CLR - Continental Resources: A Good Value Despite The Impact Of Natural Gas Differentials
Continental Resources (CLR) is expecting slightly higher production in 2019 now, with no change to its $2.6 billion capital expenditure budget. It has also made progress in trimming its costs slightly. However, wider differentials for natural gas (affected by prices for NGLs since it reports two-stream production) have noticeably affected its results.
Continental previously expected to deliver $5 billion in positive cash flow over 5 years (along with 12.5% annual production growth) at $60 WTI oil. At $52 WTI oil and a $0.50 wider natural gas differential, this may be reduced to under