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Continental Resources (NYSE: CLR) has announced an increase in its cash tender offers for outstanding senior notes, raising the total from $1.0 billion to approximately $1.27 billion. The company has also increased the cap for its 2023 senior notes from $200 million to $800 million. As of the early tender date, about $1.47 billion in notes were validly tendered. The early settlement date for accepted tenders is expected on November 25, 2020, with a total consideration that includes a $30 early tender premium per $1,000 principal. The offers remain subject to conditions outlined in the Offer to Purchase.
Continental Resources (NYSE: CLR) announced the pricing of its private placement of new 5.75% senior unsecured notes due 2031, upsized to $1.5 billion from $1.0 billion. The offering is set to close on November 25, 2020. The net proceeds will fund concurrent tender offers for the Company’s 5.0% senior notes due 2022 and 4.5% senior notes due 2023, along with general corporate purposes. The notes have not been registered under the Securities Act and may only be offered under exemptions.
Continental Resources (NYSE: CLR) has initiated cash tender offers to purchase up to $1.0 billion of its outstanding senior notes, including 5.0% notes due 2022 and 4.5% notes due 2023. The company plans to fund these offers through proceeds from a proposed debt financing. Key details include an acceptance priority for the notes, a maximum of $200 million for the 2023 notes, and an early tender premium of $30 per $1,000 principal amount. The offers will expire on December 9, 2020.
Continental Resources (NYSE: CLR) announced plans to offer senior notes due 2031, subject to market conditions, in a private placement. The net proceeds will fund tender offers for existing senior notes due 2022 and 2023, cover related fees, and potentially reduce borrowings under their revolving credit facility. This offering is exempt from registration under the Securities Act and will be available to qualified institutional buyers. The company continues to lead in U.S. oil production, focusing on exploration and technology for energy independence.
Continental Resources (CLR) reported a 3Q20 net loss of $79.4 million ($0.22 per share). Operating cash flow reached $291.2 million, with free cash flow at $258.3 million. Production averaged 297 MBoe/d, maintaining guidance for 2020. The company projects 2021 cash flow between $1.6 billion and $1.85 billion, with free cash flow of $400 million to $650 million at $40-$45 WTI. Total debt is expected below $5 billion by YE21.
Continental Resources (NYSE: CLR) will announce its third quarter 2020 results on November 5, 2020, after market close. A conference call will follow on November 6, 2020, at 10:00 a.m. ET. Investors can access the call via the company's website or by phone. A summary presentation will also be available before the conference call. Continental Resources is a leading U.S. oil producer, primarily active in the Bakken play in North Dakota. The company is celebrating over 53 years of operations and focuses on exploration and production to support U.S. energy independence.
Continental Resources reported a net loss of $239.3 million, or $0.66 per diluted share, in Q2 2020, largely due to production curtailments amid the pandemic. The company estimates generating $90 million in incremental cash flow from operations at $40 WTI. Average daily production was 202,815 Boepd. They forecast $1.3 billion in annual cash flow and $200 million in free cash flow for 2020. The target for total debt remains between $5.4 billion and $5.5 billion by year-end, reflecting ongoing efforts for cost management and debt reduction.
On June 29, 2020, Continental Resources (NYSE: CLR) announced that its Founder and Executive Chairman, Harold Hamm, purchased 4,736,264 shares of the company's stock from June 22 to June 25, 2020. This acquisition increases his total holdings to 289,659,385 shares, representing approximately 79.3% of the company's total common shares as of April 30, 2020. Hamm has also entered a 10b5-1 plan to continue acquiring shares, citing confidence in the company's value despite global pandemic impacts on oil demand.
Continental Resources (NYSE: CLR) provided an update on its voluntary production curtailments. Initially, the company curtailed 70% of operated oil production in May, with a plan to maintain around 50% curtailment into July. Expected total production for June 2020 is between 150,000 to 160,000 Boepd, and July 2020 is anticipated at 225,000 to 250,000 Boepd. CEO Bill Berry emphasized the decision was made to preserve shareholder value as oil prices stabilize. The company plans to revisit suspended guidance during its second quarter results announcement.
