And the biggest hat in the Bakken (CLR) reported today - an EARNINGS BEAT!
EBITDAX for the fourth quarter of 2014 was $1.19 billion, a 66% increase over EBITDAX of $712 million for the fourth quarter of 2013. Full-year 2014 EBITDAX was a record $3.78 billion, a 33% increase over EBITDAX of $2.84 billion for full-year 2013.
"Looking ahead, our 2015 budget targets cash flow neutrality in the second half of the year. Given the quality of our assets and our operational flexibility, we are well on our way to achieving this balance of growth and value-creation in the current environment. We believe that our momentum coming out of 2014 will allow us to grow our production 16% to 20% this year; however, we are deferring completions in the Bakken to minimize the volumes we sell into this low price environment. As oilfield service costs align with commodity prices and as the contango in the oil market is realized, we will bring additional production online."
In fourth quarter 2014, Continental's average realized sales price excluding the effects of derivative positions was $61.53 per barrel of oil and $4.36 per thousand cubic feet of natural gas ("Mcf"), or $51.11 per Boe. Based on realizations without the effect of derivatives, the Company's fourth quarter 2014 oil differential was $11.35 per barrel below the NYMEX daily average for the period.
Continental's Bakken production averaged 130,783 Boe per day in the fourth quarter of 2014, an increase of 8% compared to third quarter 2014 and an increase of 40% compared to fourth quarter 2013.
SCOOP Woodford net production averaged 34,498 Boe per day, an increase of 5% sequentially over third quarter 2014.
SCOOP Springer net production averaged 5,905 Boe per day, an increase of 72% sequentially over third quarter 2014.
Makes CLR production 76% Bakken focused.
Now to digest the CC and 10Q
SSN Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held
