Company Quick10K Filing
Continental Resources
Price31.88 EPS2
Shares374 P/E15
MCap11,907 P/FCF5
Net Debt5,536 EBIT1,163
TEV17,443 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-02-26
8-K 2019-12-11
8-K 2019-11-18
8-K 2019-10-30
8-K 2019-08-05
8-K 2019-06-04
8-K 2019-05-16
8-K 2019-04-29
8-K 2019-03-06
8-K 2019-02-18
8-K 2019-02-13
8-K 2019-02-12
8-K 2018-10-29
8-K 2018-08-07
8-K 2018-07-24
8-K 2018-05-17
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-04-09
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-02-21
8-K 2018-02-16
8-K 2018-02-15

CLR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Nature of Business
Note 2. Basis of Presentation and Significant Accounting Policies
Note 3. Supplemental Cash Flow Information
Note 4. Revenues
Note 5. Allowance for Credit Losses
Note 6. Derivative Instruments
Note 7. Fair Value Measurements
Note 8. Long - Term Debt
Note 9. Leases
Note 10. Commitments and Contingencies
Note 11. Stock - Based Compensation
Note 12. Shareholders' Equity
Note 13. Income Taxes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.1 exhibit3i-2q2020.htm
EX-31.1 ex311-2q2020.htm
EX-31.2 ex312-2q2020.htm
EX-32 ex32-2q2020.htm

Continental Resources Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.71.30.90.60.2-0.22012201420172020
Rev, G Profit, Net Income
1.10.60.1-0.4-0.9-1.42012201420172020
Ops, Inv, Fin

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xbrli:shares iso4217:USD utreg:bbl utreg:bbl xbrli:pure iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-32886
 ____________________________________
logoa02a16.jpg
 CONTINENTAL RESOURCES, INC
(Exact name of registrant as specified in its charter)
 ____________________________________
Oklahoma
 
 
 
 
 
73-0767549
(State or other jurisdiction of incorporation or organization)
 
 
 
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
20 N. Broadway,
Oklahoma City,
Oklahoma
73102
 
 
 
(Address of principal executive offices)
(Zip Code)
 
(405234-9000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
CLR
New York Stock Exchange
 ____________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
x
  
Accelerated filer
  
Non-accelerated filer
 
  
Smaller reporting company
  
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No x
365,129,084 shares of our $0.01 par value common stock were outstanding on July 24, 2020.




Table of Contents
 
 
 
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
When we refer to “us,” “we,” “our,” “Company,” or “Continental” we are describing Continental Resources, Inc. and our subsidiaries.




Glossary of Crude Oil and Natural Gas Terms

The terms defined in this section may be used throughout this report:
“Bbl” One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or natural gas liquids.
“Boe” Barrels of crude oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of crude oil based on the average equivalent energy content of the two commodities.
“Btu” British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels.
“completion” The process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil and/or natural gas.
“developed acreage” The number of acres allocated or assignable to productive wells or wells capable of production.
“development well” A well drilled within the proved area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.
“dry hole” Exploratory or development well that does not produce crude oil and/or natural gas in economically producible quantities.
“exploratory well” A well drilled to find crude oil or natural gas in an unproved area, to find a new reservoir in an existing field previously found to be productive of crude oil or natural gas in another reservoir, or to extend a known reservoir beyond the proved area.
“field” An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
“formation” A layer of rock which has distinct characteristics that differs from nearby rock.
"gross acres" or "gross wells" Refers to the total acres or wells in which a working interest is owned.
“MBbl” One thousand barrels of crude oil, condensate or natural gas liquids.
“MBoe” One thousand Boe.
“Mcf” One thousand cubic feet of natural gas.
“MMBoe” One million Boe.
“MMBtu” One million British thermal units.
“MMcf” One million cubic feet of natural gas.
net acres” or "net wells" Refers to the sum of the fractional working interests owned in gross acres or gross wells.
"Net crude oil and natural gas sales" Represents total crude oil and natural gas sales less total transportation expenses. Net crude oil and natural gas sales presented herein are non-GAAP measures. See Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures for a discussion and calculation of this measure.
"Net sales price" Represents the average net wellhead sales price received by the Company for its crude oil or natural gas sales after deducting transportation expenses. Amount is calculated by taking revenues less transportation expenses divided by sales volumes for a period, whether for crude oil or natural gas, as applicable. Net sales prices presented herein are non-GAAP measures. See Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures for a discussion and calculation of this measure.
“NYMEX” The New York Mercantile Exchange.

