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Continental Resources reported strong financial results for 2Q21, with a net income of $289.3 million or $0.79 per diluted share. Adjusted net income was $332.8 million ($0.91 per share), alongside $673 million in cash flow from operations. The company resumed a $1.0 billion share repurchase program and raised its quarterly dividend by $0.04 to $0.15 per share. With a projected 19% free cash flow yield for 2021, significant debt reduction is also underway, targeting $4.7 billion total debt by year-end.
On July 30, 2021, Continental Resources (NYSE: CLR) announced a quarterly dividend of $0.15 per share, payable on August 20, 2021, to stockholders of record by August 10, 2021. This marks a $0.04 increase from the previous $0.11 dividend and is triple the initial dividend issued in Q4 2019. The annualized dividend yield is approximately 1.7%. CEO Bill Berry highlighted this increase as a commitment to returning cash to shareholders, showcasing confidence in the company's asset quality and sustainability.
Continental Resources (NYSE: CLR) will announce its second quarter 2021 results on August 2, 2021, after market close. A conference call will follow on August 3, 2021, at 12:00 p.m. ET. Interested parties can join via phone or the company's website. The call will include a summary presentation available on their site before the call. Continental Resources is a leading independent oil producer in the U.S., primarily focused on the Bakken play in North Dakota and Montana.
Continental Resources announces the retirement of Eric S. Eissenstat, Sr. Vice President and General Counsel, effective September 1, 2021. Eissenstat, who has served with the company for over three decades, will transition his duties to Jim Webb, who has extensive legal experience in the energy sector. Eissenstat will continue to assist during the transition period. CEO Bill Berry and Chairman Harold Hamm praised Eissenstat's contributions and expressed confidence in Webb's ability to lead the legal team moving forward. Continental Resources remains a leader in the oil production industry.
Continental Resources reported strong 1Q21 results, achieving a net income of $259.6 million or $0.72 per diluted share. The company reinstated its quarterly dividend, doubling it to $0.11 per share, payable on May 24, 2021. Projected full-year cash flow from operations is $3.1 billion, with $1.7 billion in free cash flow at $60 WTI. Debt reduction plans are on track, aiming for below $4 billion by year-end 2021. The company also projects a 12% return on capital employed for 2021.
Continental Resources (NYSE: CLR) reported a first quarter 2021 production update, estimating oil production at 152 MBopd and natural gas production at 935 MMcfpd. Weather disruptions in February impacted total production by approximately 6 MBoepd. For Q2 2021, the company anticipates oil production of 160 to 165 MBopd. As of March 31, 2021, total debt was reduced to $4.97 billion, with a goal to lower it to below $4 billion by year-end 2021. The company plans to announce Q1 2021 results on April 28, 2021, with a conference call scheduled for April 29, 2021.
Continental Resources (NYSE: CLR) announced the redemption of its remaining $230,782,000 in 5% Senior Notes due April 22, 2021. The redemption price will equal 100% of the principal amount plus any accrued interest. This marks a significant step in managing debt obligations, as interest on the Notes will cease after the redemption date. The company emphasized that forward-looking statements included in the release are subject to various risks and uncertainties, which could affect future performance.
Continental Resources reported a FY20 cash flow from operations of $1.42 billion and $275 million of free cash flow, marking its fifth consecutive year of positive free cash flow despite a $596.9 million net loss. The 4Q20 results showed average daily production of 339,307 Boepd with production costs at $2.80 per Boe. For FY21, the company projects over $2.4 billion in cash flow from operations and plans to reduce debt to $4.5 billion by the end of the year. Additionally, it is expanding into the Wyoming Powder River Basin, adding resources to its portfolio.
Continental Resources plans to announce its full-year 2020 and fourth-quarter 2020 results on February 16, 2021, post-market. A conference call will follow on February 17, 2021, at 12:00 p.m. ET, accessible via their website or phone. The company, a leader in U.S. oil production, holds significant assets in the Bakken region and Oklahoma's SCOOP and STACK plays. Their 2021 marks 54 years of operation, underlining their influence on American energy independence. More information will be available on their website prior to the call.
Continental Resources (NYSE: CLR) announced the partial redemption of $400 million of its 5% Senior Notes due 2022 on January 5, 2021. This redemption represents approximately 63% of the outstanding $631 million in Notes. The redemption price will equal 100% of the principal amount, plus accrued interest. Following the redemption date, interest on the redeemed portion will cease to accrue. Investors with questions regarding the process are advised to contact their brokerage firm. The company is a significant player in the U.S. oil production sector, focusing on exploration and production.
