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Continental Resources Inc CLR

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Morningstar’s Analysis

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Continental Beats Estimates for Second Quarter, but Leaves Full-Year Oil Guidance Intact

Analyst Note

| Dave Meats, CFA |

After incorporating Continental’s second-quarter results, we've updated our fair value estimate for Continental from $27 to $31. The increase was primarily driven by lower operating costs, coupled with a stronger outlook for near-term oil and gas prices, and a revised cost of capital assumption of 8.8%, which accounts for the firm’s further improved balance sheet (trailing net debt to EBITDA dipped under 2 times in the period, down from 3.4 times at the end of 2020). We now think shares are more or less fairly valued at the current price.

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Company Profile

Business Description

Continental Resources is a U.S. oil and gas producer targeting in the Bakken Shale in North Dakota and the Scoop/Stack plays in Oklahoma. At the end of 2020, the company reported net proven reserves of 1.1 billion barrels of oil equivalent. Net production averaged 300 thousand barrels of oil equivalent per day in 2019, at a ratio of 54% oil and 46% 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 Jun 30, 2021
Fiscal Year End Dec 31, 2019
Stock Type Hard Assets
Employees 1,201