i



“play” A portion of the exploration and production cycle following the identification by geologists and geophysicists of areas with potential crude oil and natural gas reserves.
“proved reserves” The quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain.
“reservoir” A porous and permeable underground formation containing a natural accumulation of producible crude oil and/or natural gas that is confined by impermeable rock or water barriers and is separate from other reservoirs.
“royalty interest” Refers to the ownership of a percentage of the resources or revenues produced from a crude oil or natural gas property. A royalty interest owner does not bear exploration, development, or operating expenses associated with drilling and producing a crude oil or natural gas property.
“SCOOP” Refers to the South Central Oklahoma Oil Province, a term used to describe properties located in the Anadarko basin of Oklahoma in which we operate. Our SCOOP acreage extends across portions of Garvin, Grady, Stephens, Carter, McClain and Love counties of Oklahoma and has the potential to contain hydrocarbons from a variety of conventional and unconventional reservoirs overlying and underlying the Woodford formation.
"STACK" Refers to Sooner Trend Anadarko Canadian Kingfisher, a term used to describe a resource play located in the Anadarko Basin of Oklahoma characterized by stacked geologic formations with major targets in the Meramec, Osage and Woodford formations. A significant portion of our STACK acreage is located in over-pressured portions of Blaine, Dewey and Custer counties of Oklahoma.
“undeveloped acreage” Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and/or natural gas.
“unit” The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.
“working interest” The right granted to the lessee of a property to explore for and to produce and own crude oil, natural gas, or other minerals. The working interest owners bear the exploration, development, and operating costs on either a cash, penalty, or carried basis.
 


ii


Cautionary Statement for Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
This report and information incorporated by reference in this report include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including, but not limited to, forecasts or expectations regarding the Company's business and statements or information concerning the Company’s future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows, included in this report are forward-looking statements. The words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget,” “target,” “plan,” “continue,” “potential,” “guidance,” “strategy” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
Forward-looking statements may include, but are not limited to, statements about:
our strategy;
our business and financial plans;
our future operations;
our crude oil and natural gas reserves and related development plans;
technology;
future crude oil, natural gas liquids, and natural gas prices and differentials;
the timing and amount of future production of crude oil and natural gas and flaring activities;
the amount, nature and timing of capital expenditures;
estimated revenues, expenses and results of operations;
drilling and completing of wells;
shutting in of production and the resumption of production activities;
competition;
marketing of crude oil and natural gas;
transportation of crude oil, natural gas liquids, and natural gas to markets;
property exploitation, property acquisitions and dispositions, or joint development opportunities;
costs of exploiting and developing our properties and conducting other operations;
our financial position, dividend payments, bond repurchases, or share repurchases;
the impact of the COVID-19 (novel coronavirus) pandemic on economic conditions, the demand for crude oil, the Company's operations and the operations of its customers, suppliers, and service providers;
credit markets;
our liquidity and access to capital;
the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving us and of scheduled or potential regulatory or legal changes;
our future operating and financial results;
our future commodity or other hedging arrangements; and
the ability and willingness of current or potential lenders, hedging contract counterparties, customers, and working interest owners to fulfill their obligations to us or to enter into transactions with us in the future on terms that are acceptable to us.
Forward-looking statements are based on the Company’s current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. No assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate or will not change over time. The risks and uncertainties that may affect the operations, performance and results of the business and forward-looking statements include, but are not limited to, those risk factors and other cautionary statements described under Part II, Item 1A. Risk Factors and elsewhere in this report, if any, our Annual Report on Form 10-K for the year ended December 31, 2019, our Form 10-Q for the quarter ended March 31, 2020, registration statements we file from time to time with the Securities and Exchange Commission, and other announcements we make from time to time.
Many of the foregoing risks and uncertainties have been, and may further be, exacerbated by the COVID-19 pandemic and any consequent worsening of the global economic environment. New factors emerge from time to time, and it is not possible for us to predict all such factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should one or more of the risks or uncertainties described in this report, our Annual Report on Form 10-K, or our Form 10-Q for the quarter ended March 31, 2020 occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

iii


Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this report, or otherwise.

