Continental posts quarterly income of $1.2 billion

Continental Resources Inc., Oklahoma City, had second-quarter 2022 net income of $1.21 billion. In the quarter, typically excluded items in aggregate represented $42.8 million of Continental's reported net income. Adjusted net income for the second quarter was $1.25 billion. Net cash provided by operating activities for the quarter was $1.74 billion. Capital expenditure came in at about $650 million.

Total production for the quarter averaged 400,200 boe/d. Second-quarter 2022 oil production averaged 198,300 b/d. Second-quarter 2022 natural gas production averaged 1,211 MMcfd.

Production in the Bakken fell about 5% quarter-over-quarter but was offset with growth in the Denver-Julesburg basin (up 12% quarter-over-quarter) and Powder River basin (up 134% quarter-over-quarter).

The operator reduced total debt by about $265 million in the quarter. Unlike prior quarters, the company did not repurchase shares. The company is still reviewing a June proposal from Harold G. Hamm to acquire for cash all of the outstanding shares of the company’s common stock other than shares of common stock owned by the Hamm family and shares of common stock underlying unvested equity awards issued under the company's long-term incentive plans, at a price of $70.00/share.

A special committee of independent directors, along with independent legal and financial advisors, are evaluating the proposal.