OKLAHOMA CITY, May 13, 2020 – Continental Resources Inc. (NYSE: CLR) reported net income of $158.20M, or $0.43 per diluted share, for the quarter ended September 30, 2019. The Company’s net income includes certain items typically excluded by the investment community in published estimates, the result of which is referred to as “adjusted net income.” In third quarter 2019, these typically excluded items in aggregate represented $41.20M, or $0.11 per diluted share, of Continental’s reported net income. Adjusted net income for third quarter 2019 was $199.40M, or $0.54 per diluted share (non-GAAP). Net cash offered by operating activities for third quarter 2019 was $807.00M and EBITDAX was $828.70M (non-GAAP).
Total Shareholder Return Strategy Update: Share Repurchases and Quarterly Dividend:
The Company has executed $187.0M of share repurchases for 5.50M shares, as of October 29, 2019. As formerly declared, an initial share repurchase of up to $1.0B has been authorized by the Board of Directors, which is expected to continue through 2020. Share repurchases will be made at times and levels deemed appropriate by Company management and the Company intends to purchase shares opportunistically using available funds while maintaining sufficient liquidity to fund operating needs, capital program, and dividend payments.
Non-acquisition capital expenditures for third quarter 2019 totaled about $681.50M, counting $578.10M in exploration and development drilling and completion, $31.40M in leasehold, $24.50M in minerals, of which 80% was recouped from Franco-Nevada, and $47.50M in workovers, recompletions and other.
CLR has the market capitalization of $4.75B and its EPS growth ratio for the past five years was -4.60%. The return on assets ratio of the Company was 4.90% while its return on investment ratio stands at 8.60%. Price to sales ratio was 1.03 while 21.20% of the stock was owned by institutional investors.