Continental Resources Business Practices

[bradh]

Played golf with a geologist from Continental yesterday. Said a lot of ex CHK people are coming over to Continental.

[ou48A]

Good news


Continental Resources, Inc. Announces 2014 Operating And Financial Guidance - Yahoo! Finance

OKLAHOMA CITY, Sept. 10, 2013 /PRNewswire/ -- Continental Resources, Inc. (CLR) expects to increase total crude oil and natural gas production in a range of 26% to 32% in 2014, based on non-acquisition capital expenditures of $4.05 billion. *Continental expects average daily production in 2014 will be in a range of 170,000 to 180,000 barrels of oil equivalent (Boe) per day, with an exit rate for December 2014 of approximately 200,000 Boe per day

Total production for 2014 is expected to be 70% crude oil, in line with the Company's mid-year 2013 results and the long-term commitment to tight oil resource plays.
Benefiting from recent reductions in well costs, Continental's 2014 budget reflects 400 net well completions (1,090 gross), with 94% located in the Company's two key operating areas, the Bakken in North Dakota and Montana and the South Central Oklahoma Oil Province (SCOOP). The 2014 well count represents a 22% increase over current budgeted completions of 329 net wells in total for 2013.

[Bellaboo]

Great news for OKC - Continental expanding faster than expected -

More oil means more jobs at Continental Resources | News OK

[Pete]

Anyone know exactly when they law firm will be moving out of that building?

Henry said the building has room to accommodate several years of growth, but that something will have to happen if the pace of growth continues.

“It's not full, but we can see that coming down the road,” he said. “We've got to start thinking about other alternatives.”

[catch22]

That statement in my mind is definitely a warm up strategy for them to start working on a tower. Gotta warm the investors up to the idea of crowded offices and inefficiency before surprising them.

[Praedura]

That statement in my mind is definitely a warm up strategy for them to start working on a tower. Gotta warm the investors up to the idea of crowded offices and inefficiency before surprising them.

I like your thinking on this.

[ou48A]

CLR
Continental Resources initiated with a Buy at Goldman Target $130.

September 10, 2013
16:10 EDT

CLR
Continental Resources sees production increase of 26%-32% in FY14
Sees FY14 non-acquisition capital expenditures $4.05B. Continental expects average daily production in 2014 will be in a range of 170,000 to 180,000 Boe per day, with an exit rate for December 2014 of approximately 200,000 Boe per day. Total production for 2014 is expected to be 70% crude oil, in line with the company's mid-year 2013 results and the long-term commitment to tight oil resource plays. Exploration drilling accounts for approximately $500 million of 2014 capital expenditures, a 16% increase over 2013's exploratory drilling budget. Exploration activity will focus primarily on continued density drilling tests in the Bakken, further testing of the lower Three Forks formation in the Bakken, and further appraisal and a density spacing test in SCOOP.

Stock Market & Financial Investment News: Educated Investors Get Live Stock Market News Feeds & Alerts at The Fly On the Wall

[securityinfo]

Anyone know exactly when they law firm will be moving out of that building?

Lease is up in 2014. Continental is expanding fast, and they want that office space.

[ou48A]

This is an indication of what's ahead for major North Dakota produces such as CLR.

This should mean a healthy growing CLR for OKC

Helms: State?s daily oil production will double by ?17 | The Dickinson Press | Dickinson, North Dakota


North Dakota’s daily oil production will double to 1.6 million barrels by 2017, Department of Mineral Resources Director Lynn Helms said in a taped address to oil county and industry folks Thursday.


Helms also discussed the increasing need for well maintenance water, which he predicts will eclipse the need for fracking water, and new exploration in the Tyler Formation at the annual meeting of the North Dakota Association of Oil and Gas Producing Counties at the Dickinson Ramada Grand Dakota Lodge. But the projections got the biggest reaction from the crowd.

“Every place is stable or inclining in well count, in jobs, in economic impacts,” Helms said.
“This puts us in a mode where those risk factors don’t really come home to roost in North Dakota and we hit mid-2017 at about a million-and-a-half barrels a day.”

He also talked a new need for water — for well maintenance.
The need for fracking water is well-known, he said. “But what we’re beginning to realize is that these Bakken wells will need freshwater for maintenance over their life.”
Operators are finding that when salt precipitation in wellbores causes production decline, it can be solved by putting freshwater down the well weekly, Helms said.

When that is factored into water use projections, maintenance water use exceeds frac water use.
“So we’re in the process of trying to find a way to recycle … produced water safely so that we can use produced water for fracking and save our freshwater resources for maintenance,” Helms said.

Billings County highway superintendent Jeff Iverson said both the water use and oil production projections were “staggering.”
“The figures that he brought in obviously are staggering for oil production,” said Duane Dukart of Houston Engineering.

Helms labeled flaring as the No. 1 challenge for state regulators, and said he’s begun a conversation with the North Dakota Industrial Commission about policy changes that could help decrease flaring.

[ou48A]

CLR stock has topped the $110 mark this morning..
With CLR's future growth possibility Hamm's net worth is going to grow by billions.
I just hope Hamm keeps the bulk of his philanthropy activity in state were he could do a lot of good.

[BoulderSooner]

Lease is up in 2014. Continental is expanding fast, and they want that office space.

talked to a member of the firm this weekend in chicago ... they don't move until 2015

[Pete]

Continental reported to the City of OKC in July that at that time they had 515 workers in OKC.

They added 192 new in their last fiscal year, up from 80 the previous year.

[ou48A]

Hamm: Bakken to produce 2m bpd -Upstreamonline.com



The prolific US Bakken shale will ultimately produce up to 2 million barrels per day of oil, the chief executive of one of the region's top producers said in Houston Thursday.

