CLR - Continental Q1 results - clean quarter following recent acquisitions and updates

Continental Resources (CLR) reported Q1 results after the bell Wednesday, beating Street expectations and generating very strong free cash flow, while paying down debt related to recent acquisitions:  Earnings - the Company generated adjusted net income per share of $2.65, versus Street expectations for $2.43. Cash flow - free cash flow generation came in at $1.15b for the quarter, or ~5.8% of the current market cap. Capital allocation - the dividend was increased to 28c/s (2.0% yield) and $100m of shares were repurchased in the quarter (<1% of shares outstanding); net debt fell despite the PRB acquisition. Guide - management updated annual guidance on April 27th, following its recent acquisition. The Continental (CLR) story is a bit more complex than peers in in 2022, given acquisition-related debt service and, as a result, lower shareholder returns. However, the release Wednesday highlights the Company's strong free cash flow generation, likely buoying shares

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Continental Q1 results - clean quarter following recent acquisitions and updates