Continental Resources Inc. (NYSE: CLR) detailed its second-quarter financial results, the company said Aug. 5. The quarter ended June 30, the company added.
Net income was $104 million, the company said.
The EBITDAX totaled $868 million, and was 12% higher than first-quarter 2014’s $775 million in EBITDAX, Continental said. It was also 23% higher than second-quarter 2013’s, the company noted.
Regarding average prices for the quarter, oil cost $92.31 per barrel (bbl), and natural gas cost $74.09/boe, or $5.43 per thousand cubic feet, Continental said.
For the quarter, capex excluding acquisitions totaled about $1 million. Of this amount, $980 million supported exploration and development drilling, $66 million supported leasehold and seismic and $45 million supported facilities, workovers, recompletions and miscellaneous, the company said. Acquisition capex totaled about $41 million, the company said. The enhanced completion program in the Bakken has averaged, per well, $1.5 to $2 million in additional cost, the company added.
Regarding liquidity, during the quarter Continental entered a new, five-year unsecured, roughly-$2 million credit facility, the company said. The balance sheet at the end of the quarter included about $777 million in cash and cash equivalents, and there were no borrowings against the revolving credit facility, the company noted.
Oklahoma City-based Continental Resources Inc. produces domestic oil.
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