Revenues plummeted by 27%, but production was up 12% over last year. Let that sink in.
I keep highlighting the notes emanating from these oil producers to unveil the lie that is being purported by them and the media. The current thesis to be long oil is that production is being wildly cut, across the board, because of the 60% drop in crude. This is a bald faced lie. Nothing could be further from the truth.
Over the past year, small players have washed away. But these guys, the CLR’s, CVX’s and XOM’s of the world are drilling and producing more than ever.
Via Briefing.com
- Reports Q1 (Mar) loss of $0.41 per share, $0.04 worse than the Capital IQ Consensus of ($0.37); revenues fell 27.6% year/year to $453.17 mln vs the $442.74 mln Capital IQ Consensus.
- First quarter 2016 net production totaled 21.0 million barrels of oil equivalent (Boe), or 230,800 Boe per day, up 3% from fourth quarter 2015 and 12% higher than first quarter 2015. Total net production for first quarter 2016 included 146,500 barrels of oil (Bo) per day (63% of production) and 506.0 million cubic feet (MMcf) of natural gas per day (37% of production).
- Based on strong first quarter production, the Company today increased its production guidance for 2016. The Company expects to exit the year between 190,000 and 200,000 Boe per day, which is an increase of 10,000 Boe per day. Likewise, 2016 average production is now expected to be between 205,000 and 215,000 Boe per day.
- Continental also announced it closed the sale in late April of approximately 132,000 net acres of leasehold in the Washakie Basin in Wyoming for $110 million. The leasehold was non-core, non-producing, undeveloped acreage in Sweetwater and Carbon counties and included no proved reserves. After this transaction, the Company retained non-operated production and approximately 40,000 net acres in the basin.
