduce total debt to approximately $4 billion or below by year-end 2021.
Related Categories :
Corporate Production Rates
More Corporate Production Rates News
-
Petrus Resources Ltd. First Quarter 2023 Results
-
Cardinal Energy Ltd. First Quarter 2023 Results
-
Headwater Exploration Inc. First Quarter 2023 Results
-
Rubellite Energy Inc. First Quarter 2023 Results
-
Bonterra Eneergy Corporation First Quarter 2023 Results
Mid-Continent News >>>
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
-
Devon Said To be In Talks to Acquire Enerplus
-
Chevron To Cut D&C Activity in U.S. Shale In 2024; Here is Where. -
-
An Early Look at Company 2024 Capital & Development Plans
