Financial Results | Capital Markets

Continental's Q3 Production Dips Slightly vs. Q2; Touts Record Free Cash Flow

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Continental Resources Inc. announced its third quarter 2021 production results and record free cash flow.

Q3 Production Down Slightly vs. Q2

Third quarter 2021 total production averaged approximately 331.4 MBoepd. Third quarter 2021 oil production averaged approximately 157.2 MBopd. Third quarter 2021 natural gas production averaged approximately 1,046 MMcfpd.

This compares to Q2 total production of 338.7 MBoepd, oil production of 166.8 MBopd, and natural gas production of 1,031.6 MMcfpd.

Cash Flow

The Company generated approximately $1.02 billion of cash flow from operations and a Company record $669 million of free cash flow (non-GAAP) for the third quarter 2021. Non-acquisition capital expenditures attributable to the Company for third quarter 2021 totaled approximately $384 million. The Company has reduced its total debt to $4.74 billion and with a cash balance of $694 million, this equates to net debt (non-GAAP) of $4.05 billion as of September 30, 2021.

CEO Bill Berry commented: "We have elected to continue focusing on natural gas development in Oklahoma based on favorable market conditions. This resulted in an approximate 80 MMcfpd increase in natural gas and 4 MBopd reduction in oil to third quarter 2021 production results in Oklahoma vs. prior projections. Additionally, in support of our industry-leading ESG gas capture stewardship in the Bakken, we voluntarily curtailed an incremental 3 MBopd in third quarter 2021 during unplanned midstream outages."