Continental Resources, Inc. (CLR) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $27.67 million, or $ 0.07 a share in the quarter, against a net loss of $139.68 million, or $0.38 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $27.42 million, or $0.07 a share from a loss of $86.64 million or $0.23 a share, a year ago.
Revenue during the quarter dropped 4.48 percent to $549.69 million from $575.48 million in the previous year period. Gross margin for the quarter expanded 128 basis points over the previous year period to 87.35 percent. Operating margin for the quarter period stood at positive 28.25 percent as compared to a negative 24.82 percent for the previous year period.
Operating income for the quarter was $155.30 million, compared with an operating loss of $142.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $652.38 million compared with $420.24 million in the prior year period.
"I am very proud of our accomplishments in 2016. In another year of volatile commodity markets, Continental's performance really stood out," said Harold Hamm, chairman and chief executive officer. "Among our key achievements, we expanded the extent of the over-pressured oil window in STACK and are now beginning density development in this premier Oklahoma play. Also, using the latest enhanced completion designs, we set new Company early production records for wells in STACK, SCOOP and the Bakken. "Looking to 2017, our strategy is to remain disciplined in our spending to deliver full value to shareholders. We are focused on oil-concentrated production growth and strong investment returns as oil prices stabilize at higher levels," Mr. Hamm said.
Operating cash flow drops significantly
Continental Resources, Inc. has generated cash of $1,125.92 million from operating activities during the year, down 39.37 percent or $731.18 million, when compared with the last year.
The company has spent $532.96 million cash to meet investing activities during the year as against cash outgo of $3,046.25 million in the last year.
The company has spent $587.77 million cash to carry out financing activities during the year as against cash inflow of $1,187.19 million in the last year period.
Working capital remains negative
Working capital of Continental Resources, Inc. was negative $19.16 million on Dec. 31, 2016 compared with negative $100.69 million on Dec. 31, 2015. Current ratio was at 0.98 as on Dec. 31, 2016, up from 0.89 on Dec. 31, 2015.
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