Oil output in North Dakota, which produced 910,000 bpd in August fueled by shale, still has room to expand, Continental Resources chief executive Harold Hamm told the Bloomberg Oil & Gas Conference.
"We still see the technology developing. Completions are better," Hamm said, reckoning the industry has made it "75%" of the way to optimising the prospect.

"We’ve climbed the learning curve a long ways."
Continental continues to look for new acreage, focusing to a large extent on historical producing basins that could be newly exploited by horizontal drilling and hydraulic fracturing, he said.

"There’s a lot of running room yet in this industry with shale development," Hamm said.
Oklahoma City-based Continental is currently in a push to triple production in five years, and expects to produce 200,000 barrels of oil equivalent per day by 2013.

For 2014 it is targeting 26% to 32% production growth along with a $4.1 billion capital expenditure plan.
But Hamm sees the opportunity to revise US policy on oil exports, which are currently prohibited in the US given its historic trend of imports and supply shocks from the 1970s oil embargo.

"It’s an archaic law, closed societies don’t work," Hamm said. "We need to be in the marketplace."
But he does not believe the new abundance of US oil will result in a crash in prices as has happened with natural gas.
For the forseeable future, he expects crude to remain in the $90 to $100 range and tied to global trends.
"Oil is harder to find than gas, it’s harder to get," he added.

Hamm said Continental is not for sale and that he has never been approached by Chinese investors with a keen interest in US shale.
"We’ve kind of rowed our own boat," he said.

[ou48A]

Outstanding!
Continental Resources profit jumps nearly four-fold - Yahoo Finance

Nov 6 (Reuters) - Continental Resources Inc, which drills for oil in North Dakota, Oklahoma and Colorado, posted a nearly four-fold increase in quarterly profit as production jumped across many of its regions.
For the third quarter, the company posted net income of $167.5 million, or 91 cents per share, compared with $44.1 million, or 24 cents per share, in the year-ago period.
Revenue rose 70 percent to $823.8 million.
Production rose 38 percent to 141,873 barrels of oil equivalent per day (boe/d).

[Pete]

Wow, CLR is really on a roll!

[ou48A]

Wow, CLR is really on a roll!

You wouldn't think that by looking at it stock this morning!
It was down 5.29 %... down 6.17 per share @110 52.
But it appears that the move down is pretty much across the board in this sector.
This stock and sector has lots of volatility.

The reality is that CLR has been on a good roll for several years with production increases. This should continue for a long time, baring influences outside of its control. Somebody told me that CLR stock will be splitting in the next few months?
The Oklahoma SCOOP play that CLR and other are heavily involved in is a huge deal to Oklahoma and is creating plenty of new millionaires.

[rlewis]

It looks that from extrapolating their quarterly revenue increases that they are going to finish just shy of $5 billion this year. That will put them on the doorstep of the Fortune 500. I would say in all likelihood that OKC will have its third Fortune 500 company in 2014. Also their financial discipline is very impressive. When I look at the financial statements, it is hard to find anything to knock them on.

[HangryHippo]

You wouldn't think that by looking at it stock this morning!
It was down 5.29 %... down 6.17 per share @110 52.
But it appears that the move down is pretty much across the board in this sector.
This stock and sector has lots of volatility.

The reality is that CLR has been on a good roll for several years with production increases. This should continue for a long time, baring influences outside of its control. Somebody told me that CLR stock will be splitting in the next few months?
The Oklahoma SCOOP play that CLR and other are heavily involved in is a huge deal to Oklahoma and is creating plenty of new millionaires.

I noticed that this morning too. All of the local energy stocks are down a fair bit this morning.

[Pete]

Meet Harold Hamm, the billionaire behind America's 'great renaissance of oil' - U.S. News

OKLAHOMA CITY, Okla. — In the history of oil, this fall is a tipping point, the moment America gurgles past Saudi Arabia and Russia to become the world’s petroleum king.
The man most responsible is Harold Hamm, 67, a drawling, blue-eyed billionaire, a sharecropper’s son who grew to be the richest energy mogul in America. He was the first to profitably “frack” North Dakota oil wells, leading a revolution in the way the nation coaxes energy from the earth and draining momentum from the search for cleaner fuel sources. His company, Continental Resources, has quintupled in value in a matter of years, emerging as a swaggering promoter of eco-friendly, effectively infinite oil — along with all the supposed good that flows from it.

[Bellaboo]

Saw this interview with HH on NBC nightly news the other night. They were on a rig down in Chickasha.

[Pete]

You get the feeling that Continental is going to be an absolute monster in the very near future.

At around $20 billion, their market cap is already ahead of Chesapeake and closing fast on Devon ($24 B).

[ou48A]

CLR general has good business practices.
They don't over paid for things just because they can.
They have many years worth of very good drilling inventory. The SCOOP helps the CLR diversification.
The CLR people at the top are really good and as a result CLR can with stand an industry downturn better than most in their sector of the industry. I expect we will see many good things from CLR in future years.

[pw405]

What other plays does CLR operate in besides the Bakken (North Dakota)?... I also didn't know they used Chesapeake's drilling company, Nomac. The pictures on the rig in that article are all on a Nomac rig.

[ou48A]

What other plays does CLR operate in besides the Bakken (North Dakota)?... I also didn't know they used Chesapeake's drilling company, Nomac. The pictures on the rig in that article are all on a Nomac rig.

Click for map
Operations | Continental Resources

[Bellaboo]

I'd swear I saw Harold at the game last night.....club level bar sitting with a lady.