With oil prices declining from $70/barrel to $56/barrel from Q3 2018 to Q3 2019, Continental's profits were cut in half, confirming that Bakken's best acreage needs about $50/barrel for viability. A disappointing cut in interest rates and flat pricing for oil didn't dissuade Continental Resources investors from pushing its share price higher Wednesday after the company announced it sold a water gathering and recycling system in Blaine County for $85 million and had made other moves intended to boost its future oil production.Investors traded about 2.44 million shares of Continental stock, about 100,000 shares more than its average volume, pushing its value to $37.17 a share, up 12 cents, or 0.3%, for the day. Excluding items, Continental Resources Inc. reported adjusted earnings of $219.14 million or $0.59 per share for the period. That company-specific news was why the stock price improved today. That way, we get it done right—on time, the first time. Investors traded about 2.44 million shares of Continental stock, about … The current crisis threatens to wipe out all the progress made and more. "Lagoon Water Solutions' executives, meanwhile, also were pleased with the agreement, as they said it enables the Oklahoma City-based company to become the first to provide recycled water for completion operations in Oklahoma.They said the deal also brings the company’s total miles of pipe to 200, making it the largest system in Oklahoma operated by a midstream company.“We believe strongly in our commitment to being the premier solution for oil and gas operators’ water midstream needs and are excited about our management team securing such a significant deal with a respected, top-tier operator like Continental,” Kevin Lafferty, Lagoon Water Solutions CEO, stated in a release issued Wednesday.“This acquisition expands our network of reliable gathering and disposal assets in the core of the STACK play and further guarantees reliable takeaway water solutions for STACK operators.”As for boosting oil production, Continental announced Wednesday it has acquired additional leasehold in SCOOP from an undisclosed party for $79.5 million, noting that adds up to 150 well locations targeting the Woodford and Sycamore formations in the region to its drilling inventory.Continental officials also said the company has executed several other strategic acreage trades that added 3,000 acres to its core operating areas, increasing Continental’s working interest in several high-valued operated units being developed this year.Together, officials estimated ongoing work involving both of those acquisitions will add about $55 million in previously unbudgeted dollars to Continental's capital expenditure plans for 2019.However, Continental’s top executive’s remarks about the changes focused on the sale of the water infrastructure system.CEO Harold Hamm said Continental still owns and operates three other water infrastructure systems in Oklahoma and 10 others in the Bakken Shale. At Continental Land, we’ve created a culture that supports both our team and our clients during each step of our fast-paced process. "They applauded those actions buy buying shares, rather than selling," Dollarhide said. 13, 2020 at 2:24 p.m.
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