Continental Resources Inc., Oklahoma City, expects first-quarter 2021 oil production to average 152,000 b/d and natural gas production to average 935 MMcfd, including an adverse impact of about 6,000 boe/d (60% oil) due to severe winter weather in February.
Preliminary production guidance for second-quarter 2021 is 160,000-165,000 b/d of oil and 920-940 MMcfd. Production guidance for the year is 160,000-165,000 b/d of oil and 880-920 MMcfd.
As of Mar. 31, the company has reduced its total debt to $4.97 billion, with a cash balance of $96 million, equating to net debt of $4.88 billion (non-GAAP). The company expects to reduce total debt to $4 billion or below by yearend 2021.
First quarter results are expected Apr. 28, 2021 after market close.