Continental Resources Inc. reported a 41% fall in third-quarter adjusted profit on Oct. 30, as weaker crude and natural gas prices muted higher production from its Bakken shale basin.
The slide in earnings is the latest in a set of weak results from shale companies as an 18% drop in crude prices undercut higher production that has helped prop up the U.S. as the world's largest crude producer.
“Harold Hamm, Energy Whisperer” featured in the October 2019 edition of Oil and Gas Investor
Concho Resources Inc. said Oct. 29 that its adjusted earnings more than halved, while Hess Corp. reported a quarterly loss on Oct. 30 dragged down by lower oil and gas prices.
Continental said net sales prices averaged $33.30 per barrel of oil equivalent in the third quarter, about 25% lower than in the year-ago quarter.
Total production rose 12% to 332,315 barrels of oil equivalent per day, primarily boosted by higher output at its Bakken shale basin that spreads across North Dakota and Montana.
That helped the company post earnings of 54 cents, above the streets view of 47 cents, according to Refinitiv IBES data.
Net income fell to $158.2 million, or 43 cents per share, in the quarter ended Sept. 30, from 314.2 million, or 84 cents per share, a year earlier.
Total revenue fell 13.9% to $1.1 billion, broadly in line with analysts' estimates.
Chevron, BP, Equinor and Murphy Oil all evacuated some offshore workers from production platforms in the Gulf of Mexico, the companies reported. Shell also curtailed production at ceftain platforms.
The storm also turned off 8.6% of natural gas output from the Gulf of Mexico, BSEE said. A total of 2.1 Bcf/d was taken from the Gulf in July, according to the EIA.
Some 323,000 barrels of oil and 339 million cubic feet of natural gas output remained offline by GoM producers that had shut output ahead of Hurricane Sally, the U.S. Department of Interior said.