Summary by Moomoo AI
Continental Resources, an independent crude oil and natural gas company, reported a decrease in revenues for the year ended December 31, 2023, with total sales amounting to $7.68 billion, a 24% decline from the previous year's $10.07 billion. This was primarily due to lower sales prices, despite a 9% increase in sales volumes from additional drilling and completion activities and new wells from property acquisitions. Net income for the year was $3.1 billion, down from $4.05 billion in 2022. The company's production expenses increased by 15% to $717.5 million, attributed to a rise in the number of producing wells and cost inflation. Continental Resources' capital expenditures for 2023 totaled $3.25 billion, excluding unbudgeted acquisitions, and are budgeted at $3.4 billion for 2024. The company's future plans include maintaining compliance with credit facility covenants, managing capital spending based on cash flows, and potentially participating in property acquisitions to enhance strategic positions.