Continental Resources Inc. - Conference Presentation Calls

Continental Resources Inc. has promoted Jeffrey B. Hume to President and Chief Operating Officer of the company. He has served as COO since October 2008.

Continental Resources Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company has posted net income of $34.9 million, or $0.21 per diluted share, compared with net income of $105.3 million, or $0.62 per diluted share, for the third quarter of 2008. Income from operations was $59.3 million, compared with $171.2 million for the third quarter last year. EBITDAX was $128.7 million, compared with $238.3 million for the third quarter last year. EBIT was $54.71 million compared to $168.83 million for the same period a year ago. Total Revenue was $170.20 million compared to $293.60 million for the same period a year ago. For the nine months, the company has posted total revenue of $418.57 million compared to $824.69 million for the same period a year ago. Income from operations was $47.03 million compared to $518.08 million for the same period a year ago. EBIT was $33.6 million compared to $510.0 million for the same period a year ago. Net income was $21.82 million or $0.13 diluted per share compared to net income of $320.53 million or $1.89 diluted per share for the same period a year ago. Net cash provided by operating activities was $215.99 million compared to $589.93 million for the same period a year ago. EBITDAX was $292.5 million compared to $665.0 million for the same period a year ago. The company's 2010 capital expenditures budget of $650 million will primarily focus on increased development in the North Dakota Bakken, the Arkoma and Anadarko Woodford shale natural gas plays in Oklahoma and the Red River Units, with total operated drilling rigs increasing to as many as 23 by mid-2010.