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Continental Resources (NYSE: CLR) has announced a quarterly dividend increase of $0.28 per share, marking a 22% rise from the previous dividend of $0.23, with a payment date set for May 23, 2022. The company's first quarter 2022 production averaged 373.8 MBoepd, with oil production at 194.8 MBopd. Updated annual oil production guidance is now 200-210 MBopd, with a projected December exit rate of 220-230 MBopd. The capital program budget has increased to $2.6-$2.7 billion, improving the projected return on capital employed to 31% in 2022.
Crestwood Equity Partners LP (NYSE: CEQP) reported a net income of $22.2 million for Q1 2022, an improvement from a net loss of $38.3 million in Q1 2021. Adjusted EBITDA rose to $172.8 million, marking a 4% year-over-year increase. The company achieved free cash flow exceeding $28 million and a distribution coverage ratio of 2.0x. Crestwood increased its common unit distribution by 5% year-over-year. It also reported a leverage ratio of 3.5x and received an S&P credit rating upgrade to BB from BB-. Future growth is projected from increased producer activity in key basins.
Continental Resources (NYSE: CLR) will announce its first quarter 2022 results on May 4, 2022, after the market closes. A conference call to discuss these results is scheduled for May 5, 2022, at 10:00 a.m. ET. Investors can access the call via the company's website or by dialing in. Additionally, a first quarter summary presentation will be available on the company's website before the call. Continental Resources remains a major player in the U.S. oil sector, notably in the Bakken and Anadarko Basins.
On March 2, 2022, Summit Carbon Solutions announced a $250 million investment from Continental Resources (NYSE: CLR) to create the world's largest carbon capture and sequestration project. This initiative will capture CO2 from industrial sources in five Midwestern states and sequester it in North Dakota. The project aims to handle over 20 million metric tons of CO2 annually and is expected to be operational by mid-2024. This collaboration seeks to reduce greenhouse gas emissions while transforming the agriculture and ethanol industries.
Crestwood Equity Partners LP (CEQP) reported a full-year 2021 net loss of $37.4 million but achieved record Adjusted EBITDA of $600.1 million, exceeding guidance. The acquisition of Oasis Midstream on February 1, 2022, positions Crestwood as the third-largest processor in the Williston Basin, enhancing its enterprise value to about $7 billion. 2022 projections indicate an Adjusted EBITDA of $780-$840 million and free cash flow of $75-$135 million. Crestwood plans a 5% increase in common unit distributions starting Q1 2022 while focusing on maintaining a balanced capital allocation strategy.
Continental Resources reported record financial results for 2021, achieving $1.66 billion in net income, or $4.56 per diluted share, alongside $2.64 billion in Free Cash Flow. The company plans to increase its quarterly dividend to $0.23 per share, targeting a long-term yield of 2%. A share buyback program has been expanded from $1 billion to $1.5 billion. Projected 2022 cash flow is set at $5.2 billion, with free cash flow expected to reach $2.9 billion. From 2022-2025, cumulative cash flow from operations is projected at $20.7 billion, enhancing shareholder value.
Continental Resources (NYSE: CLR) has declared a quarterly dividend of $0.23 per share, marking a 15% increase from the previous $0.20 dividend. The dividend is payable on March 4, 2022, to stockholders of record as of February 22, 2022. This increase reflects the Company’s commitment to providing a competitive dividend, translating to an annualized yield of approximately 1.7%. Continental is a leading independent oil producer, focusing on exploration and production in major U.S. basins, including the Bakken and Anadarko.
Ekona Power Inc. raised CAD $79 million in a funding round led by Baker Hughes, with participation from prominent investors including Mitsui, Severstal, ConocoPhillips, and Continental Resources (NYSE: CLR). The funds will aid in commercializing Ekona’s innovative methane pyrolysis technology, which aims to produce clean, low-cost hydrogen while significantly reducing CO2 emissions. This groundbreaking technology addresses multiple decarbonization markets, including energy production and steel manufacturing, reinforcing Ekona's commitment to sustainable energy solutions.
Continental Resources (NYSE: CLR) will announce its full-year 2021 and fourth quarter results on February 14, 2022, after market close. A conference call will be held on February 15, 2022, at 12:00 p.m. ET to discuss these results. Investors can listen via the company's website or by phone. A full-year summary presentation will be available on the website prior to the call. As a leading independent oil producer, Continental has notable positions in major U.S. oil fields including the Bakken and SCOOP plays.
Chesapeake Energy Corporation (NASDAQ:CHK) announced a significant strategic shift on January 25, 2022, involving a $2 billion acquisition of Chief E&D Holdings, LP and associated non-operated interests from Tug Hill, Inc. This move aims to enhance Chesapeake's asset portfolio and free cash flow, with an expected increase in annual dividends by 14% to $2.00 per share. The firm will also sell its Powder River Basin assets to Continental Resources, Inc. (NYSE:CLR) for $450 million to finance the Chief acquisition. The deal is set to close by the end of Q1 2022, pending regulatory approvals.
