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January 23, 2013
17:21 EDTCLRContinental Resources increases proved reserves 54% to 785 MMBoe
Continental Resources increased its year-end 2012 proved reserves to 785 MMBoe, or million barrels of oil equivalent, a year-over-year gain of 54%. With the 2012 increase, Continental has grown proved reserves at a compound annual growth rate of 45% since year-end 2009. Continental's 2012 proved reserves had a net present value discounted at 10% of $13.3B, a 45% increase over the PV-10 of $9.2B for proved reserves at year-end 2011. Proved reserves growth in 2012 primarily reflected strong production growth in the Bakken play of North Dakota and Montana, which Continental believes is the nation's premier oil play. Continental is the largest producer and leaseholder in the Bakken, with approximately 1.1M net acres. The company has also accelerated production growth in its South Central Oklahoma Oil Province, or SCOOP, an oil- and liquids-rich play in Oklahoma. 39% of Continental's total 2012 proved reserves, or 309.0 MMBoe, were proved developed producing, compared with 40% of year-end 2011 proved reserves. Crude oil reserves represented 72% of 2012 total proved reserves, a significant increase over year-end 2011, when crude oil accounted for 64% of the company's 508 MMBoe in proved reserves. The higher percentage of crude oil proved reserves in 2012 was accomplished despite two crude-oil concentrated divestitures. Continental currently operates 85% of its total proved reserves, compared with 86% at year-end 2011.
News For CLR From The Last 14 Days
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April 28, 2015
10:05 EDTCLROn The Fly: Analyst Initiation Summary
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10:05 EDTCLROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Applied Materials (AMAT) downgraded to Neutral from Buy at Nomura... CGI Group (GIB) downgraded to Hold from Buy at Societe Generale... Celladon (CLDN) downgraded to Neutral from Buy at H.C. Wainwright... Coherent (COHR) downgraded to Neutral from Buy at B. Riley... Commerzbank (CRZBY) downgraded to Neutral from Overweight at JPMorgan... Continental Resources (CLR) downgraded to Neutral from Accumulate at Global Hunter... Crestwood Equity (CEQP) downgraded to Neutral from Overweight at JPMorgan... Crestwood Midstream (CMLP) downgraded to Neutral from Overweight at JPMorgan... Discovery (DISCA) downgraded to Sell from Neutral at UBS... Ericsson (ERIC) downgraded to Neutral from Buy at Goldman... First Merchants (FRME) downgraded to Market Perform from Outperform at Fig Partners... MDC Partners (MDCA) downgraded to Sector Perform from Outperform at RBC Capital... Medidata (MDSO) downgraded to Hold from Buy at Jefferies... Melco Crown (MPEL) downgraded to Underweight from Equal Weight at Morgan Stanley... SM Energy (SM) downgraded to Accumulate from Buy at Global Hunter... Springleaf (LEAF) downgraded to Neutral from Outperform at Macquarie... iGATE (IGTE) downgraded to Sector Perform from Outperform at RBC Capital.
09:10 EDTCLRContinental Resources downgraded to Neutral from Accumulate at Global Hunter
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April 27, 2015
16:46 EDTCLRCowen rolls out E&P coverage with three names as top picks
Cowen after the bell rolled out coverage of the Exploration & Production space, naming Anadarko (APC), Pioneer Natural (PXD) and Range Resources (RRC) its top picks. All three were started at Outperform with price targets of $72, $216 and $73, respectively. Cowen recommends buying energy stocks on weakness following the recent rally in the space. The firm says it top picks have low-cost assets and high quality balance sheets that will allow them to emerge from the oil price downturn with higher margins. Other names initiated at Outperform are Devon Energy (DVN), Noble Energy (NBL) and Cimarex Energy (XEC). Cowen started both Apache (APA) and Continental Resources (CLR) at Market Perform.
16:10 EDTCLRContinental Resources initiated with a Market Perform at Cowen
Target $56.
