Jefferies: CLR Results Meet Expectations But PV-10 Misses

Continental Resources' (NYSE: CLR) Q4 results meet expectations but PV-10 misses on higher PUD and natural gas ratios, Jefferies reports.

“Adjusted eps of $0.53 above consensus of $0.49 but below JEF's $0.55,” Jefferies writes. “Volumes missed by 2%, mostly because of a sequential decline in non-core Red River production.

“Bakken volumes were slightly ahead of expectations, surging 18% sequentially. Headline loss of ($0.27) per share includes non-cash derivative loss ($194mm), asset impairment ($16mm), exploration charge ($5mm) and loss on asset sale ($3mm).”

Continental Resources closed Wednesday at $67.29.