Debt | Weather | Capital Markets
Continental's Q1 Output Hit by Adverse Weather, Down 6.0 MBOE/d; Debt Update
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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.
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