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Continental Resources Inc - Stock Quote CLR

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Morningstar's Continental Resources Inc Stock Analysis

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Despite Ratcheting up 2022 Budget, Continental Still Sees ROCE Upside

Analyst Note

| Dave Meats, CFA |

We are trimming our fair value estimate for Continental to $52 from $54 after taking a second look at the firm's first-quarter financial and operating results. The decrease was primarily driven by a slight dip in the near-term outlook for crude prices. The WTI forward curve for 2023 and 2024 has slightly declined since our March 21 update even though the averages for both years still far exceed our midcycle forecast of $55/bbl.

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Continental Resources Inc's Company Profile

Business Description

Continental Resources is a U.S. oil and gas producer targeting in the Bakken Shale in North Dakota, the Delaware Basin in Texas, and the Scoop/Stack plays in Oklahoma. At the end of 2021, the company reported net proven reserves of 1.6 billion barrels of oil equivalent. Net production averaged 330 thousand barrels of oil equivalent per day in 2020, at a ratio of 49% oil and 51% natural gas and NGLs.

20 North Broadway
Oklahoma City, OK, 73102
T +1 405 234-9000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,254

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