Continental Resources Prices Notes - Analyst Blog
03 Aprile 2013 - 5:30PM
Zacks
Leading Bakken oil producer,
Continental Resources Inc. (CLR) announced the
pricing of its private placement of $1.5 billion of senior
unsecured notes. The notes with a coupon rate of 4.5% are due in
2023. The offering is expected to close on Apr 5, 2013. Continental
intends to use the net proceeds from the offering to repay its
borrowings outstanding under its revolving credit facility and for
general corporate purposes.
Oklahoma City-based Continental is an independent exploration and
production (E&P) company focused on the Bakken, Cana and
Niobrara shale plays. It has leases on nearly 1.1 million acres in
the Bakken Shale region. As of Dec 31, 2012, the company had
estimated proved reserves of about 784.7 million barrels of oil
equivalent (MMBoe), with estimated proved developed reserves of
317.8 MMBoe, or 40% of the total estimated proved reserves. Crude
oil comprised 72% of the total estimated proved reserves and daily
production averaged 97,583 barrels of oil equivalent a day (Boe/d),
reflecting a 58% increase over average production of 61,865 Boe/d
for the year ended Dec 31, 2011.
The company operates in the North, South and Eastern regions of the
U.S. Its North region is north of Kansas and west of the
Mississippi river and comprises North Dakota Bakken, Montana
Bakken, the Red River units and the Niobrara play in Colorado and
Wyoming. The first two hold the maximum promise for
Continental.
The Southern region includes Kansas and all properties south of
Kansas and west of the Mississippi river, comprising the Anadarko
Woodford and Arkoma Woodford plays in Oklahoma. The Anadarko and
Arkoma Woodford plays are the second most important for the
company.
In Dec 2012, the company sold the crude oil and natural gas
properties in the East region. As of now, the remaining East region
properties comprise undeveloped leasehold acreages east of the
Mississippi River that are managed as part of the company’s
exploration program.
Continental retains a Zacks #2 Rank (short-term Buy rating).
Investors can also pick Zacks Ranked #2 Chesapeake Energy
Corporation (CHK), Crimson Exploration
Inc. (CXPO) or EPL Oil & Gas, Inc.
(EPL) from the same sector.
CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
CONTL RESOURCES (CLR): Free Stock Analysis Report
CRIMSON EXPLOR (CXPO): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
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