Continental’s Solid Q2 Overshadowed by Harold Hamm’s Take-private Offer
Despite solid second-quarter results that include $1.23 billion in free cash flow and...
Despite solid second-quarter results that include $1.23 billion in free cash flow and a 4.6x increase in production in the Powder River Basin, Continental Resources Inc.’s future remains in limbo as an internal committee weighs Harold Hamm’s offer to take the company private.
After spending about $99.9 million on share repurchases in the first quarter, Continental announced in its earnings release that it made no additional buybacks in the second quarter following a nonbinding offer by Hamm and associated entities that would purchase the company’s outstanding stock for $4.1 billion. The company also reported closing a $197 million strategic leasehold acquisition it agreed to in April to expand its operations in the Permian Basin.
Oklahoma City-based Continental will not hold an earnings call for its second-quarter results and published a pared-down version of its investor presentation compared with previous quarters.
Volume down in pipelines from Permian Basin to Houston
Magellan's Longhorn pipeline to Houston saw volume decrease to 200,000 barrels per day in the three...
Magellan's Longhorn pipeline to Houston saw volume decrease to 200,000 barrels per day in the three months ending June 30 from 260,000 a year ago, and its Bridgetex pipeline dropped 215,000 bpd from nearly 315,000 bpd. Due to fluctuations in the international market, volume dipped as shippers used the port in Corpus Christi, Texas, rather than Houston.
Lifting ban on crude oil exports added $161B To GDP
After the ban on exporting US crude oil was lifted in 2015, global oil prices went down by an average...
After the ban on exporting US crude oil was lifted in 2015, global oil prices went down by an average of $1.93 per barrel, $161 billion was added to US GDP, and jobs in the UD grew by nearly 50,000, on average. "American energy leadership doesn't just deliver significant benefits to Americans -- fueling the US economy and American jobs, delivering reliable energy, and helping put downward pressure on prices, but it also strengthens global security and supports our allies," said Mike Sommers, president and CEO of API, which conducted the study with the American Exploration and Production Council.
Stocks pile on the gains for the week, ending their best month in nearly 2 years
U.S. stocks finished higher Friday, sweeping to big weekly and monthly gains, with the Nasdaq Composite...
U.S. stocks finished higher Friday, sweeping to big weekly and monthly gains, with the Nasdaq Composite scoring its best July on record. Stocks continued to rally after the Federal Reserve raised rates another 75 basis points on Wednesday in a bid to tame high inflation. Investors seemed to like what they heard from big-tech earnings this week and from Fed Chairman Jerome Powell, who said he didn't think the U.S. was in a recession yet, despite slowing economic data. The Dow Jones Industrial Index DJIA, 0.97% rose about 316 points Friday, or 1%, to close near 32,846. The blue-chip index punched about 3% higher for the week and climbed 6.7% in July, helping it edge closer to the key 32,877.66 closing level needed to officially exit correction territory, according to Dow Jones Market Data. The S&P 500 index SPX, 1.42% rose 1.4% Friday, 4.3% for the week and 9.1% for July, according to Factset. The Nasdaq Composite Index COMP, 1.88% gained 1.9% Friday, 4.7% for the week and 12.4% for the month. The strong monthly advance was the best month for the Dow and S&P 500 since Nov. 2020 and the best month for the Nasdaq since April 2020, according to Dow Jones Market Data.
