CLR - Continental Resources rallies after big Q2 beat; resumes stock buybacks

Continental Resources (NYSE:CLR) +2.7% post-market after routing Q2 earnings expectations and saying it has resumed its $1B stock buyback program, which had begun two years ago; $683M of share repurchase capacity remains available. Q2 adjusted EBITDAX soared to $990.9M from $36M in the year-ago quarter. Last Friday, Continental raised its quarterly dividend to $0.15/share from $0.11/share previously. The company says it is accelerating its net debt reduction and is targeting $4.7B of projected total debt and $3.7B projected net debt by year-end 2021, with a net debt to EBITDAX ratio below 1x. Continental says it has cut its total debt to $4.74B, with a cash balance of $150M, equating to net debt of $4.59B. Continental also projects 18% return on capital employed vs. its previous estimate of 12% for 2021. For Q2, production surged 67% Y/Y to 338.7K boe/day, including a near doubling of Bakken output to 174.6K net boe/day. The

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Continental Resources rallies after big Q2 beat; resumes stock buybacks