iv


PART I. Financial Information
ITEM 1.
Financial Statements
Continental Resources, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
 
 
June 30, 2020
 
December 31, 2019
In thousands, except par values and share data
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
6,656

 
$
39,400

Receivables:
 
 
 
 
Crude oil and natural gas sales
 
176,090

 
726,876

Joint interest and other
 
151,162

 
317,018

Allowance for credit losses
 
(2,356
)
 
(2,407
)
Receivables, net
 
324,896

 
1,041,487

Derivative assets
 
9,442

 

Inventories
 
68,285

 
109,536

Prepaid expenses and other
 
19,111

 
16,592

Total current assets
 
428,390

 
1,207,015

Net property and equipment, based on successful efforts method of accounting
 
14,312,982

 
14,497,726

Operating lease right-of-use assets
 
11,478

 
9,128

Other noncurrent assets
 
13,508

 
14,038

Total assets
 
$
14,766,358

 
$
15,727,907

 
 
 
 
 
Liabilities and equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable trade
 
$
311,935

 
$
629,264

Revenues and royalties payable
 
158,309

 
470,264

Accrued liabilities and other
 
122,353

 
230,368

Derivative liabilities
 
10,101

 

Current portion of operating lease liabilities
 
5,210

 
3,695

Current portion of long-term debt
 
2,206

 
2,435

Total current liabilities
 
610,114

 
1,336,026

Long-term debt, net of current portion
 
5,740,554

 
5,324,079

Other noncurrent liabilities:
 
 
 
 
Deferred income tax liabilities, net
 
1,664,970

 
1,787,125

Asset retirement obligations, net of current portion
 
159,474

 
151,774

Operating lease liabilities, net of current portion
 
6,148

 
5,433

Other noncurrent liabilities
 
13,846

 
15,119

Total other noncurrent liabilities
 
1,844,438

 
1,959,451

Commitments and contingencies (Note 10)
 
 
 


Equity:
 
 
 
 
Preferred stock, $0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding
 

 

Common stock, $0.01 par value; 1,000,000,000 shares authorized; 365,144,243 shares issued and outstanding at June 30, 2020; 371,074,036 shares issued and outstanding at December 31, 2019
 
3,651

 
3,711

Additional paid-in capital
 
1,172,932

 
1,274,732

Retained earnings
 
5,019,561

 
5,463,224

Total shareholders’ equity attributable to Continental Resources
 
6,196,144

 
6,741,667

Noncontrolling interests
 
375,108

 
366,684

Total equity
 
6,571,252

 
7,108,351

Total liabilities and equity
 
$
14,766,358

 
$
15,727,907


The accompanying notes are an integral part of these condensed consolidated financial statements.
1



Continental Resources, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
 
 
 
Three months ended June 30,
 
Six months ended June 30,
In thousands, except per share data
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
 
Crude oil and natural gas sales
 
$
174,652

 
$
1,137,425

 
$
1,037,395

 
$
2,247,009

Gain (loss) on derivative instruments, net
 
(7,782
)
 
53,448

 
(7,782
)
 
52,324

Crude oil and natural gas service operations
 
8,789

 
17,509

 
26,847

 
33,284

Total revenues
 
175,659

 
1,208,382

 
1,056,460

 
2,332,617

 
 
 
 
 
 
 
 
 
Operating costs and expenses:
 
 
 
 
 
 
 
