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CLR - Continental Resources Inc. Declares Force Majeure And Goes Into Hibernation
Continental Resources Inc.
Continental Resources, Inc. (CLR) stands out in the shale patch for its past ability to generate GAAP-compliant net profits. As one of the shale pioneers, the company has a first mover advantage and has the benefit of some of the best acreages in U.S. shale. Its costs per oil barrel equivalent are among the lowest in its U.S. shale extractor peer group.
Under current market conditions, CLR however faces an uphill battle and will experience severe distress through 2020. The company closed out its hedge book several months ago and entered the COVID-19