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Continental Resources Updates Production Guidance - Quick Facts

Continental Resources, Inc. (CLR) announced the company has updated its 2020 annual production guidance to 155,000 to 165,000 Bopd and 800 to 820 MMcfpd. The company has updated third quarter production guidance to 280,000 to 300,000 Boepd and its 2020 exit rate production guidance to 310,000 to 330,000 Boepd. Revised production guidance is forecasted to generate approximately $1.3 billion of annual cash flow from operations and $200 million of annual free cash flow.

The company said it is on track to achieve its previously revised 2020 Capex guidance of $1.2 billion or lower, a 55% decrease from original guidance of $2.65 billion.

John Hart, CFO, said: "While our debt increased modestly due to the pandemic, it has not changed our long-term strategy to continue focusing on debt reduction, with a total debt target of $5.4 billion to $5.5 billion by year end 2020."

Second quarter total production averaged 202,815 Boepd. Second quarter oil production averaged 95,174 Bopd. Second quarter natural gas production averaged 645.8 MMcfpd.

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