 
Production expenses
 
64,673

 
112,430

 
183,151

 
219,396

Production taxes
 
11,067

 
93,866

 
82,291

 
180,306

Transportation expenses
 
32,305

 
53,393

 
92,807

 
102,531

Exploration expenses
 
1,960

 
3,090

 
13,597

 
4,927

Crude oil and natural gas service operations
 
6,062

 
11,206

 
11,972

 
18,392

Depreciation, depletion, amortization and accretion
 
290,298

 
485,621

 
826,994

 
980,641

Property impairments
 
23,929

 
21,339

 
246,458

 
46,655

General and administrative expenses
 
41,529

 
47,226

 
84,440

 
94,844

Net (gain) loss on sale of assets and other
 
612

 
364

 
5,114

 
112

Total operating costs and expenses
 
472,435

 
828,535

 
1,546,824

 
1,647,804

Income (loss) from operations
 
(296,776
)
 
379,847

 
(490,364
)
 
684,813

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(65,069
)
 
(68,471
)
 
(128,663
)
 
(136,308
)
Gain on extinguishment of debt
 
46,942

 

 
64,573

 

Other
 
629

 
723

 
1,161

 
2,077


 
(17,498
)
 
(67,748
)
 
(62,929
)
 
(134,231
)
Income (loss) before income taxes
 
(314,274
)
 
312,099

 
(553,293
)
 
550,582

(Provision) benefit for income taxes
 
72,143

 
(75,649
)
 
124,378

 
(127,639
)
Net income (loss)
 
(242,131
)
 
236,450

 
(428,915
)
 
422,943

Net loss attributable to noncontrolling interests
 
(2,845
)
 
(107
)
 
(3,965
)
 
(590
)
Net income (loss) attributable to Continental Resources
 
$
(239,286
)
 
$
236,557

 
$
(424,950
)
 
$
423,533

 
 
 
 
 
 
 
 
 
Net income (loss) per share attributable to Continental Resources:
 
 
 
 
 
 
 
 
Basic
 
$
(0.66
)
 
$
0.63

 
$
(1.17
)
 
$
1.14

Diluted
 
$
(0.66
)
 
$
0.63

 
$
(1.17
)
 
$
1.13

 
 
 
 
 
 
 
 
 
Comprehensive income (loss):
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(242,131
)
 
$
236,450

 
$
(428,915
)
 
$
422,943

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 

 
30

 

 
146

Total other comprehensive income, net of tax
 

 
30

 

 
146

Comprehensive income (loss)
 
(242,131
)
 
236,480

 
(428,915
)
 
423,089

Comprehensive loss attributable to noncontrolling interests
 
(2,845
)
 
(107
)
 
(3,965
)
 
(590
)
Comprehensive income (loss) attributable to Continental Resources
 
$
(239,286
)
 
$
236,587

 
$
(424,950
)
 
$
423,679


The accompanying notes are an integral part of these condensed consolidated financial statements.
2

Continental Resources, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity


Three and six months ended June 30, 2020
 
Shareholders’ equity attributable to Continental Resources
 
 
 
 
In thousands, except share data
 
Shares
outstanding
 
Common
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
income
 
Treasury
stock
 
Retained
earnings
 
Total shareholders’ equity of Continental Resources
 
Noncontrolling
interests
 
Total equity
Balance at December 31, 2019
 
371,074,036

 
$
3,711

 
$
1,274,732

 
$

 
$

 
$
5,463,224

 
$
6,741,667

 
$
366,684

 
$
7,108,351

Net income (loss)
 

 

 

 

 

 
(185,664
)
 
(185,664
)
 
(1,120
)
 
(186,784
)
Cumulative effect adjustment from adoption of ASU 2016-13
 

 

 

 

 

 
(137
)
 
(137
)
 

 
(137
)
Cash dividends declared ($0.05 per share)
 

 

 

 

 

 
(18,580
)
 
(18,580
)
 

 
(18,580
)
Change in dividends payable
 

 

 

 

 

 
2

 
2

 

 
2

Common stock repurchased
 

 

 

 

 
(126,906
)
 

 
(126,906
)
 

 
(126,906
)
Common stock retired
 
(8,122,104
)
 
(81
)
 
(126,825
)
 

 
126,906

 

 

 

 

Stock-based compensation
 

 

 
16,411

 

 

 

 
16,411

 

 
16,411

Restricted stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
2,454,235

 
24

 

 

 

 

 
24

 

 
24

Repurchased and canceled
 
(246,346
)
 
(2
)
 
(6,452
)
 

 

 

