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Title : CLR -- Breaks Even -- August 8, 2017
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CLR -- Breaks Even -- August 8, 2017

From a press release:

Company raises 2017 production guidance and lowers costs while targeting cash neutrality for the year:

• exit rate raised to 260,000 to 275,000 barrels of oil equivalent per day, up 24% to 31% over 4Q 2016
• annual production raised to 230,000 to 240,000 boe per day
• oil differential improved by $1.00 per barrel and operating costs lowered
• capital expenditures adjusted to a range of $1.75 billion to $1.95 billion, targeting cash neutrality at $45 to $51 WTI

Company delivers solid second quarter production and cost performance:

• production averaged 226,213 boe per day, up 6% from 1Q 2017
• oil differential dropped 11% to $6.31 per barrel from $7.09 per barrel in 1Q 2017
• total G&A declined to $1.89 per boe, compared with $2.45 per boe in 1Q 2017

Optimized completions increase both estimated ultimate recoveries (EUR) and rates of return (ROR):

• Bakken ROR uplifted to 82%, based on new 1,100 MBoe type curve EUR
• STACK Condensate type curve announced at 80% ROR, based on 2,400 MBoe EUR
• SCOOP Springer Cash 1-26H well yields over 100% ROR, 25% higher EUR

Company announces new record STACK well in condensate window of the play

Company agrees to sell non-strategic leasehold and property for $147.5 million, with proceeds targeted to reduce debt

Financial notes:

• reports a net loss of $63.6 million , or $0.17 per diluted share, for the quarter ended June 30, 2017
• adjusted, a net loss for the second quarter was $1.8 million , or $0.00 per diluted share

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