Continental Resources, a prominent crude oil and natural gas company, reported a mixed financial performance for the first quarter of 2024. The company saw a net loss on derivative instruments of $113.2 million, a stark contrast to the net gain of $382.8 million in the same period of the previous year. Despite this, total revenues reached $1.82 billion, although this was a decrease from $2.19 billion in the first quarter of 2023. The company's sales of crude oil, natural gas, and natural gas liquids rose to $1.91 billion, up from $1.79 billion year-on-year, driven by increased sales volumes and a slight uptick in crude oil prices. However, natural gas prices saw a decrease. Production expenses per Boe decreased slightly, reflecting higher sales volumes and cost...Show More

Continental Resources, a prominent crude oil and natural gas company, reported a mixed financial performance for the first quarter of 2024. The company saw a net loss on derivative instruments of $113.2 million, a stark contrast to the net gain of $382.8 million in the same period of the previous year. Despite this, total revenues reached $1.82 billion, although this was a decrease from $2.19 billion in the first quarter of 2023. The company's sales of crude oil, natural gas, and natural gas liquids rose to $1.91 billion, up from $1.79 billion year-on-year, driven by increased sales volumes and a slight uptick in crude oil prices. However, natural gas prices saw a decrease. Production expenses per Boe decreased slightly, reflecting higher sales volumes and cost reduction efforts. The company's production increased by 8%, with significant contributions from the Permian Basin and Powder River Basin. Continental Resources also highlighted its compliance with credit facility covenants and the full repayment of a $650 million term loan in April 2024. Looking ahead, the company has significant transportation, gathering, and processing commitments, with future commitments amounting to approximately $1.04 billion. The company's strategic focus remains on managing its debt and capitalizing on its operations in key U.S. basins.