 
(6,454
)
 

 
(6,454
)
Forfeited
 
(42,818
)
 
(1
)
 

 

 

 

 
(1
)
 

 
(1
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
16,950

 
16,950

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(5,618
)
 
(5,618
)
Balance at March 31, 2020
 
365,117,003

 
$
3,651

 
$
1,157,866

 
$

 
$

 
$
5,258,845

 
$
6,420,362

 
$
376,896

 
$
6,797,258

Net income (loss)
 

 

 

 

 

 
(239,286
)
 
(239,286
)
 
(2,845
)
 
(242,131
)
Change in dividends payable
 

 

 

 

 

 
2

 
2

 

 
2

Stock-based compensation
 

 

 
15,313

 

 

 

 
15,313

 

 
15,313

Restricted stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
85,514

 
1

 

 

 

 

 
1

 

 
1

Repurchased and canceled
 
(19,037
)
 

 
(247
)
 

 

 

 
(247
)
 

 
(247
)
Forfeited
 
(39,237
)
 
(1
)
 

 

 

 

 
(1
)
 

 
(1
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
4,015

 
4,015

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(2,958
)
 
(2,958
)
Balance at June 30, 2020
 
365,144,243

 
$
3,651

 
$
1,172,932

 
$

 
$

 
$
5,019,561

 
$
6,196,144

 
$
375,108

 
$
6,571,252




The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Continental Resources, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity (Continued)


Three and six months ended June 30, 2019
 
Shareholders’ equity attributable to Continental Resources
 
 
 
 
In thousands, except share data
 
Shares
outstanding
 
Common
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
income
 
Treasury
stock
 
Retained
earnings
 
Total shareholders’ equity of Continental Resources
 
Noncontrolling
interests
 
Total equity
Balance at December 31, 2018
 
376,021,575

 
$
3,760

 
$
1,434,823

 
$
415

 
$

 
$
4,706,135

 
$
6,145,133

 
$
276,728

 
$
6,421,861

Net income (loss)
 

 

 

 

 

 
186,976

 
186,976

 
(483
)
 
186,493

Other comprehensive income, net of tax
 

 

 

 
116

 

 

 
116

 

 
116

Stock-based compensation
 

 

 
12,095

 

 

 

 
12,095

 

 
12,095

Restricted stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
1,333,602

 
13

 

 

 

 

 
13

 

 
13

Repurchased and canceled
 
(439,419
)
 
(4
)
 
(20,618
)
 

 

 

 
(20,622
)
 

 
(20,622
)
Forfeited
 
(147,074
)
 
(1
)
 

 

 

 

 
(1
)
 

 
(1
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
42,204

 
42,204

Distributions to noncontrolling interests
 

 

 

 

 

 

 

 
(3,856
)
 
(3,856
)
Balance at March 31, 2019
 
376,768,684

 
$
3,768

 
$
1,426,300

 
$
531

 
$

 
$
4,893,111

 
$
6,323,710

 
$
314,593

 
$
6,638,303

Net income (loss)
 

 

 

 

 

 
236,557

 
236,557

 
(107
)
 
236,450

Cash dividends declared ($0.05 per share)
 

 

 

 

 

 
(18,747
)
 
(18,747
)
 

 
(18,747
)
Common stock repurchased
 

 

 

 

 
(69,661
)
 

 
(69,661
)
 

 
(69,661
)
Common stock retired
 
(1,800,000
)
 
(18
)
 
(69,643
)
 

 
69,661

 

 

 

 

Other comprehensive income, net of tax
 

 

 

 
30

 

 

 
30

 

 
30

Stock-based compensation
 

 

 
12,176

 

 

 

 
12,176

 

 
12,176

Restricted stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
59,639

 
1

 

 

 

 

 
1

 

 
1

Repurchased and canceled
 
(13,335
)
 
(1
)
 
(561
)
 

 

 

 
(562
)
 

 
(562
)
Forfeited
 
(71,440
)
 
(1
)
 

 

 

 

 
(1
)
 

 
(1
)
Contributions from noncontrolling interests
 

 

 

 

 

 

 

 
35,118

 
35,118

Distributions to noncontrolling interests