April 22, 2015
10:25 EDTCLRNomura U.S. energy analysts hold an analyst/industry conference call
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10:02 EDTCLROn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Alcoa (AA) initiated with a Neutral at Cleveland Research... American Electric (AEP) initiated with a Neutral at Guggenheim... American Water (AWK) initiated with a Buy at Guggenheim... Anadarko (APC) initiated with a Buy at Nomura... Apache (APA) initiated with a Reduce at Nomura... Associated Banc Corp (ASB) initiated with a Market Perform at Wells Fargo... Cabot Oil & Gas (COG) initiated with a Neutral at Nomura... Canadian Natural (CNQ) initiated with a Buy at Nomura... Cenovus Energy (CVE) initiated with a Reduce at Nomura... Chesapeake (CHK) initiated with a Reduce at Nomura... Cimarex Energy (XEC) initiated with a Neutral at Nomura... Communications Sales & Leasing (CSAL) initiated with an Overweight at Stephens... Concho Resources (CXO) initiated with a Buy at Nomura... Consolidated Edison (ED) initiated with a Neutral at Guggenheim... Continental Resources (CLR) initiated with a Buy at Nomura... DTE Energy (DTE) initiated with a Buy at Guggenheim... Denbury Resources (DNR) initiated with a Reduce at Nomura... Depomed (DEPO) initiated with an Overweight at Piper Jaffray... Devon Energy (DVN) initiated with a Neutral at Nomura... Dominion (D) initiated with a Buy at Guggenheim... Duke Energy (DUK) initiated with a Buy at Guggenheim... EOG Resources (EOG) initiated with a Buy at Nomura... Edison International (EIX) initiated with a Neutral at Guggenheim... Encana (ECA) initiated with a Buy at Nomura... Entergy (ETR) initiated with a Neutral at Guggenheim... Eversource (ES) initiated with a Buy at Guggenheim... Exelon (EXC) initiated with a Buy at Guggenheim... FirstEnergy (FE) initiated with a Neutral at Guggenheim... Great Plains Energy (GXP) initiated with a Buy at Guggenheim... Hess Corp. (HES) initiated with a Neutral at Nomura... Marathon Oil (MRO) initiated with a Buy at Nomura... Media General (MEG) initiated with a Neutral at Nomura... Medley Capital (MCC) initiated with a Buy at Janney Capital... Murphy Oil (MUR) initiated with a Neutral at Nomura... Newfield Exploration (NFX) initiated with a Buy at Nomura... Newtek Business Services (NEWT) initiated with a Neutral at Ladenburg... NextEra Energy (NEE) initiated with a Buy at Guggenheim... Noble Energy (NBL) initiated with a Reduce at Nomura... Oasis Petroleum (OAS) initiated with a Neutral at Nomura... PG&E (PCG) initiated with a Neutral at Guggenheim... PPL Corp. (PPL) initiated with a Buy at Guggenheim... PSEG (PEG) initiated with a Buy at Guggenheim... Pernix Therapeutics (PTX) initiated with an Overweight at Piper Jaffray... Pinnacle West (PNW) initiated with a Neutral at Guggenheim... Pioneer Natural (PXD) initiated with a Buy at Nomura... RSP Permian (RSPP) initiated with a Buy at Wunderlich... Range Resources (RRC) initiated with a Buy at Nomura... STMicroelectronics (STM) initiated with a Buy at Craig-Hallum... Southern Company (SO) initiated with a Neutral at Guggenheim... Southwestern Energy (SWN) initiated with a Neutral at Nomura... Starz (STRZA) initiated with a Sector Perform at FBN Securities... Stellus Capital (SCM) initiated with a Neutral at Janney Capital... Suncor (SU) initiated with a Buy at Nomura... TECO Energy (TE) initiated with a Neutral at Guggenheim... Tribune Media (TRCO) initiated with a Hold at Jefferies... Ultra Petroleum (UPL) initiated with a Neutral at Nomura... Whiting Petroleum (WLL) initiated with a Neutral at Nomura... Zogenix (ZGNX) initiated with an Overweight at Piper Jaffray... bluebird bio (BLUE) initiated with a Buy at Maxim.
07:15 EDTCLRContinental Resources initiated with a Buy at Nomura
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